Elderly drivers over 70 could be hit with higher bills in a hefty cost-of-living blow.
Older drivers could be slapped with hefty insurance rises (Image: Getty)
Older drivers over 70 have been warned of an increase in one running cost upon hitting the milestone birthday, which could come as a nasty surprise. Car insurance rates are determined by a range of issues, but age plays a significant role in how much road users pay. Bills creep up slightly when you age, piling more pressure on cash-strapped pensioners already battling the cost-of-living crisis.
The RAC has previously warned that motorists aged 70 and over tend to make “more expensive claims”, which is why these drivers are paying more than others. The RAC previously said: “Age is one of the most significant factors when your car insurance premium is calculated, and it may come as quite a surprise to see a hike in your renewal quote after your 70th birthday.
“Despite statistically being very safe, drivers over the age of 70 tend to pay higher premiums than middle-aged drivers because they make more expensive claims.” According to data from Confused.com, these motorists pay an average of £480 in insurance premiums each year.
This is higher than the average £457 per year charge for motorists between the ages of 60 and 69. Drivers between 50 and 59 typically pay even more than both of these age groups, with yearly renewal costs around £545 for their coverage.
Age UK said that elderly road users should expect a slight increase in insurance costs once they reach 70.
Over 70s are facing higher car insurance bills (Image: Getty)
It said: “Over time, should you stay claim-free, the average cost generally decreases as your driving record and experience improve. However, after the age of 70, we do see insurance quotes start to rise – though only slightly.”
Compare the Market has stressed that motorists over 70 can try and cut their average car insurance bills by taking advantage of a range of simple tips.
This includes always comparing quotes before signing up for a policy or renewing, limiting annual mileage, increasing the voluntary excess, or buying a car in a lower insurance group.