As you get older, and reach your 70s and 80s, the price of your car insurance can change, and here’s why…
Why Premiums Go Up for Those in Their 70s and 80s
Car insurance premiums are typically higher for newer and younger drivers as they are seen as a higher risk of getting in an accident, and consequently claiming on their insurance. The cost of your car insurance then tends to go down as you get older, provided you don’t claim on your insurance, as you can build up your no claims bonus.
However, once you reach your 70s or 80s, you might start to see your premium getting higher again. This is because the statistical risk of you claiming on your insurance increases, due to older drivers facing more health challenges that can affect their driving. This increases the risk of older drivers being involved in an accident, meaning insurers consider your age as a factor when deciding how much to charge for your insurance.
This said, any increase you see shouldn’t be too steep, as older people still tend to have safer driving habits than young people, such as driving less frequently for shorter distances at safer times of the day.
What if I Have a Medical Condition which Affects My Driving?
If you develop a medical condition at any time in your life which may affect your ability to drive you need to inform the DVLA and your car insurance provider. This includes conditions such as dementia, epilepsy, damage to your eyesight, and more.
Some medical conditions may mean that your insurance premium will go up, or that you need to change insurance providers to one who will provide cover for you with your condition if your current provider will not.
For some medical conditions, the DVLA may revoke your driving license, if they deem you unfit to drive and believe that you will be unable to safely control your vehicle or could pose a risk to other people on the road.
Don’t Forget to Renew Your License
Another thing to consider as an older driver is your driving license renewal. Your driving license runs out when you reach the age of 70, meaning you need to renew your license.
You then have to renew your driving license every three years after, if you still wish to drive.
Renewal is free and does not involve retaking your driving test, or taking any kind of other test.
Can I Reduce My Premium?
If you’re looking to reduce your premium, you could consider:
- Increasing your voluntary excess
- Changing where you park, opting for somewhere like a garage which may be lower risk
- Choosing a vehicle in a lower insurance group that may cost less to replace or repair
- Shopping around, comparing different insurance providers and their policies
- Changing your policy – make sure you have the cover you need, but weigh up any extras you may be paying for and whether you really need them
- Renewing your car insurance around a month before your current insurance term ends, avoiding renewing or switching providers too close to this date