Elderly road users are set to notice a rise in car insurance bills later on in life for one vital reason.
Older drivers will notice car insurance bills rise later in life (Image: Getty)
Experts say older drivers could notice an “increase” in their car insurance bills once they reach one milestone. Ian Wilson, a car insurance expert and Managing Director of Tiger.co.uk, stressed that motorists in their mid-to-late 70s could be hit with higher fees.
It means motorists celebrating their 75th to 79th birthdays in 2025 could be affected and forced to splash out more to stay on the roads. The news could be a blow to cash-strapped road users already stumping up hundreds of pounds in insurance bills to get behind the wheel. Older drivers and pensioners in their 60s tend to enjoy some of the most affordable rates but fees tend to rise once motorists reach their late 70s due to safety concerns.
Price rises are partly down to higher higher claim costs (Image: Getty)
Ian said: “Older drivers are typically considered one of the safest age groups, which is why the over-65 category enjoys the cheapest premiums. However, as drivers approach mid to late 70s, they often see their premiums start to increase, as accidents at that age can be more frequent and injuries could be more severe.”
Motorists between the ages of 86 and 90 have the second-highest average claim cost on the road, just lower than younger drivers 18-20 years old. Drivers aged above 91 are the third highest, highlighting how older drivers can be considered more of a risk to insurance firms.
Analysis from Which? shows that drivers aged between 75 and 84 will pay £417 in annual car insurance fees, up from £336 between 65 and 74.
Budget Insurance claimed that several reasons will contribute to the increase in car insurance premiums in later life. Higher claim fees and increased accident risks are two of the biggest, with health issues also a major concern.
Budget said that age-related health issues, such as deteriorating eyesight or slower reaction times, can tend to make driving more hazardous.
Age UK explained: “Car insurance costs are calculated based around risks and the likelihood of a claim being made. While older drivers have lots of road experience, they also tend to face more health challenges that can affect their driving. This increases the risk of being involved in an accident and therefore increases the price of insurance too.”
