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Car insurance can become more expensive over the age of 60. Not only could your premiums start to rise, but you may also have to pay a higher excess. However, there are money-saving options to ensure senior drivers are covered on the road, including seniors discounts.
Every insurer offers cover for seniors, but some car insurance policies that are tailored to meet the needs of seniors and pensioners. Insurers that cater specifically for older drivers include APIA, Australian Seniors and National Seniors Insurance.
Car insurance does get more expensive for drivers over the age of 60. That's because people in older age groups are more likely to have health issues that can impact their driving. But there are a number of discounts that can lower the cost of cover – from no-claim bonuses to discounts on your Seniors Card.
Not all insurers offer pensioners and seniors discounts, but many do have online discounts to take advantage of. Let's have a look.
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The following 4 types of car insurance apply to all drivers, regardless of age:
Type | What it covers | When you need it |
---|---|---|
Compulsory third party (CTP) | CTP insurance covers injuries to other people. | It compensates other people you may injure while driving and is mandatory in Australia. |
Third party property damage (TPPD) | TPPD covers damage to other people's property. | It pays for damage to other people's property that you may cause while driving. TPPD is strongly recommended as the minimum amount of insurance you should have. |
Third party property damage, fire and theft (TPPD F&T) | TPPD F&T covers third party property damage plus damage from fire and theft. | It has the benefits of TPPD while also protecting your own vehicle from fire and theft. It's a good option for people who want TPPD as well as cover for themselves. |
Comprehensive | Comprehensive car insurance covers your car plus other people's property. | Combines TPPD with complete coverage of your own car from many kinds of damage. |
There are few providers in the Australian marketplace that offer cover exclusively to those over 50. The following is an overview of 2 of them:
Apia is known for being highly recommended by people that use it.
Apia comprehensive seniors car insurance can help you save money on your annual premium by offering the following:
Australian Seniors Car Insurance allows you to build your own policy, providing seniors looking for car insurance with greater flexibility. Pay only for what you need.
You may also wish to choose the pay-as-you-drive policy, which can provide you with comprehensive cover at a fraction of the price. Plus:
Use the map below to compare car insurance based on your location.
While restrictions on older drivers vary by state, the cost of seniors car insurance is consistently higher than for other demographics. So, what ways could you cut the cost of car insurance? Ask yourself:
In short, things that save the insurance company money will also save you money. Being a lower risk driver means they don't have to pay as much in claims, while doing things like signing up online reduces their administrative costs, which is why they're happy to offer discounts for it.
In Australia, the restrictions placed on older drivers vary from state to state. Victoria, South Australia and the Northern Territory do not require annual medical examinations for drivers over 70.
Restrictions in the other states and territories are as follows:
Each car insurer has its own unique perks that you may find attractive. Not all insurers are the same, so finding the car insurance that works best for you as you age is essential for peace of mind while still using your vehicle.
Everyone's circumstances and needs are different, so there's no single policy that's 'best' for senior citizens. To find the best car insurance policy for your situation, it's a good idea to compare car insurance from a range of providers and ensure your needs as a senior are met.
To help you out, you could check the following:
Once you turn 50 years old, your premiums will generally start to rise. You may have to pay a higher excess than others and you might find standard car insurance overpriced or harder to find.
Insurance companies tend to spend more on claims from older drivers and, consequently, charge higher premiums. Fortunately, there are some car insurance policies designed specifically for older drivers, which can help ease these problems.
Factors that can affect your ability to drive (which impact seniors car insurance premiums) include the following:
Insurers are all about risk, and they view older drivers as posing a greater risk because they are more likely to make claims.
Check your insurance policy for the exact details or alternative special conditions that may apply to your seniors car insurance.
If you plan on letting your grandchildren drive your car regularly, you should list them as a driver in the insurance policy. This will be more expensive if they're under the age of 25.
Yes, you'll need to be over 50 to get cover. Australian Seniors, which is underwritten by Hollard Insurance, says it generally insures drivers "up to 99 years of age." Its website adds: "However, certain vehicles have higher age minimums."
Richard Laycock is Finder’s insights editor after spending the last five years writing and editing articles about insurance. His musings can be found across the web including on MoneyMag, Yahoo Finance and Travel Weekly. When he’s not doing deep dives on data, he is testing the quality of cocktails in his newfound home of New York. Richard studied Media at Macquarie University and The Missouri School of Journalism and has a Tier 1 Certification in General Advice for Life Insurance.
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