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driver over 50

There are some benefits to growing older. One of these may be that those over the age of fifty just might get cheaper insurance premiums.

What Does Your Age Have to Do with Insurance Rates?


Insurance Companies put a lot of work into determining what their premiums will be. They focus on a lot of information about the driver. Then these companies also put a lot of emphasis on statistics. It helps them make what they feel is the fairest decision for them. At the same time, they have to offer competitive rates.

Among the many factors that the Insurance company will consider is age. Based on what they have learned giving a discount to drivers 50+ is fair. To some younger drivers, they may feel this is not fair. Many people assume that as a person ages their driving skills can suffer. It may be true in some cases. However, the statistics indicate something entirely different.

Insurance Companies can use statistics to compare young drivers against older drivers.

Young Drivers

Studies have shown that young drivers tend to be careless when driving.

Younger drivers do not have substantial driving experience.

Inexperienced drivers are more likely to have some form of a traffic violation. There are statistics to support this. Common ones are speeding tickets.

Data shows that most likely younger ones will have to file an Insurance Claim.

50+ Drivers

One of the most severe types of accidents is high-speed accidents. Fifty-plus drivers tend to drive at a slower speed.

Studies show these drivers are not in as many high-speed-related accidents.

These drivers make more use of their driving experience.

Fifty-plus drivers tend to recognize what their driving limitations are. They are more apt to stay within these limits.

Drivers in this age group do not take as many risks.

The accidents the 50+ drivers experience do not appear as severe.

How Can 50+ Drivers Take Advantage of Age Discounts

Planning is one of the steps to getting a 50+ insurance discount. It refers to maintaining a clean driving record. Insurance companies will only give discounts when there is a clean driving record. It applies to most cases and is part of the criteria.

The Clean Driving Record

Most people know that they must have a clean driving record. They know the insurance will look at this to help determine the rates. It is also applicable to the 50+ drivers looking for discounts. The problem is many don’t know what is on their driving record.

There are different forms of driving records. The Insurance company has options of which ones they want to refer to. It can be different for each driver. For example, for this 50+ discount, they may choose to look at the complete driver’s record. It is this record that shows more information besides moving violations.

What Do Insurance Companies Have to Offer?


Insurance Companies in Canada do compete among themselves. They will each come up with their ideas to act as incentives. Their goal is to generate as many insurance clients as possible. Many will take the basic concept of the 50+ insurance concept and customize it.

50+ Packages

Some insurance companies may offer a group of discounts for the 50+ driver. There may be an opportunity to reduce or eliminate the deductible on the policy. This type of offer will undoubtedly come with some restrictions. For example, the waiver may only apply up to a certain amount. It may just apply to a specific vehicle event. Like when applied to a hit and run accident, or if the vehicle is a total loss. Some insurance companies may bundle this in with the other insurance the insured has. For example, it may be part of their home insurance.

Accident Forgiveness

Everyone dreads getting into an accident. One of the many concerns is the hike in insurance rates if this happens. Some insurance companies are now offering accident forgiveness. It is standard practice for insurance premiums to increase after an accident. With the 50+ discount, there may be forgiveness benefit for the first accident.

Retired and 50+

A lot of people can enjoy retirement at 50+. There may be some insurance discount opportunities that apply to this. There are good reasons why an insurance company would consider retirement as an advantage. With respect to the way, it applies for insurance purposes. Retirees don’t have the same amount of driving to do. They don’t have to drive to and from work on a daily basis. It can possibly reduce the risk of a claim for the insurance company. Combined with the other 50+ driving advantages it makes good sense. It is just another way an Insurance company can make a customized discount.

Combining the 50+ Discount with other Discounts


Every penny saved on the cost of insurance is well worth it. A savvy driver should take advantage of as many discounts as possible. These added to a 50+ discount could add up in savings.

Many discounts can get overlooked. It is because so many insurance companies offer them.

Some additional discounts that may fit in with the 50+ savings are….

Low Mileage:

It is not uncommon for many people in the 50+ range to reduce their work hours. It means less driving. Retirees may not use their vehicles nearly as much. Checking out low mileage discounts may be a good option.

Payment Savings:

It is not unusual for many insured individuals to pay their insurance monthly. Also, some pay in installments that are set throughout the year. These create more administrative costs for the Insurance Companies. To offset this, some will offer a discount for full payment made all at once.

It is something else to consider when seeking out 50+ insurance.

Finding the Right 50+ Vehicle Insurance

It pays to shop around for car insurance. because there are so many companies.

If the 50+ discount is applicable, then this should be one of the discounts to focus on. It is important to keep in mind that the 50+ discounts are about more than just the premiums. A 50+ discount may justify shopping around for new insurance. It could be used to replace the current insurance.

About the Author: Ashley Miller

Ashley is an insurance content professional and very knowledgeable on all related subjects. Ashley has over 12 years of insurance content writing experience working with various insurance companies throughout her career.