Generally, yes. Once you reach the age of 60, you should get cheaper car insurance.
Our data shows that the average cost of comprehensive car insurance for drivers in their 60s is £528, compared to £642 for over 50s car insurance and £822 for drivers in their 40s2.
The exception is over-70s car insurance, which tends to be more expensive than cover for those in their 60s. Our data shows that drivers over 70 pay £5412 on average for their insurance.
This rise in costs after 70 may be due to insurance providers viewing older drivers as higher risk. As insurance is based on the probabilty of you making a claim, the higher the risk you're percieved to be, the more you're likely to pay for your insurance.
There are ways to get cheaper car insurance though, even if you're beginning to see your costs rise.
| Age | Average Cost2 |
|---|---|
|
20-29
|
£1,545
|
|
30-39
|
£1,041
|
|
40-49
|
£822
|
|
50-59
|
£642
|
|
60-69
|
£528
|
|
70+
|
£541
|
2Confused.com price index data Q3 2024.
There are several factors that affect the price you pay for car insurance, such as:
Drivers in their 60s usually have more experience on the road than younger drivers, and this means that they're statistically less likely to get into accidents and make claims. Our data shows that drivers in their 60s have held their licence for an average of 24 years2.
Working a job that's considered high risk, or one that requires you to be driving a lot, can increase your costs. If you're retired, this can reduce your insurance costs, especially if you find that you're driving fewer miles once retired. On average, retired drivers2 aged 61-65 pay £345.
Your postcode influences your risk of making a claim. Living in a rural area with low rates of vehicle theft tends to be less risky than built-up areas, for example.
Insurers split cars into car insurance groups. These range from 1-50 and the higher the group, the more expensive your car might be to insure. Modifications your car has can also make your insurance more expensive. As can its tranmission type, with automatic car insurance costing more on average than manual insurance. Apadtations disabled drivers may have made to their car to improve accessibility, like the addition of wheelchair ramps, can also affect what you pay.
Drivers in their 60s tend to have had more years on the road to build up their no-claims bonus. The longer you've gone without claiming on your car insurance, the bigger your no-claims bonus is. Our data shows that drivers in their 60s with 10 years' no-claims bonus pay an average of £384 for their cover, compared to £512 for those with 5 years'2.
If you have any convictions for things like speeding or drink-driving, your insurance costs are likely to be higher. The average cost of insurance2 for drivers in their 60s with a speeding conviction (SP30) is £513.
2Confused.com data Q3 2024.
Although drivers in their 60s typically benefit from some of the cheapest car insurance prices, there are still ways you can save money:
Accurately estimate your mileage. If you’re over 60 or have retired, you may be driving fewer miles than you used to. The lower your estimated mileage, the more your could save, so try to be as accurate as you can. Make sure you don't underestimate your mileage though, as this could invalidate your policy.
Make sure your occupation is correct. Insurers use your job title to help calculate the cost of your insurance. So make sure you choose ‘retired’ – if that applies to you – instead of ‘unemployed’. On average, drivers aged 61-65 who put 'retired' as their occupation pay £345 for their cover, compared to £526 for those who put 'unemployed'2.
You should also remember to let your insurer know if you retire during your policy.
Avoid auto-renewal and compare quotes as you may find a better deal elsewhere. Remember, it's compulsory for insurers to show you how much you paid for your policy the previous year. This makes it easier to work out if you’re paying more or less to renew. Our data suggests that the best time to buy a new policy is about 18 days before your renewal date2.
Pay annually rather than monthly for your insurance if you can. You could save up to 50%2 by choosing to pay annually, as insurers normally add fees and interest to monthly payments.
Consider a telematics policy. These types of policies, otherwise known as black box policies, are often aimed at young drivers who have less experience on the road, but they could also be worth considering if you're over 60. If you have a low annual mileage, you might find an even better deal with a pay-per-mile black box policy than a traditional car insurance policy.
Find out more ways to cut the cost of your car insurance.
2Confused.com data Q3 2024.
"Being in your 60s might mean you've got years of driving experience under your belt. The good news is it also means that insurers generally see you as lower-risk and might reward you with cheaper insurance. That doesn't mean there aren't further savings to be made though. Comparing prices is the easiest way to see what savings are out there to be had and it only takes a few minutes."
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Page last reviewed: 14 October 2024
Reviewed by: Louise Thomas
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