Directory:Why Car Insurance For Older Drivers Costs Less

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Why Insurance Costs Less for Older Drivers

Drivers aged over 50 are considered a lower risk by car insurance companies not simply because of their age, but because of their experience and their driving history.

Figures and research have shown that older drivers are less likely to be involved in an accident than younger drivers, and when they are, they tend to be less serious and the value of claims are much lower, which is why car insurance companies consider them to be a lower risk.

There tends to be less opportunity for a claim also senior drivers tend to drive more slowly, carefully and for shorter distances, giving them less opportunity to be involved in a major accident. But it is not just age that causes insurance premiums to decline.


Driving History

Not all mature drivers will get cheaper car insurance. Your driving history is taken into account and if your premium will be affected if you have made claims in the past. Your age can also impact on your claims history. As we get older, our reactions get slower and for many people eyesight can start to deteriorate. Ability to respond to dangers on the road reduces.

Statistics show that drivers aged over 70 are 13% more likely to make a claim on their car insurance than drivers aged in their 40s or 50s. Because of this, motor insurance[1] premiums will increase for over 70s and some companies will not insure drivers aged over 80.

Heavy traffic and our ever changing network of roads can become a confusing environment for elderly and OAP drivers. Senior drivers should take extra care to avoid small accidents and protect their valuable no claims bonus.


How Car Insurance is Calculated

The amount older drivers pay for car insurance is determined by a number of factors which include:

   * Who will drive the car
   * The type of car you will be driving
   * Where the car is kept
   * What the car will be used for
   * The type of cover you need

All of these factors are used to calculate your risk as an over 50 driver.