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Insurance By Age and Experience

Mature beyond your years

Just as young people get penalised for being young by the insurance companies there can be disadvantages to being old too. But there are also some advantages. How do the insurance companies treat drivers of more advanced years?

Where to start

Your car insurance will drop steadily as you get older, partly due to the No Claims Discount that you are accruing and partly due to the statistics of road accidents which indicate that older drivers are safer drivers. They drop, that is, until you reach 75 then they will start to increase again.

At that time it will be appropriate to change your insurer to one that specialises in insuring the elderly as they should be able to keep your premiums as low as possible.

SAGA

Driver’s under 50 are 31% more likely to make a claim on their car insurance than those aged fifty or over according to SAGA. With SAGA car insurance you can get a replacement car if yours needs time in a garage for repairs after an accident (for up to 14 days) plus you can get European cover for free.

Excess

The amount of excess that you will be asked to pay out will also decrease as you get older typically it will go down to between fifty and a hundred pounds. But most importantly, as you have spent years building up your No Claims Discount you should make sure that your insurance company offers you a policy where it is protected. A full no claims bonus can reduce your premium by up to two-thirds.

Clubs

It’s worth checking to see if your club or place of work has any relationship with an insurance company before you renew. Sometimes there will be a special deal negotiated which will enable you to get insurance at discounted rates.

If you already have anther type of insurance with a particular company check to see if you can get a discount when you apply for car insurance. For example, if you have contents insurance with the Norwich Union they will issue a 10% discount on your car insurance.

Direct Debits

For some reason insurance is one instance where paying by direct debit actually costs you more. Some companies will charge as much as 30% on top for staged payments.

Advanced Driver

Another thing you can do to improve your insurance prospects is to take an advanced driving course, at the end of which you would emerge a proud member of the Institute of Advanced Motorists. This is a great option if you really enjoy driving, but it will cost you to take part, so better to check how much that is before jumping into the course just to save on your premiums – it may take a few years to reap the financial benefits.

Go shopping

Statistics seem to indicate that the average consumer can save up to 35% on their insurance quote by simply shopping around. Again this is something that the more experienced should have learned and so hopefully won’t come as a surprise.

One element that increasingly affects the older driver when applying for insurance, even when shopping around, is their medical condition. Sometimes illness such as heart disease will mean that insurance companies will refuse to insure you unless you can get a letter from your GP stating that your heart disease will not affect your driving abilities.

Same brush for everyone

It seems unfair to taint everybody with the same brush but insurance companies use decades of data gathered from millions of drivers and this data indicates that those over seventy five become once again more dangerous on the road. Whether you choose to drive after this age we hope will be a matter of choice, not one that is thrust upon you due to expens.

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Posted on: [ November 03, 2017 ]       Add to Del.icio.us   Digg it   Add to Blinklist   Add to FUrl   StumbleUpon