Although the cost of your car insurance will be based on your personal circumstances and driving history, it’s often the case that you’ll pay less for your premium when you turn 60.
Drivers over 60 are considered one of the safest age groups to insure, and a lower risk than younger drivers. According to road safety charity Brake, ‘drivers aged 60-69 actually have less than half the crash rate of drivers aged 20-29’.
Because they’re less likely to take risks, such as speeding and driving while distracted, there’s less chance of drivers over the age of 60 being involved in a road traffic accident. This means they can often benefit from cheaper premiums.
Data from Compare the Market’s Premium Drivers Report April 2019 shows that the average cost of car insurance is now £736**. By comparison, those in their early 60s pay an average of £268***.
**Average cost of a premium across all age groups.
***50% of over 60s could achieve a quote of up to £267.50 for their car insurance based on Compare the Market data in February 2019. You may find a cheaper or more expensive quote based on your personal circumstances.