Drivers over 70 face an average £23 increase in their car insurance bills, according to analysis from Confused.com. The data reveals that motorists aged 60 to 69 typically pay £459 per year for cover, but this rises to £482 annually once they reach 70.
Why premiums rise at 70
Although this remains the second cheapest rate for any age group in the UK, drivers in the 70-79 category are considered a slightly higher risk, which affects pricing. Confused.com explained: “Once drivers hit 70, their insurance does tend to creep up. This explains why drivers in their 60s actually see lower costs than those who are 70+.”
“While there's a lot that goes into how your car insurance is calculated, this tends to be due to the fact that senior drivers are considered more likely to have an accident.”
Other factors behind the increase
Car insurance is calculated using a range of metrics, with previous claims data one of the biggest factors. Data shows an increase in collision rates among older age groups, which could bump up costs. Additionally, older drivers involved in crashes are more likely to require medical care, which can increase the payout on any claims.
Aviva has also noted that motorists should start to see changes to their car insurance bills once they reach 70. Aviva said: “Older drivers are often careful and experienced drivers. However, insurers generally classify them as higher risk. This will just be one of many factors considered when calculating premiums. Your car insurance payments may increase in your seventies and beyond.”
Ways over-70s can reduce costs
Over-70s can still find ways to reduce their car insurance bill. Paying annually for a policy can help motorists avoid interest charges, lowering the overall cost. Older drivers can also drive safely to maintain a no-claims discount or consider a multi-car insurance policy if their household has more than one vehicle.
