Elderly drivers warned of ‘inevitable’ price increases for car insurance premiums
Martin Lewis warns viewers about drastic car insurance changes
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According to new data from the Driver and Vehicle Licensing Agency (DVLA), a record number of people over 70 years old are currently on the road. Britain’s oldest driving licence holder is now 108 years of age, with elderly drivers now accounting for around one in seven drivers.
The data shows that over 5.7 million people aged 70 and over now have a full driving licence – up by 10 percent since March last year.
Based on further data from QuoteZone, it found that elderly drivers may see their car insurance prices dramatically increase as they get older.
Based on a sample of Ford Fiesta drivers using the car for their own use, Quotezone’s figures show drivers would pay on average £303 in their 70s.
This premium price would then rise to £436 when drivers reach their 80s.
In practice, many older drivers pay significantly more because they put younger relatives on their policy or have more expensive cars.
Greg Wilson, Founder of Quotezone.co.uk, commented: “The number of older drivers is rising rapidly as the waves of baby boomers celebrating their 70th birthday start to come thick and fast.
“There is good news for people in the 70-79 age category as they enjoy the lowest car insurance premium of any age group, although they may be surprised to find that they face a hike in costs around the age of 80.
“Even so, they will still be paying less than a 50-year-old – and much less than someone in their 20s.”
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“Although a rise in premiums may be inevitable, there is still an opportunity to make savings, so older drivers should always make sure they use a price comparison site to shop around.
“They could also consider switching cars to one with a smaller engine, to help lower costs.”
The DVLA data found that the biggest group of elderly drivers are those between 70 and 79 years of age.
There are an estimated 4.2 million drivers in this age range, a rise of 11 percent since last March.
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