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“People over the age of 65 are facing increased monetary pressure as auto insurance premiums skyrocket,” the chief executive said.
The cost of retiree car insurance has risen 43% in the last year, new figures from Quotezone reveal.
Published data (8 April 2024) shows that the average cover value for people aged 65 and over was £478. 79 in January 2024, up from £334 at the start of 2023.
The figures also show that London, the West Midlands and the North West of England were among the places where older drivers could insure their cars.
London, for example, introduced the maximum premium for older drivers at £659.
“These older drivers often live on pensions, which are squeezed due to cost-of-living side effects such as emerging energy expenses and travel prices, making this additional pressure a genuine concern,” said Greg Wilson, chief executive. from Quotezone.
“While car insurance is at an all-time low for this age-specific organization and well below the overall UK average premium of £956, car-related expenses such as fluctuations in fuel prices and emerging repair and maintenance bills, create a challenge for seniors to meet the driving burden.
In turn, Quotezone has published tips to help retirees save in their insurance year.
Read: Rising car prices force UK drivers to ditch their vehicles
Read: Rising Car Premiums Push Drivers to Go Uninsured
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The indicators come with paying the annual premium all at once to save on interest bills and the lack of renewal reminders as costs are more competitive at the moment.
“There are tactics for older drivers to save money, such as never allowing a policy to auto-renew and exploring the option of switching providers,” Wilson said.
“Switching providers is an undeniable procedure that can lead to significant savings, but many older drivers are reluctant to switch providers; A comparison site like this can be a real tool for shopping for food and comparing products. “