Motoring expert warns of hidden 'rules' driving up costs for older motorists

SimplyQuote.co.uk has highlighted several strategies older motorists can use to reduce their insurance costs and avoid unnecessary financial strain.

While the average cost of car insurance fell by approximately 2.5% during the first quarter of 2024, drivers over 80 have seen their premiums increase. Chris Richards, a motoring expert at SimplyQuote.co.uk, pointed out that while there’s no legal age cap on driving, some insurance companies are more hesitant to cover drivers as they age, particularly those over 80.

Richards stated: "Legally, there’s no maximum age limit for driving as long as you're fit and healthy, and you can continue to stay insured well into your later years. However, as you enter your 70s and beyond, you may find fewer insurers willing to offer policies. Some providers impose age restrictions, often between 70 and 80 years old."

To ensure they stay protected without paying exorbitant prices, older drivers should keep their driving licence up to date. Once a motorist reaches 70, they must renew their driving licence every three years, either online or by post. Importantly, drivers are required to disclose any medical conditions to the DVLA, as failure to do so could result in a fine of up to £1,000.

For those seeking more affordable premiums, one option is to opt for a lower-mileage policy. According to Richards, older motorists who drive fewer miles than the national average of 7,400 annually can often secure lower insurance rates. This is because the less time spent on the road, the lower the likelihood of being involved in an accident and filing a claim.

Richards added: "Many mainstream insurers offer policies for drivers covering as little as 3,000 miles per year, but there are also specialist insurers that cater to those who drive short distances. If you’re retired or simply not covering as many miles, this could be a significant way to reduce your premium."

Maintaining a no-claims bonus is another key strategy for keeping car insurance costs down. A no-claims bonus reflects how many years a driver has gone without making a claim, and insurers reward this by offering reduced premiums. Richards suggests that older drivers should consider paying for minor repairs themselves to avoid risking their no-claims bonus.

“Small accidents can happen, but filing a claim for every minor issue can increase your premiums in the long run," Richards said. "If you’ve built up a no-claims bonus, it’s often worth paying for small repairs out of pocket to protect that bonus and continue to enjoy lower insurance costs."

While older drivers may face unique challenges when it comes to car insurance, there are several strategies they can adopt to manage costs. As Chris Richards concludes, “Staying informed and being proactive can go a long way in ensuring that older drivers are getting the best possible deal on their car insurance, while still staying safe and compliant on the road."