DVLA Stats on Older Drivers Highlights Broker Opportunity

Older people are sticking with their cars, as fears over Covid prompt a mass exodus from buses and trams. Latest figures from the DVLA show that around 6 out of 10 over 70 year olds who renewed their driving licence last year did so online, as older people are coerced into using the internet against their will.

Since March 2020, Covid has been used as the excuse for banks restricting branch opening hours, GPs closing completely and public buildings also closing, or limiting hours. People aged 70 plus are at a higher risk from the virus, and as the knowledge spreads that the vaccine does NOT stop you getting Covid, many people prefer to reject public transport and continue to drive to medical appointments, or carry out other errands, shopping etc.

The figures also show that in 2016, just 43% of those renewing their driving licence at the age of 70 or older used DVLA’s online service, compared to over 60% in 2020 – the first year over half of people aged 70 or over preferred to do this online.

The DVLA aslo says that there has been a 27% rise in the overall number of licence holders in their 80s completing their renewal online between 2016 to 2020, while the number in their 90s jumped by 41%. Insurers and brokers usually begin to load up premiums on drivers at age 75 or above, but those brokers who can accurately calculate risk, and persuade policyholders to share pre-existing medical conditions info, or driving data, may well find that there is a lucrative market out there.

GREY POUND IS WORTH CHASING

Last year Admiral did a listicle on the best cars for older drivers, many of which were SUVs. In the medium term hybrids and pure electric will offer urban access to ULEZ zones, which diesel cars will not, as city centres become centres for tax revenue collection. ThingCo has noted in the past with IE magazine that older drivers also find the emergency response aspect of their Little Theo gadget a real benefit and offers peace of mind.

Fitting a telematics gadget shares realtime driver data, which can be the key to offering cover at affordable rates for older drivers, rather than just using postcodes and NCD history.

Many older people are asset rich and live in high value houses, so offering car insurance that is priced according to their actual car use, and the true risk, opens the door to upselling and cross-selling.

GOVT IS PLEASED THEIR WEBSITE WORKS

Roads Minister Baroness Vere said:

“It is fantastic to see more drivers over the age of 70 choosing to renew their licences online. The sharp increase in online renewals since 2016 is testament to how quick and easy this process is and I hope the trend will continue as more people choose to experience these benefits for themselves.”

Customers can find out more about DVLA’s online services at GOV.UK including renewing a driving licence, changing address, or telling DVLA you’ve changed your vehicle.

About alastair walker 6438 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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