Most of us would be under the impression that experienced drivers need to pay less car insurance than unexperienced drivers. However, that may not be the case with one and all especially when you are nearing 50 years old. There are still many reasons for which the insurance demand higher premiums from you than your younger counterparts. You need to find out methods to cut down your car insurance premiums and get some quick discounted deals.
Find here a comprehensive study of the risks and rewards of over 50s car insurance:
Car insurance companies earn higher profits by offering policies to people that display the lowest risk of making a claim. Drivers living in an area that suffers from frequent vandalism or vehicle theft need to pay higher premiums when compared to those who have safer conditions for their vehicles. Young drivers with less experience and high tech cars are also charged with higher premiums as the repair cost of these vehicles are high. In addition, youngsters who have a history of accidents prove risky for insurance providers. For this reason, they are offered policies with higher monthly premiums.
Some of the most observed cases of teenage drivers suggest that as they have the least amount of driving experience, they tend to have frequent accidents which needs higher repair costs. Statistics prove that the maximum number of accidents recorded involved teenagers behind the wheels. This naturally creates more situations of making a claim than the older drivers. For this reason, older drivers with a couple of years of experience and a history of No Claims Discount are offered rewards in the form of cheaper car insurance cover.
Even older drivers are at a risk of higher premiums if they are using expensive vehicles or live in an area that is prone to vehicle thefts. Another survey suggests that men are more likely to face accidents than women and for many years they paid higher premiums than their feminine counterparts. However, it has changed since 2012 and now both are liable for paying high charges for a car insurance cover.
In fact, the disparity between the levels of car insurance cover offered to men and women is now shrinking. Now, car insurance is becoming more expensive for women especially when we consider gender equality. Moreover, in accordance with the Continuous Insurance Enforcement (CIE) rules that were introduced in 2011, every vehicle is liable for insurance unless it is officially declared as no longer in use. This means if you have a vehicle that is seldom used then it is better to either insure it or declare it no longer in use as per Statutory Off Road Notification (SORN).
When you combine these rules, it becomes clear that the cost of driving would be increasing in the coming future. This makes it all the more important to shop around and find motor insurance provider that offers cheaper car insurance.
How to get the cheapest over 50s car insurance cover?
Well, it is certainly a big mistake to buy a mediocre policy just for the cheaper premiums. You need to analyse the kind of cover you need which may vary as per the type of vehicle, area you live in and the age and experience of the driver. Therefore, choose a policy that is most suitable for your vehicle as well as your pocket.
In addition, you can pay the entire premium up-front as this would save you a big chunk of money when compared to spreading the cost of cover over a couple of months.
You can also pay higher excess to reduce the premiums of car insurance. Check if paying a certain amount as an excess can save you some good deal of money on the premiums. Decide whether the long term results of paying higher excess are worth the risk.
Secure your vehicle with anti theft devices and high tech appliances like Black Box, GPS, immobilisers, etc. to make sure that the vehicle is secure as well as gives higher mileage and lower maintenance on an annual basis.
Finally, shop around and compare the best motor insurance providers in the UK to find the one that is most suitable for you.
If comparing all UK motor insurance providers seem a daunting task then can check https://freepricecompare.com/car-insurance/. We offer free, independent comparison service between car insurers across the UK and suggest some of the cheapest car insurance providers to our customers. To know how much you can save on your motor insurance, feel free to call our reliable team of insurance experts on 02034757476.