If you’ve been driving for a good few years then chances are you’ve managed to accumulate a tidy no claims bonus. Your experience on the road, your age, reputation and road safety record should qualify you for much lower premiums than new drivers.
If this isn’t the case for you then you might feel that you’re unfairly penalised for the reckless driving of the younger generation and you could be right.
Although some providers can offer reduced premiums, this is very dependent on your age; the older you are, the chances of even being offered a policy are slim, not to mention the huge hike in cost.
Lots of insurers now refuse insurance applications for mature drivers over the age of 82 as they are deemed to be too high-risk. Statistics from the Association of British Insurers (ABI) show that older drivers have more accidents per mile than younger drivers and accidents caused by this age group are more likely to cause injury to others.
Indeed, the average cost of a car insurance claim by a driver aged 80 or over is around 50% higher than a claim by someone aged 60-64 years.
If your car insurance renewal figures seem to be creeping up every year, don’t take the easy option – shop around and see just how much you could save by simply changing your car insurance provider. There are some specialist providers who deal specifically in providing car cover for drivers over 50.
You could also consider changing your vehicle; choosing one with a smaller engine and a lower specification will certainly help as it will cost less to repair should the worst happen.