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How older drivers can cut insurance premiums by a third

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Written by: Paloma Kubiak
21/08/2018
Older drivers can cut their car insurance by 30% by switching to the most competitive deal on the market, research reveals.

Analysis of 14,000 insurance quotes shows that the average insurance bill for drivers over the age of 65 stands at £685.

But by switching to the most competitive provider, older drivers can pay £477, a saving of £208, or 30%.

According to the data from market research firm Consumer Intelligence, older drivers tend to stick with the same insurer for 3.7 years, while just 44% move every couple of years.

But one in seven over-65s haven’t moved insurer for nine years or more and are therefore risking paying over the odds for the cover.

The table below shows how average annual car insurance bills for retirees have changed since 2014:

OlderCarInsurance

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.

“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.”

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