Is car insurance cheaper for older drivers?
Yes, it usually is. Older drivers tend to have more experience behind the wheel and are statistically less likely to have an accident. As a result, their car insurance premiums are significantly cheaper than less experienced drivers.
According to our latest Premium Drivers report (March 2017), 65-79 year olds pay an average of £318** for their car insurance, while those in their 50s and early 60s have an average premium of £406**. Compare that to the average cost of car insurance in the UK, which stands at £707.94*** per year according to data from comparethemarket.com, and the savings are obvious.
And there are other factors that you might not have considered. For example, older drivers tend to own more reliable cars and drive fewer miles, something that insurance companies look positively on.
It’s worth noting, though, that while car insurance premiums usually decrease as you age, drivers over the age of 80 tend to find that their premiums begin to rise again, due to their increased risk of having an accident. According to our Premium Drivers report, drivers aged 80 and older pay, on average, £496** for their car insurance, which is still considerably less than the UK’s average.