Car insurance in retirement

2Stockport4

I have recently retired and I wondering if my car insurance is liable to increase.

dacouch

It often reduces as you won't need commuting cover and your mileage will probably reduce.

Insurers normally prefer older / retired people as they look on insurance for catastrophes so tend not to claim for smaller damage.

Hopefully your premiums will reduce, use your new leisure time to have a hunt around for the best deal, their are tips on MSE.

It's normally best not to cancel mid term but wait until your renewal to transfer insurers.

You may be surprised to find it's sometimes cheaper to not garage your car but to keep it on the road.

Enjoy your retirement and it would be helpful to other MSE members who are in your position if you post back on this thread how you got on

Rodders53

Try filling out one of the comparison sites with your previous occupation and change it to retired to see ...

You'll no longer need 'business use' or 'travel to/from place of work' cover (unless you're planning a part-time job, or running a new business) so it might even reduce?

All sorts of factors affect the premium... (making me 'main driver' reduces our premium very slightly ... I'm older by 5 yrs but my wife's been driving for 7 years longer than me... go figure! ).

mikey72

If it's a mid term change it'll probably increase.

Archergirl

I think you need to tell them, if you don't and claim you may not get paid.
I phoned mine up and told them they said it would be £30 to change the policy midterm but they just put a note on it and will change it next time. they said it will probably cost less but I will shop around when the time comes.

forgotmyname

Although it would seem your a lower risk, The insurance dont really see it that way.

Your premium is likely to rise a bit. Your not in work 8 hours a day so you must be out driving right?

If you dont tell them your now reitred and have an accident during work time they may investigate why your not at work and refuse to payout.

w211

dacouch wrote: »

You may be surprised to find it's sometimes cheaper to not garage your car but to keep it on the road.

Why, out of interest?

Rupert_Bear

2Stockport4 wrote: »

I have recently retired and I wondering if my car insurance is liable to increase.

I told them when I retired this year and has gone down.

dacouch

w211 wrote: »

Why, out of interest?

Because modern cars have very good security, it's difficult to steal them without the keys. Thus car thieves now days often pick a car parked on a drive and break into the house for the keys, if the car is garaged they can find the car quite easily and drive it away. If it's on the road it's not always easy for them to find it.

It does not work with all companies, but is cheaper with a significant amount

dacouch

forgotmyname wrote: »

Although it would seem your a lower risk, The insurance dont really see it that way.

Your premium is likely to rise a bit. Your not in work 8 hours a day so you must be out driving right?

If you dont tell them your now reitred and have an accident during work time they may investigate why your not at work and refuse to payout.

Are you sure about that

oscarward

I'm in a bit of a dilemma, I was made redundant a few weeks ago. I'm looking for work but am lucky to have sufficent savings and pensions not to be worried if I can't find anything.

So I'm looking at contract jobs (I'm in IT), permanent (possibly part time) or just retiring.

What do I tell the insurance co? If I tell them I'm retired and then someone offers me a contract then I'll be hit with possibly three sets of admin charges.

If I say I'm unemployed then find permanent work I'll be hit with an increase and two admin charges.

If I don't say anything how will they find out I'm unemployed?

I'm leaning towards saying I'm self employed which would be true, just poor at getting customers :rotfl:.


Any suggestions anyone?