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Soaring car insurance costs hit elderly drivers: What can they do to bring costs down?

Updated: Jul 8

Recent reports indicate a significant rise in car insurance costs for elderly drivers, with premiums jumping by up to £600.

Drivers aged 65 to 79 have seen a 26% increase, while those aged 80 have experienced a 27% hike. Connor Campbell from Independent Advisor Car Insurance offers advice on reducing insurance costs for over-70s.

At age 70, drivers must renew their licence, and then every three years thereafter. The DVLA sends out renewal forms 90 days before your 70th birthday. Drivers must read a number plate from 20 metres away and have a visual acuity of 0.5 on the Snellen scale. It’s crucial to notify the DVLA of any conditions that could affect driving. Failure to do so can lead to fines up to £1,000 and invalidate your insurance. If a condition impacts your driving, the DVLA will conduct checks. During this period, driving is not permitted.

For those looking to reduce insurance costs, there are several strategies to consider. Driving fewer miles can lower premiums. If your mileage is below the national average (around 7,400 miles), a low-mileage policy may be beneficial. Pay-as-you-go insurance, which tracks mileage and charges per mile, is ideal for sporadic drivers. For those who don’t own a car but occasionally need to drive, temporary insurance can be an option. However, it may be difficult to find policies for drivers over 75.

Shopping around can help find the best deal. The best time to renew is two weeks to a month before the expiry date. Paying annually avoids interest costs associated with monthly instalments. Preserving your no-claims bonus by handling minor repairs yourself is also wise. Only opt for necessary add-ons to avoid extra costs. Increasing your voluntary excess can reduce premiums, but ensure it’s affordable. Choosing smaller cars in lower insurance groups typically costs less to insure. Installing security devices like dashcams and parking sensors can also help lower insurance costs.

Elderly drivers face rising insurance premiums but taking these steps can help manage the financial impact.

Connor Campbell, expert at Independent Advisor Car Insurance, says: “Legally, there is no maximum age limit for car insurance as long as you’re still fit and healthy enough to drive. So in your 70s and beyond, there will be a car insurance policy out there that will allow you to maintain your independence and stay on the road. You may have slightly less choice, however.

“While most car insurance providers don’t impose an age limit on their policies, some do. This will normally be between 70 and 80 years of age.”


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