Drivers over 70 are facing an average car insurance charge of £482, according to data from Confused.com, as the cost of staying on the road continues to rise.
The figure applies to motorists aged 70 and above, with Confused.com reporting that this age group pays more than drivers in their 60s. The data shows that older drivers generally benefit from lower premiums overall, with Compare the Market figures indicating motorists are paying £217 less for car insurance than they were two years ago.
Why premiums increase after 70
Confused.com explains that while older drivers typically have more years of experience and a larger no-claims bonus, insurance costs tend to creep up once drivers hit 70. The comparison site states: "That said, 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," Confused.com adds.
Aviva, the insurer, offers a similar view: "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."
How to keep premiums down
Your car insurance payments may increase in your seventies and beyond. Paying annually for your cover to avoid interest charges can keep your premiums down, as can driving safely to maintain your no claim discount. Getting a multi-car insurance policy discount is also recommended if you have more than one car in your household.
Licence renewal rules after 70
Drivers are reminded that they need to renew their driving licence every three years after turning 70. However, you will only need to get your ability to drive reassessed if you develop a health condition that could affect your driving. You can also choose to be assessed, as some people find this helps them feel more confident on the road.
