Knowledge Base Categories

Tue, 09/10/2018

Expensive insurance premiums have become synonymous with younger drivers, with their inexperience causing insurers to hike up their costs. How an insurance premium is priced is set by a wide range of situational and demographical factors and in that respect older drivers tend to pay less for their insurance. The over 50 age bracket is seen by many insurers as one of the safest demographics of drivers due to their years of experience and no claims discount.

This is not necessarily true however for all mature drivers, especially for those over 70. Some drivers could see their premiums increase at certain milestone ages, and some insurers may not even offer cover for over 70s altogether. The picture for mature drivers it seems, is not necessarily a simple one, and so here is our guide to mature driver insurance and how to get a cheaper premium.

How expensive is your mature driver insurance?

Insurance premiums for mature drivers are determined by the same factors as any other demographic of people in the market for car insurance. The primary difference between a mature driver is the number of years of no claims discount they may have. Your no claims discount tends to be the leading factor which results in your premium being much cheaper than the prices offered to younger and less experienced drivers.

However, there are a variety of factors which can directly affect your premium’s cost, which are particularly relevant for mature drivers. In particular, more expensive and powerful cars will cost a lot more to insure due to the fact they are more likely to be involved in an accident or to be stolen. In addition to this, the parts themselves which would be needed for repairs would be more expensive and so increasing your premium. As mature drivers tend to have more disposable income, they are more likely drive a car that matches such a description and therefore premiums for these drivers increases. In addition to the vehicle itself, any convictions or motoring infringements would also increase your quote.

Will an insurance premium be more expensive for over 70s?

When you reach 70 however, you could see your insurance premiums rise again. This is primarily down to the fact that an individual over the age of 70 is seen as a higher risk driver than their slightly younger counterparts. This could be down to the affect of chronic illness, reduced eyesight and lack of confidence on the road, especially busy roads, as you age.

By law you must renew your photocard drivers licence every 10 years, by sending your current licence back to the DVLA for renewal. What you may not have known however, is once you reach 70, this renewal period changes from every 10 to every three years. With this renewal, you must prove to the DVLA that you meet the legal minimum eyesight requirements and have the support of your doctor to continue driving.

Lacking in confidence to drive on the road is an important factor to consider when deciding to renew your premium. Although this may be a reason for you to get out from behind the steering wheel, there are schemes available to mature drivers who are looking to increase their confidence. For example, the Institute of Advanced Motorists run the ‘Mature Drivers Assessment’, which is a 60-minute session taken in the candidates own car. The aim of the assessment is for candidates to gain feedback on their driving standard. This assessment and others like it are examples of how those who are over 70 and are in the market for mature driver insurance and feel comfortable and confident behind the wheel.

How to reduce premiums for mature driver insurance

Being a mature driver doesn’t automatically result in cheaper insurance premiums. This is especially true for those who have driving convictions or points on their licence. There are however several considerations you could make in order to bring your premium down to be as reasonable as possible:  

      • Pay up front: Although spreading the cost of your insurance premium will result in not having to pay a lump sum, the interest on your payments will result in you paying a lot more in the long run. Paying up front is a great way to save money on your insurance costs.
      • Telematics: While telematic boxes are usually associated with young drivers, there is not reason they cannot be utilised by mature drivers. Having these boxes installed could drastically reduce your premium.
      • Secure your vehicle: This is especially important if you do drive a more powerful and expensive car. Installing additional security devices in your car, including an immobiliser and wheel locks, can act as both deterrents and preventatives to thieves.

As with the search of any insurance cover, searching the market for the best price is a great way to ensure you can keep your costs low, rather than settling with your standard renewal price. There are insurers in the market who specialise in mature driver insurance, but it is important to bear in mind that this doesn’t necessarily ensure a cheaper premium. Be Wiser offers a tailored service for those in the market for mature driver insurance, finding you the best quote from a wide range of insurers.