State pensioners born before 1956 risk paying more to drive on UK roads, adding to the cost of living crisis. According to the RAC, age is a significant factor in car insurance costs, with drivers over 70 facing a hike in renewal quotes.
Age and Insurance Premiums
The RAC explains that while drivers over 70 are statistically very safe, they tend to pay higher premiums than middle-aged drivers because they make more expensive claims. The youngest drivers (aged 17-24) pay the most at £825 per year. Costs drop sharply after age 25, reaching a low of £336 for those aged 65-74.
For drivers aged 75-84, the average premium rises to £417, still nearly 10% less than the £462 paid by those aged 35-44. However, premiums do not rise significantly until age 85, after which they rocket by 78% to £700.
Health Conditions and Insurance
The RAC advises that if you have a condition to declare to the DVLA, you should also inform your insurer. Failure to do so could invalidate your policy, and premiums may increase or require a specialist provider.
Which? adds that age and experience matter in car insurance costs. Inexperienced drivers are considered more likely to be involved in accidents, leading to higher premiums to account for that risk.
This news comes as a blow to state pension claimants, especially those aged 70 and over (born before 1956), who are already facing a brutal cost of living squeeze.
