Shop around and you’ll get some of the best insurance deals available – that’s the advice UK drivers in their sixties are being given.
The Association of British Insurers (ABI) has issued the advice after their latest data showed drivers aged 61-70 are in a position to take full advantage of the fact that their average claims are lower and less frequent than drivers in other age groups. The average insurance claim made by drivers aged 61-65 is £2,180 – lower than in any other age group – while for drivers aged 66-70 the figure is only slightly more at £2,225. As a result the average motor insurance premium paid by drivers aged 61-65 is £252 per year, while for drivers aged 66-70 – by virtue of their tendency to make fewer claims – the figure is even lower at £241.
Now the ABI is advising drivers in their sixties to ensure they get the best car insurance deal possible by shopping around in what is a highly competitive market. This can be done using online searches, or by using a specialist insurance broker. In addition, drivers of all ages may be able to take advantage of a ‘black box’ telematics device – often viewed as the preserve of younger drivers – to monitor their driving performance and see a reduction in the cost of the premium.
The ABI’s figures came from a study of data gathered during the first quarter of this year, and highlighted the impact age has on the average cost of a year, which currently stands at £360 across all age groups. The highest average claims come from either end of the age spectrum, and have a significant effect on the average yearly insurance premium. Older drivers aged 86-90 and 91+ have an average claim of £3,690 and £3,656 respectively, and as a result see their average annual premiums rise to £415 and £478. While younger drivers aged between 18-20 have a similar average claim amount of £3,667, the increased number of claims sees their average premium leap to £972 per year, the highest of any age group.
ABI figures show that average motor insurance premiums have fallen by 5 per cent over the past two years.
“This data shows the clear link between the age of a driver and the risk of making an expensive claim on a car insurance policy,” said the ABI’s General Insurance Manager Rob Cummings.
“In addition to a driver’s age, insurers will consider many factors when setting the price of car insurance including claims history, the vehicle, postcode and driving record. The motor insurance industry is competitive so it is important to remember to shop around when renewing a policy and consider using a specialist broker or insurer.”
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