Older drivers above 65 can save over £50 per year on car insurance with simple tweak
Elderly drivers could make hefty car insurance savings by making a change to their agreements today.
Older drivers above the age of 65 can save more than £50 per year on their annual car insurance costs by making a simple tweak to their policy.
New data from Compare the Market shows adding one additional named driver on an insurance agreement could cut annual bills for motorists of all ages.
Younger drivers with less road experience are set to make the biggest savings although elderly road users can still benefit.
It could help older road users make crucial savings with many still battling the effects of the cost of living crisis.
According to Compare the Market analysis, motorists aged between 65 and 79 could save £51 by adding an additional driver to their policy.
Annual insurance premiums stand at £436 per year without any additional drivers on an agreement.
However, adding another motorist to their form could bring bills down to £385 per year in a dramatic saving.
Meanwhile, those above the age of 80 can also take advantage of discounts with a slightly smaller £40 reduction.
Drivers above this age will likely pay £673 per year for cover but bills could fall to £633 per annum with a named driver listed.
Although young drivers usually add a parent or carer onto a policy, elderly motorists could still add their children or a spouse.
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Compare the Market explains that firms consider both motorists’ information when determining the annual fee based on the car being shared.
It means two drivers with a clean licence and a wealth of experience will bring down bills.
However, older drivers could find the move backfires if they are not completely honest with the insurance provider.
Drivers can only take advantage of the discounts if a second driver legitimately uses the vehicle occasionally.
This may be a spouse using the vehicle to go shopping or see friends or a child helping their elderly parents with chores.
Simply adding someone who never uses the car for the sake of bringing down premiums is against the law and could see motorists slapped with punishments.
Compare the Market explains this is called fronting and is considered a type of insurance fraud.
Motorists caught breaking the rules may find their car insurance policy is invalidated and cannot be claimed against in the event of an accident.
Road users may also face criminal prosecution in some circumstances in a major blow.
