Older drivers above the age of 65 are paying almost £300 more for car insurance in one UK region, according to new analysis. Data from insurance experts CompareNI has revealed London is the most expensive area for cover in the UK, with older drivers paying over £600 to use the roads.
Over 65s in the capital are paying an average annual premium of £622.26 to stay on the roads, topping the UK national average by some distance. Northern Ireland was the second most expensive area, with road users paying almost £480 (£478.68) followed by the West Midlands (£459.28) and North West England (£455.28). However, according to analysis, average costs in London are almost £300 more than the same demographic will pay in Wales, South West England and North East England.
According to Compare the Market, car insurance prices can vary based on your postcode due to a range of factors. They explained that a higher number of claims in an area could see individuals pay hundreds of pounds more than others for essentially the same product.
Meanwhile, factors such as population density, traffic trends and crime rates all play a factor in determining risk. High-risk traffic systems such as roundabouts and cycle lanes can also play a role in driving up costs, as will uninsured drivers and a rise in fraudulent claims nearby.
Ian Wilson, car insurance expert and managing director at CompareNI urged older drivers to ensure they are always truthful when putting together a car insurance policy.
Lying on a form or trying to hide any medical conditions in a bid to get more favourable rates could massively backfire with road users at risk of losing their cover altogether.
Ian said: “It is crucial to remember that any condition you need to declare to the DVA must also be declared to your insurer, otherwise you risk voiding your policy. Failure to do so could see you hit with a hefty fine, penalty points on your licence and – if you are involved in an accident – potential prosecution.”
Average car insurance prices for over 65s – Full list
- London – £622.26
- Northern Ireland – £478.68
- West Midlands – £459.28
- North West England – £455.28
- Yorkshire – £422.38
- South East England – £421.50
- East Midlands – £406.97
- East of England – £405.37
- Scotland – £387.03
- North East England – £379.43
- South West England – £356.95
- Wales – £349.58
