Unfortunately, motor insurance premiums have been on the increase for a considerable period of time with many motorists having to dig deeper into their pockets to meet the rising cost of such cover. As you are no doubt aware there are various factors that an insurance company take into account when deciding how much they will charge.
Many elderly drivers here in the UK have seen a large % increase in their motor insurance premiums between 2010 and 2017.
Things like where you live, what you do for a living, how many miles you travel each year in your car, what the make and model of car you drive is, the vehicle’s value and your driving history. Another factor is your age.
Some research has been carried out by Which? into the impact age has on the cost of car insurance that makes for interesting reading. Which? looked at data contained in the AA British Insurance Premium Index between 2010 and 2017 and discovered that it was the elderly who have seen the largest percentage increase in premiums between those dates.
For instance, motorists who are between the age of 60 and 69 have seen premiums increase from an average of £297 per annum in 2010 to an average of £389 per annum in 2017. That is a rise of 31%.
However, it is motorists over the age of 70 who have been subject to an even bigger percentage increase between the above dates. In 2010, the average car insurance premium was £363 per annum but by 2017 this had gone up to an average of £541. That is an increase of 49%.
Insurance companies are no doubt of the opinion that drivers above 60 are more likely to have a road traffic accident than say a motorist who is say 45 years of age. This conclusion will no doubt be based upon statistics in respect of motor insurance claims.
Motorists should seriously consider shopping around for their car insurance before considering renewing their cover with their existing insurer as he or she may be able to get the cover cheaper elsewhere.
