Elderly motorists see their car insurance bills increase when they hit the milestone birthday, according to data.
Drivers face a rise in car insurance bills when they hit 70 (Image: Getty)
Older drivers are slapped with higher car insurance bills when they reach 70 years old, paying more than £20 extra on average to use the roads. Analysis from Confused.com has revealed car insurance costs rise by £23 when road users reach the milestone birthday.
According to the data, drivers between the age of 60 and 69 will tend to pay £459 for car insurance cover every year. However, drivers will actually pay around £482 per annum when they reach 70, in an increase of £23.
Age plays a major role in car insurance costs (Image: Getty)
This was still the second cheapest of any age group in the UK, with older drivers generally having more experience as a larger no-claims bonus. However, drivers are considered a slightly higher risk once they reach the 70-79 category, which will have an impact on pricing.
Confused.com explained: “Once drivers hit 70, their insurance does tend to creep up. This explains why drivers in their 60s actually see lower costs than those who are 70+.
“While there’s a lot that goes into how your car insurance is calculated, this tends to be due to the fact that senior drivers are considered more likely to have an accident.”
Car insurance is calculated using a range of metrics, with previous claims data one of the biggest factors. Data will show there is an increase in collision rates among older age groups, which could bump up costs.
Meanwhile, older drivers involved in crashes are more likely to require medical care which can increase the payout on any claims. Aviva has also stressed that motorists should start to notice changes to their car insurance bills once they reach their 70th birthday.
Aviva said: “Older drivers are often careful and experienced drivers. However, insurers generally classify them as higher risk. This will just be one of many factors considered when calculating premiums. Your car insurance payments may increase in your seventies and beyond.”
Over-70s can still find ways to reduce their car insurance bill to try and offset any increases. Paying annually for a car insurance policy can help motorists avoid interest charges, lowering the cost of an annual fee.
Older drivers can also drive safely to maintain a no-claims discount or consider getting a multi-car insurance policy if their household has more than one vehicle.