POLL: Should older drivers above 65 pay more for car insurance?
Express.co.uk is finding out whether older drivers above the age of 65 deserve to be hit with higher car insurance premiums.
Older drivers are facing rising car insurance costs with many elderly motorists set to be slapped with bills for hundreds of pounds this summer.
Recent analysis from Compare the Market found that elderly road users above the age of 80 had recorded the “steepest proportional rise in premiums” in June.
Average costs stood at £656 in May 2024 compared to £412 just 12 months ago.
The staggering £139 increase is a whopping 27 percent rise in premiums with slightly younger motorists also facing sizeable increases.
Drivers between 65 and 79 paid £412 compared to just £328 in May 2023 in a hefty 26 percent rise.
It means both older age ranges recorded the highest percentage increase when compared to any other demographic.
Motorists between 16 and 34 noticed a 19 percent rise with an 18 percent hump for those aged 35 and 44.
Drivers from 45 and 54 years old pay 22 percent more compared to a 23 percent rise for those between 55 and 64.
Compare the Market said insurers tend to believe motorists in younger and older age groups are more likely to make a claim which leads to higher premiums.
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Car insurance specialists at Cuvva explained rising costs for elderly motorists were nothing uncommon.
They said: “Insurance companies usually charge more because drivers over 70 are (statistically) more likely to be involved in a crash and suffer serious injuries.”
Earlier this year, an Express poll found that a staggering 97.66 percent of readers didn’t believe older motorists should pay higher insurance costs than younger road users.
Money Saving Expert claimed there is a belief among firms that older road users are involved in more crashes and therefore more likely to make a claim.
They commented: “Car insurance tends to reduce in price over time as the driver becomes more experienced and (hopefully) builds a higher no-claims discount.
“Yet as you reach 80+, this goes into reverse, and your insurance then typically starts getting more expensive again. The rationale is that older drivers aged 80+ tend to be in more accidents.”
