Road users may notice a staggering increase in car insurance bills once they go past 70. Although drivers will generally pay less for cover the older they get, pensioners will tend to notice prices slowly starting to rise once they reach the milestone.
Ian Wilson, car insurance expert and managing director of CompareNI, stressed that the mid to late 70s were often seen as the turning point where costs would start to increase. Ian stressed that the increase in medical conditions was a major factor leading to higher bills. Meanwhile, specialists warned that the risk of sustaining more serious injuries in accidents was also to blame.
Ian explained: “While car insurance generally becomes cheaper as you get older and gain more experience behind the wheel, you may see your premiums start to rise as you approach your mid to late 70s.
“This is because you are more likely to develop medical issues which can affect your driving ability. Also, injuries suffered in a crash at that age could be more severe, leading to higher medical bills for insurers.”
Higher claims among old road users was also a major reason why costs suddenly spiral as motorists age. Previous data from the Association of British Insurers (ABI) showed that average car insurance claims settle between. £3,000 and £4,000 for most groups between 26 and 75.
However, the average car insurance claim for road users between 76 and 80 is around £4,500 before rising to over £5,000 for motorists between 86 and 90.
According to analysis from Quotezone, research shows a small increase each year as motorists age between 70 and 90 years old. The study found that individuals over the age of 80 are paying 42 % more for cover than those who just turned 70.
Greg Wilson, CEO of Quotezone, added: “As drivers approach mid to late 70s, they often see their premiums start to increase, normally 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 over 70 age group, which insurers will likely 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.”
