Elderly drivers hammered by car insurance costs with 'astronomical' price hikes 'in excess of 50 per cent'
Elderly drivers have accused car insurance providers of age discrimination
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Elderly drivers could be being unfairly targeted by car insurance companies who artificially inflate prices, potentially forcing motorists off the road.
The price of motor insurance has increased dramatically in recent years, with the average cost of policies rising for drivers of all ages, with some people being quoted as much as £8,000.
Data from Compare the Market found that older drivers are facing substantial increases in the cost of car insurance, rising 54 per cent year-on-year.
Drivers who remain on the road beyond their 80th birthday will see their premiums increase by £222 to a staggering £645.
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On average, motorists over the age of 50 could save up to £159 on their car insurance when using a price comparison website.
This has been touted by a number of experts after research showed that elderly drivers were the most likely to accept their renewal price and not shop around, potentially losing out on hundreds of pounds worth of savings.
Ginny Buckley, motoring expert and founder of Electrifying.com, looked into the price of car insurance for older people and whether motor insurance providers could cut costs.
She said: “It seems as though insurance companies may not value experience when it comes to senior drivers.
“Some are targeting drivers over the age of 70, with many facing price hikes in excess of 50 per cent when they renew their policies,” the expert told ITV’s Tonight programme.
Data from the AA suggests that elderly drivers are not the most dangerous people on the road, and it is instead those in the 17 to 24 age group.
People who have recently passed their test will often see higher insurance costs because they have only been in the road for a matter of years and their risk of getting involved in an accident.
For elderly drivers, the rate of accidents only increases once someone reaches the age of 86, by which point a number of drivers would have given up their licence.
Dennis Reed, Director of Silver Voices, a membership organisation for elderly people, commented on how older people are treated, especially when it comes to renewing insurance.
He added: “When you reach a certain age of 60, 70 or 80, it appears that insurance companies use that as an excuse to increase premiums astronomically.
“Simply because you have reached that age, it appears, not because you are at a higher risk on your 70th birthday than you were on the last day of your 69th year.”
He has described the expensive costs as “age discrimination”, suggesting that some drivers are being forced off the road from the expensive charges.
There are almost six million motorists on the road over the age of 70, at which point they need to renew their driving licence every three years, compared to every 10 years for younger age groups.
A spokesperson for the Association of British Insurers said: “Statistics show that younger and older drivers are more likely to be involved in very serious accidents where claims costs are higher.
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The most dangerous age group on the road is those between 17 and 24
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“If an insurer or broker is unable to offer you motor cover because your age is above the upper limits, they automatically refer you to an alternative provider who can help.”
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