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Over 50s car insurance

You could save money on car insurance if you're over 50.

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If you're over 50 and haven't reviewed your car insurance policy recently, now might be the time to switch. Insurers like safe and experienced drivers, which means you might be able to pay less. Find out more about how you can save below.

Is there a difference between over 50s car insurance and seniors car insurance?

In terms of the product offered - no, there is no difference.

However the cost can differ between policies for over 50s and seniors.

If you're aged between 50 and 60, you will probably pay lower premiums than seniors aged over 60. This is because 60+ individuals tend to have more health problems, so encounter higher premiums as they pose a bigger risk. Each state also has its own rules regarding senior drivers, which are listed below. For more information, refer to your state government's website.

  • New South Wales. When you reach 75, you'll need to have a medical review every year to keep your licence. When you turn 85, you need to complete a driving assessment every two years, or drive with a restricted licence.
  • Queensland. Drivers aged 75 and over need to carry a 'Medical Certificate for Motor Vehicle Driver' whenever you drive. This is valid for 12 months.
  • Victoria. Drivers over 75 need to renew their licence every three years and self-assess their own fitness to drive.
  • Western Australia. When you turn 80, you need to undergo a yearly medical check to ensure you're fit and able to drive.
  • Tasmania. You need to renew your licence every 5 years when you turn 65 and self-assess your ability to drive.
  • South Australia, Northern Territory & ACT. In these states, you need to pass a medical exam when you renew your licence. In ACT, you are also required to visit your doctor annually for a medical assessment.

If you are aged over 60, you still have plenty of options. Some of the providers that offer specialised policies for seniors include,

How much can I save by restricting my policy to drivers 50+?

It's possible to save money on your car insurance if you're over 50; you just need to know where to look. The table below only consists of providers who offer discounts specifically for restricting drivers aged 50 and over. Check out how much you could save below:

BrandsRestrict 50+Without age restrictionMoney saved by restricting to 50+ drivers
Budget Direct Logo$642.21$702.80$60.59
qanta_logo_100$725.14$793.53$68.39
Picture not described$655.07$716.86$61.79
1st for women logo$744.72$814.80$70.08
Australia post logo$674.33$737.94$63.61
ING direct logo$653.46$715.09$61.63
Picture not described$744.72$814.80$70.08
Retirease logo$744.72$814.80$70.08

Is car insurance cheaper for over 50?

Yes, it can be. Some of the ways in which car insurance can be cheaper for over 50s include:

  • Experience. People aged 50 and over are likely to have a lot of experience driving, something insurers are quick to reward.
  • No claims discount. If you have a good history of driving over the years, you will likely be rewarded with cheaper premiums. This can sometimes be in the form of a no claims discount.
  • Restricted driver option. Many insurers will offer restricted driver options. This can help lower premiums as they know only an experienced driver is behind the wheel.
  • Limited use discounts. If you aren't driving as much as you used to, there's no reason to be paying as much as you were. Limited use or pay-as-you-drive policies can make an exceptional difference for those that don't drive much.

What is the best over 50s car insurance?

This depends on what you're looking for. Here are some of your options:

Third party property alone. This is inexpensive liability-only insurance that covers you for damage to other people's property. It could be good for:

  • Covering you for the most expensive risks you'll face on the road. This type of policy can provide up to $20 million in cover.
  • For Affordability. Third party only policies are some of the most affordable car insurance policies on the market, but keep in mind that this is because they provide the lowest form of protection.
  • Those not concerned about protection for their own vehicle. It only covers you for liability costs only. If you want to protect your vehicle, this type of cover is generally not suitable.

Third party property, with fire and theft cover. This includes liability insurance plus cover if your car is stolen or damaged by fire. It could be good:

  • As a mid-range policy that delivers all-important liability cover as well as cover for your car in the event of it being stolen or damaged by fire.
  • If you want some protection for your vehicle. Fire and theft are two of the most common causes of car insurance claims, so this policy can be an effective balance of cost and cover.
  • Affordability. This policy is considerably more affordable than comprehensive car insurance, but also has a reduced level of protection. It may be the right balance of cost and cover for you if you couldn't afford to replace their car, but don't want to pay more for comprehensive insurance.

Comprehensive car insurance. This is a thorough level of protection that can cover you against damage from hail, storms, flooding and more. It could be good:

  • If you want peace of mind, knowing that you are covered for a wide range of damage.
  • If you want extras. For instance, if you want cover for windscreen glass replacements or free towing, then comprehensive car insurance might be the way to go.
  • If you don't use your car as much, you can get pay as you go comprehensive car insurance, which is a type of policy that rewards low-usage.

Is it better to go with a specialist senior insurer?

Not necessarily. Senior car insurance generally provides the same cover as regular car insurance providers. It can be a good option if you are having difficulty getting insurance due to your age or a health condition. However, this is generally only if you have reached the age where your state requires you to renew your license regularly or undergo a medical review. In some cases, specialist senior car insurers provide discounts on everyday items like groceries, fuel and travel, so it could be worth shopping around for little bonuses like this.

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