Older drivers could save a third off their insurance premium by making simple change
DRIVERS over a certain age could reduce the costs of their car insurance premium costs by making a simple change when applying for it.
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Drivers aged 65-plus stand to make a hefty saving on their car insurance premium by doing one simple thing.
Older drivers are being urged to switch to the most competitive deals on the market as it could save them a third, revealed new research from Consumer Intelligence.
According to new research, comprised of the analysis of more than 14,000 insurance quotes, the average annual bill from the best deals is around £477 for motorists aged 65 and over but around £685 for the market on the while.
This is a 30 per cent difference, which could be costing drivers in this age bracket up to £208 more a year.
Consumer Intelligence’s data highlights how older drivers regularly move insurers – on average they stick with the same insurer for 3.7 years and 44 per cent move every two years.
They pay lower average bills as well – the top five average premiums for all motorists is £712 compared with £477 for over-65s.
However, the research said that one in seven over-65s have not moved insurer for nine-plus years and are risking paying over the odds.
John Blevins, Consumer Intelligence pricing expert said: “Car insurance for over-65s is as competitive as the rest of the market despite claims that older drivers are often penalised for their loyalty.
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“In fact, average bills for over-65s are around a third lower than for all motorists and over-65s regularly shop with more than two out of five moving insurer every two years.
“However just as in the rest of the car market those who do not regularly review their car insurance will pay higher bills and it pays to shop around and switch.”
Below shows how average annual car insurance bills for the over-65s have changed since 2014.
2018
AVERAGE FOR FIVE MOST COMPETITIVE QUOTES: £477
AVERAGE FOR WHOLE MARKET: £685
SAVING: £208
2017
AVERAGE FOR FIVE MOST COMPETITIVE QUOTES: £467
AVERAGE FOR WHOLE MARKET: £678
SAVING: £201
2016
AVERAGE FOR FIVE MOST COMPETITIVE QUOTES: £338
AVERAGE FOR WHOLE MARKET: £511
SAVING: £173
2015
AVERAGE FOR FIVE MOST COMPETITIVE QUOTES: £267
AVERAGE FOR WHOLE MARKET: £415
SAVING: £148
2014
AVERAGE FOR FIVE MOST COMPETITIVE QUOTES: £330
AVERAGE FOR WHOLE MARKET: £487
SAVING: £157