A simples guide

Car Insurance for Elderly Drivers

Elderly drivers of retirement age might find that they can often access much more affordable insurance premiums than that of younger drivers, however they’ll still need to shop around to make sure they’re getting the right deal. Just like any other driver, getting the best price on your cheap car insurance premium requires some effort.

Why is car insurance different for elderly drivers?

Elderly drivers tend to have more experience behind the wheel which is one of the reasons such savings can be achieved on their insurance premium. Insurance companies see the additional experience and maturity as a lower risk of accident.

However there are other factors that you might not have considered. For example, older drivers tend to run more reliable cars and drive fewer miles, something that insurance companies look positively upon.

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How does age affect car insurance?

Insurance companies are more lenient towards older drivers. Based on statistics, younger age groups pose more risk of being involved in an accident, so insurers protect themselves by increasing insurance premiums.

Whilst we have addressed a lot of positives, older drivers have also been subjected to their fair share of problems. A study has shown that older drivers were impacted the most by the recent rise in car insurance premiums. Drivers over the age of 50 found that their insurance policy increased an average of 16.4% when the Insurance Premium Tax was changed on 1st November 2015, whilst the overall averaged increase was just 10.9%.

Whilst your car insurance premium may decrease as you age, drivers over the age of 80 to tend to find that their insurance premiums begin to rise again. A driver over the age of 80 however, will still probably expect to find a much better price than a driver under 30.

What other impacts will I face as an older driver?

As you get older your health is likely to become an increased risk on the road, which means there are extra procedures that need to be followed. Whilst you will not need to take a driving test every three years, you will need to renew your licence with up to date information regarding any medical problems such as heart conditions, and much more.

How can elderly drivers keep their car insurance premiums down?

Just like any driver on the road, there are a variety of tips that can help you to reduce your insurance premium. The most obvious of which is to assess your options amongst multiple car insurance providers. Due to the way that insurance companies work, no single provider will offer the best price for every single person, there’s just too many factors to consider.  But we compare quotes from over 100 insurance providers to help find the one that best suits you.

A lot of drivers tend to purchase their insurance at the time when they want their policy to start, however this can also have a substantial impact on your premium. Based on statistics from comparisons conducted on our website during June 2015 to January 2016, by purchasing your insurance premium three weeks before the policy begins, you can save an average of:

  • Drivers aged 55-64 - £180.31
  • Drivers aged 65+ - £141.24

If you haven’t quite made the three week mark, you can still save money by switching insurance providers as early as possible as the prices increase in  the seven days leading to your policy start date.

Where can elderly drivers get the best price on their car insurance?

If you are looking to get a fair price on a level of cover that best suits you, you can compare car insurance now and find the right deal for you.

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