Are older drivers being punished for the increasing claims expenses associated with younger uninsured drivers, plus the write-off costs of EVs? It would seem so, since the driver/accident data for older drivers remains just the same, historically low, with low speed collisions in older cars being the norm. Over 65 year olds don’t commute as much as under 60s, nor to they travel late at night as younger drivers do, or engage in car meets, cruises or shows at weekends – except classic shows perhaps.
So why does the pricing algorithm demand huge rises in percentage terms, just as it does for under 25s? It’s a riddle that the industry needs to resolve. New data from Quotezone looks at regional variations. Here’s the word;
New data has revealed the UK regions with the highest car insurance premiums for older drivers aged over 65 – with some areas 63% more expensive than others. London, West Midlands and North West England are among the most expensive places for older drivers to insure their cars, as insurance premiums surge 43% from January 2023 to January 2024.
Price comparison experts at Quotezone.co.uk analysed insurance premiums for the over 65 age group ranking them from most to least expensive across the country. London had the most expensive premium for older drivers at £659 while Wales had the cheapest average premium at just over £400, that’s a 63% difference – with the UK average recorded as £478.
Quotezone.co.uk CEO and car insurance expert Greg Wilson said: “Those aged 65 and over are facing increased financial pressure as car insurance premiums soar by 43% across the country, from £334 – £478 in just 12 months from January 2023 to January this year – that’s an extra £144. These older drivers are predominantly living on pensions which are being stretched due to cost-of-living side effects – such as escalating energy bills and grocery costs, making this additional pressure a real concern.
“Although car insurance is normally at its lowest for this particular age group and well below the general UK average premium of £956, car related expenses such as fluctuating fuel costs and hikes on repair and maintenance bills, are creating a challenge for older people to keep up with the cost of driving.
“There are ways however for older drivers to find savings, such as never letting a policy auto renew and exploring the option to switch to another provider. Switching is an easy process which could lead to meaningful savings yet many older drivers are reluctant to change providers – the likes of a comparison site can be a real help to shop around and compare products.”
To help drivers review and find savings, car insurance experts at Quotezone have created a full car insurance index of average premium prices throughout the UK regions:
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