Car insurance soars for the over 70’s

Driving as you get older can be a daunting task, it’s also challenging to know whether or not your loved ones are safe to continue on the road – the team at Quotezone take a look at some of these important issues, asking drivers across the UK for their thoughts.

The survey, undertaken by car insurance experts at Quotezone, highlighted the need for clarity around older drivers – what medical assessments are needed, who they should turn to if they feel they can no longer drive and what additional safety checks are in place to protect them – as 25% of respondents admit they know an older driver who they think should stop driving soon. 

The survey showed a fifth of respondents, 19 per cent, felt annual driving tests and medical checks for drivers after they turn 70 would help protect older drivers and other road users.  Currently the law requires drivers who turn 70 to renew their licence, then every three years after so that they have the opportunity to declare any medical developments. 

Having a medical condition doesn’t necessarily mean that older drivers will lose their licence, but it does, by law, need declared so that an assessment can be made on the ability to drive safely, it might just be that the driver now needs to make some adjustments or adaptations to their car.

Nearly a third, 30%, of people surveyed believe that family members should play a pivotal role and support older drivers, addressing the serious conversation of when they should stop driving – highlighting the vital role families play in ensuring that their relatives remain safe on the road.  This was the top answer, along with those who thought their GP should be responsible for monitoring when older drivers should stop driving, also 30%.

Greg Wilson, CEO and car insurance expert at Quotezone.co.uk said: “Normally older drivers are considered one of the safest age groups with the over 65 category enjoying the cheapest premiums at approximately £525, currently 82% lower than the young driver category at £2901.* 

“However, as drivers approach mid to late 70’s, they often see their premiums start to increase, normally this is because accidents at that age can be more frequent, and injuries could be more severe. 

“Also, medical conditions in general may be more prominent in the over 70 age group, which insurers will likely take into consideration during their risk analysis – if drivers fail to tell their insurer they could end up with a fine, an invalid insurance policy and even prosecution. 

“Our research showed a steady increase each year from 70-90 years old, with those aged 80 paying 42% more than those who just turned 70.

“Our survey results show almost a third of respondents think better checks should be in place to monitor drivers once they reach 70 years old, and that family members should play a significant role in supporting and monitoring older drivers’.

“Ensuring the safety of all road users will require a collective effort from individuals, families, and policymakers but as our survey suggests, more support for drivers in this age group is needed during this difficult time.”

Older drivers can get help reducing their premiums by trying bespoke insurance products such as older driver insurance, catered for them specifically.

The DVLA can refer drivers for an assessment (and pay for it) if they’ve asked drivers to take one, but there can be a long wait. It can be quicker for the driver to refer themselves directly, but they’d have to pay – and the cost varies depending on the centre they choose. 

Average annual car insurance premiums – Jan-May 2024

Car Insurance Costs – January 2024

References:

SURVEY – Quotezone.co.uk’s findings are based on a randomised survey of 1,000 respondents across the UK during May 2024, which represents a margin of error of approximately 5% at a 95% confidence level.

*Average annual car insurance premiums – Jan-May 2024