Car insurance spikes for the over-70s

Top 5 tips to help find savings

Older drivers are considered one of the safest age groups, with the over-65s enjoying the cheapest premiums at about £525 a year, according to the average annual car insurance premiums from January to May 2024. That’s 82 per cent lower than the young driver category of £2,901.

However, as drivers approach their mid to late 70s, they often see their premiums starts to increase. This is because accidents at that age can be more frequent, and injuries could be more severe.

Also, medical conditions in general may be more prominent in the over70s age group, which insurers are likely to take into consideration during their risk analysis – if drivers fail to tell their insurer they could end up with a fine, an invalid insurance policy and even prosecution.

Having a medical condition doesn’t necessarily mean that older drivers will

lose their licence, but it does, by law, need to be declared so that an assessment can be made on the ability to drive safely. It might just be that the

driver now needs to make some adjustments or adaptations to their car.

Our research showed a steady increase each year from 70 to 90 years old, with those aged 80 paying 42 per cent more than those who just turned 70.

There are ways for older drivers to make real savings, and knowing when to buy, how to buy and where to park are among the top three money savers. Older drivers can also get help reducing their premiums by trying bespoke insurance products such as older driver insurance, catered for them specifically.