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Although you won't be paying as little as you did in your 60s, it's still possible to find great deals on over 70s car insurance.
According to the Association of British Insurers (ABI), age is a major factor when it comes to calculating the cost of premiums. However, their report shows that drivers between the ages of 71-75 are one of the least likely groups to make a claim.
This lower risk factor is reflected in car insurance costs. While the annual average car insurance premium stands at £736**, by comparison, 50% of customers over the age of 70 could achieve a premium of up to £307***.
**Based on Compare the Market Premium Drivers Report April 2019.***50% of over 70s could achieve a quote of up to £306.40 for their car insurance based on Compare the Market data in May 2019.
There are various ways that you might be able to reduce your car insurance premium:
When you reach 70, your driving licence will automatically expire. Read our simple guide to how to go about renewing your driving licence after age 70.
You’ll need to inform the DVLA and your insurance provider if you have any medical conditions. If you don’t declare something that could affect your driving, it might invalidate your policy. You could also be fined up to £1,000 or even face prosecution, if you have an accident as a result of your condition.
A medical condition doesn’t automatically mean you’ll be banned from driving, but you may have to take a driving assessment course to prove you’re still a safe driver. It could also increase your car insurance premium.
Driving today is far more hectic than it used to be. If you feel like you’ve lost some of your confidence, an advanced driving course could give you the reassurance that you’re still a safe driver. Or simply help you brush up on your driving skills.
You can find a range of competitive over 70s car insurance quotes right here, at Compare the Market. Shopping around is one of the easiest ways to get a cheaper quote.
Compare car insurance with us today to see if you can get a great deal on your next premium.