GUIDES & RESOURCES

Car Insurance for seniors

It might not be too often that you think having silver hair has a silver lining, but if you’re over 50 with a good driving history, you may find more competitive car insurance rates compared to some younger drivers.
Young couple opening the doors to their car

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Who offers Car Insurance for seniors?

Just about every insurer offers Car Insurance for seniors, and in some cases at a cheaper premium because ultimately, seniors can generally be safe, low-risk customers. There are, however, some companies that specialise in insuring well-seasoned drivers.

What are the different types of Car Insurance available for seniors?

No matter your age, experience, or driving history, you’ll generally still have access to the same four types of insurance policy as all drivers. Here’s a quick refresher on what each covers.

Compulsory Third Party Insurance (CTP)

This is mandatory insurance for every driver in Australia and in some states it’s paid automatically whenever you register your car. It helps cover accidental injury or death to another person caused by your driving.

Third Party Property Damage (TPP)

The next is Third Party Property Insurance. As the name suggests, this helps cover damage to other people’s vehicles and property caused by an accident that was your fault. It generally doesn’t cover damages to your car or property though. If you take this insurance out, you would be responsible for the costs of replacing or repairing your own car in the event of an accident.

Third Party Fire and Theft (TPF&T)

Third Party Fire and Theft Insurance helps cover third party property damage as above, but also includes damage to your car because of fire or theft. Remember, this option still doesn’t cover damage caused to your car in an at-fault accident or for most possible incidents.

Comprehensive

The highest cover available is Comprehensive Car Insurance. Whether an accident is your fault or not, a comprehensive policy can help cover damage to other people’s property and vehicles, as well as your own.

In many cases, it may also cover events like hail or storm damage. A Comprehensive policy often comes with options to add extras to your cover, like a hire car or Roadside Assistance and Personal Effects Cover. These options vary between providers and some may be covered in the original premium, so it’s always worth checking out. 

Car insurance type

Damage to your car

Damage to another person’s car or property

Damage or loss caused by theft

Injuries or death to others in an accident

CTP

No

No

No

Yes

Third Party property

No

Yes

No

No (but covered by CTP)

Third Party Fire and Theft

No

Yes

Yes

No (but covered by CTP)

Comprehensive

Yes

Yes

Yes

No (but covered by CTP)

What are the licensing requirements for senior drivers?

These requirements vary between states and can change, so make sure you check the current laws in your state before taking out car insurance.

Broadly speaking, at age 75 you need to start being more aware of your health. Some states may require medical certificates, while others, like Victoria, will require you to renew your license every three years.

The following table lays out some points for each state as of March 2021.

The links below provide more information requirements for seniors in different states:

How could seniors save on their Car Insurance policies?

Well, you’ve already done one thing that may help, being a senior, but there are other things you can look into which could help bring your premium down.

  • No claims discount: Hopefully over the years you’ll have accrued a maximum no claims discount, the exact discount can vary between insurers, so check it out.
  • Listed drivers: Be aware that listing young drivers on your policy can bump up your premium with some insurers. You could save by restricting your policy to drivers to over a certain age.
  • Garage your car: A car which is securely garaged at night is safer from theft and other damage, so may attract a lower car insurance premium.
  • Low mileage: If you’re driving less, you could be paying less. Check out low mileage or ‘pay as you drive’ style policies.

Ready to find a Car Insurance policy for seniors?

iSelect has been around a while too. Get a quick, easy comparison online with iSelect’s Car Insurance comparison tool, or call 13 19 20 and one of our consultants will help you compare from our range of providers and policies.

Last updated: 08/02/2022

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