Motorists over the age of 80 are paying £225 more for car insurance than drivers in their 60s, according to analysis by Compare the Market.
The data shows that road users over 80 pay an average of £557 for annual comprehensive cover this year. By contrast, drivers in their 70s pay around £367 per year, £190 less, while those in their 60s pay just £332 annually.
Why Over-80s Face Higher Premiums
Compare the Market explained: “While premiums usually decrease as you get older, car insurance for over 80s can be more expensive than if you're in your 60s or 70s.”
The comparison site added: “Drivers aged 70 and over also have one of the highest rates of death or serious injury per mile driven, according to the Department for Transport. As a result, insurance providers may see over-80s as higher risk, leading to higher premiums.”
Costs Still Competitive Despite Increase
Despite the higher costs, Compare the Market noted that premiums for over-80s remain competitive. Average fees are still £37 a year cheaper than the UK national average of £594.
The experts said over-80s do not need a specialist car insurance policy, but should expect some mainstream providers to impose restrictions for older drivers.
Age UK on Risk Perception
Age UK has previously warned that drivers over 80 statistically make more expensive claims than some younger age groups. The charity said higher costs are likely due to the perception that elderly road users are more at risk behind the wheel.
Age UK stated: “Car insurance costs are calculated based around risks and the likelihood of a claim being made. While older drivers have lots of road experience, they also tend to face more health challenges that can affect their driving. This increases the risk of being involved in an accident and therefore increases the price of insurance too.”
