Motorists aged 70 and over are being warned that their car insurance costs are likely to rise once they reach that milestone birthday, adding to financial pressure on pensioners already dealing with the cost-of-living crisis.
Car insurance premiums are influenced by a range of factors, but age plays a significant role in how much road users pay. Bills tend to creep up slightly as drivers age, according to warnings from motoring organisations.
Why older drivers pay more
The RAC has previously warned that motorists aged 70 and over tend to make “more expensive claims”, which is why these drivers pay more than others. The RAC previously said: “Age is one of the most significant factors when your car insurance premium is calculated, and it may come as quite a surprise to see a hike in your renewal quote after your 70th birthday.”
“Despite statistically being very safe, drivers over the age of 70 tend to pay higher premiums than middle-aged drivers because they make more expensive claims,” the RAC added.
Average costs by age group
According to data from Confused.com, motorists aged 70 and over pay an average of £480 in insurance premiums each year. This is higher than the average £457 per year charge for motorists between the ages of 60 and 69.
Drivers between 50 and 59 typically pay even more than both of these age groups, with yearly renewal costs around £545 for their coverage.
Advice from Age UK and Compare the Market
Age UK said that elderly road users should expect a slight increase in insurance costs once they reach 70. It said: “Over time, should you stay claim-free, the average cost generally decreases as your driving record and experience improve. However, after the age of 70, we do see insurance quotes start to rise – though only slightly.”
Compare the Market has stressed that motorists over 70 can try to cut their average car insurance bills by taking advantage of a range of simple tips. This includes always comparing quotes before signing up for a policy or renewing, limiting annual mileage, increasing the voluntary excess, or buying a car in a lower insurance group.
