Shop around for over 50s car insurance

Older drivers may have to have their health checked to see if they are still fit to drive, according to new proposals.

The Driver and Vehicle Licensing Agency (DVLA) is considering giving tests for minimal physical and mental requirements for motorists to pass every 10 years. These would include eyesight and reaction tests.

The move is said to be aimed at removing several thousands of motorists – some elderly – who drive, despite suffering ailments that hinder their driving. It is estimated that by 2021, there will be three million motorists over 70 on the roads.

According to the Association of British Insurers, the over 70s are three times more likely to be involved in a serious accident that the 40-65 age group. The way things are at the moment, those who possess an old-style paper licence don’t have to confirm their health status until they are 70.

Drivers aged 70 and over find it harder to get affordable insurance, and can end up paying more than younger drivers because of health problems that may cause accidents. Insurers say that over 70s tend to make more claims and they are more expensive too.

However, shopping around can be beneficial. Examining terms in the policy like the number of miles driven per year can help to make a difference. If an older motorists drives less miles than they used to, such mileage-based cover can be cheaper. Keeping a car in a garage can also help.

Specialist over 50s car insurers like RIAS can also give savings, as they take into account the claims history, which for a 50-year-old driver can be vastly different from that of a 25-year-old.

RIAS encourage older drivers to shop around, and look for a company offering discounts to older people. RIAS, for example, have offers for over 50s, retired customers, low mileage, older cars, and the use of a garage.

Motorists with an excellent driving record – plenty of whom are well over 50 – should also benefit from a No Claims Discount of up to 65%. The premium costs a few pounds more to protect this discount, but can be very beneficial in the even of a claim.

It is the same with nearly all financial products; staying loyal to your existing provider – however long you’ve been with them – does not give you any extra benefits. For a cut in insurance premiums when you’re over 70, you have to shop around for the best deal.

If you're over 50 the savings don't stop with car insurance. Savings can be made on:

• Over 50 life insurance savings
• Over 50 home insurance comparison
• Over 50 travel insurance discounts

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