It is a well-known fact that getting insurance when you are a young driver is very expensive. The main reason for this is that young drivers are yet to build up a history of careful driving that makes them a greater risk for insurers, known as a no-claims bonus.
As we age, car insurance becomes cheaper. Thankfully, this benefit can extend to senior citizens and the elderly, and specialist insurance for people from 65+ can be substantially more affordable than standard alternatives.
It is DVLA policy to have drivers over 70 renew their license every three years. This is to keep a closer eye on any health concerns which may have an impact on their safety as a driver.
Assuming, however, that you are a competent driver in an older age bracket, this regular renewal should be nothing more than a minor inconvenient piece of administration and you can go on driving well into later life.
In fact, the number of drivers aged 80 and above who still get full use from the cars in the UK continues to rise, and over 1.3 million 80+ year olds were on UK roads in July 2017.
Being able to get around as you become older can be even more important, as the distance from friends and family can lead to a sense of isolation for some. Even just a regular visit to the supermarket can become inconvenient without a car so there’s every reason to want to keep on the road.
Simply continuing your insurance with a company you have been a customer of for many years, even decades, is likely to end up with you paying over the odds once you pass 65.
Many of the regular insurance companies use inefficient formulas to dictate their premium costs, and there is a lack of understanding in the system regarding older drivers. It is far more beneficial to switch insurers to a company that specialises in providing car insurance for senior citizens.
Top quality insurance for the elderly typically includes a number of benefits, for example:
It can also include standard things which are typically extras, such as breakdown and accident assistance and a courtesy car.
Shop around to find a good older-driver insurer. Be careful when using a comparison site, and always check the details with any agent you speak to regarding the insurance – check age limits and other conditions of the insurance.
Of course, your health will have an impact on the cost of your insurance. It is very important that you remain completely honest with your car insurance provider as hiding any condition is considered fraud and can result in the termination of your insurance, a £1000 fine and even prosecution.
Make sure you disclose any condition to the company at the time of obtaining a policy and update them should your circumstances change.
Eyesight is particularly important, as we all know it degrades with age. Being able to meet the legal requirement for driving is imperative and essential not only for your safety, but for the safety of everyone else on the road, both other drivers and pedestrians. Free eye tests are available on the NHS for everyone over 60, so make sure you take full advantage and have the right glasses prescribed for your driving needs.