Luke Chillingsworth
Updated
Elderly motorists above the age of 65 will be affected by a new £4.03 update they won’t want to miss out on.
UK older drivers above the age of 65 are set to face a £4.03 change this autumn, according to new analysis. A new study by Quotezone has found that average car insurance premiums have dropped, with over-65s among those enjoying a boost. The analysis shows that average premiums have fallen from £431.48 in Q2 to £427.45 in Q3, a saving of £4.03 or 0.93%. However, the changes don’t paint the whole picture, with costs still higher than earlier in the year.
Quotezone analysis shows that over-65s were paying just £407.17 for cover in Q1, before a 5.97% increase in Q2. Meanwhile, older drivers are enjoying the weakest Q3 savings, with motorists between 25 and 34 saving £32.28 and road users between 35 and 44 paying £30.35 less than earlier in the year.
Drivers between 45 and 64 are also enjoying discounts, with prices down £7.14 from Q2. However, at least older drivers secured a discount, with costs actually increasing for those aged between 17 and 24. Bills for these younger motorists are up £50.77, with costs rising from £1,099.57 in Q2 to £1,150.34 in Q3, a major blow.
Greg Wilson, CEO and car insurance expert at Quotezone.co.uk, said: “It’s good news for most motorists to see car insurance premiums heading in the right direction, with the average falling by over £30 in three months.
“But the picture isn’t as positive for young drivers, who are already paying the most. This high-risk group has seen premiums climb by another £50 on average.”
Car insurance costs tend to fluctuate throughout the year because insurers recalculate risks based on external market and industry factors.
These can include checking rolling three-month claims data and concerns around seasonal driving risks. However, older drivers might still be able to secure even cheaper premiums by shopping around.
According to Compare the Market, over half (51%) of motorists over the age of 60 could achieve a quote of up to £357.02 for their car insurance policy.
However, actual prices will also depend on motorists’ own personal experiences. A positive claims history and living in an area with a lower crime or accident rate could also help push down costs.
Luke Chillingsworth
Updated
Elderly motorists above the age of 65 will be affected by a new £4.03 update they won’t want to miss out on.
UK older drivers above the age of 65 are set to face a £4.03 change this autumn, according to new analysis. A new study by Quotezone has found that average car insurance premiums have dropped, with over-65s among those enjoying a boost. The analysis shows that average premiums have fallen from £431.48 in Q2 to £427.45 in Q3, a saving of £4.03 or 0.93%. However, the changes don’t paint the whole picture, with costs still higher than earlier in the year.
Quotezone analysis shows that over-65s were paying just £407.17 for cover in Q1, before a 5.97% increase in Q2. Meanwhile, older drivers are enjoying the weakest Q3 savings, with motorists between 25 and 34 saving £32.28 and road users between 35 and 44 paying £30.35 less than earlier in the year.
Drivers between 45 and 64 are also enjoying discounts, with prices down £7.14 from Q2. However, at least older drivers secured a discount, with costs actually increasing for those aged between 17 and 24. Bills for these younger motorists are up £50.77, with costs rising from £1,099.57 in Q2 to £1,150.34 in Q3, a major blow.
Greg Wilson, CEO and car insurance expert at Quotezone.co.uk, said: “It’s good news for most motorists to see car insurance premiums heading in the right direction, with the average falling by over £30 in three months.
“But the picture isn’t as positive for young drivers, who are already paying the most. This high-risk group has seen premiums climb by another £50 on average.”
Car insurance costs tend to fluctuate throughout the year because insurers recalculate risks based on external market and industry factors.
These can include checking rolling three-month claims data and concerns around seasonal driving risks. However, older drivers might still be able to secure even cheaper premiums by shopping around.
According to Compare the Market, over half (51%) of motorists over the age of 60 could achieve a quote of up to £357.02 for their car insurance policy.
However, actual prices will also depend on motorists’ own personal experiences. A positive claims history and living in an area with a lower crime or accident rate could also help push down costs.