It is a known fact that car insurance premiums are lower for the older motorist. At least that is until a certain age is reached and then premiums start to rise again.
The older motorist pays less for their car insurance than an 18 year old as the later is a much greater risk to the insurance company. On average, the younger driver is going to claim more frequently on their car insurance and the cost of a claim for each policy will be higher.
So, at what age do premiums start to rise as you get older? Well, this may vary between insurance companies but, as a general rule, it tends to be sometime after you reach the age of 65. This is interesting because at the age of 65 the claims frequency is still reducing albeit the average cost of a claim on each policy is starting to rise.
So, there you are at 65 having reached retirement age and finding that your income has reduced albeit your mortgage has probably been paid off. However, you are no doubt keen to contain or reduce your household expenditure. What can you do about your car insurance when it comes up for renewal?
Well, it may pay you to shop around to see if you can get the same level of cover but for a cheaper premium. There are a few ways of doing this. You could speak to an insurance broker either on the phone or face to face or you could spend 30 minutes or so sitting in front of your computer in the comfort of your home at a time convenient to suit you. All that you then need to do is to type something like “ car insurance quotes for the older driver” into your browser’s search box and you will have access to a number of insurance companies and price comparison websites all looking for your valuable business.