Most people realise that the cost of auto insurance for somebody aged under 25 is seriously expensive, but many do not realise that the same can be true for car drivers over the age of 70 or 8-. Drivers aged 50+ have the best insurance premiums because they are 31% less likely to have a car accident, but from the age of 70 they are 13% more likely to be involved in a crash which is why their insurance premiums rocket after that point.
Shop around for the best deal
The right way to keep your insurance premiums in check once you reach 70 is of course to compare different products and compare costs. If you get a good offer from one insurance company or broker, ask a few others to match or beat that quote. The majority of the time somebody will take the bait and give you a better quote.
Consider using a specialist provider
Happily, many insurance companies or brokers have started to put together special packages for drivers who are aged over 70. These specialist packages tend to offer better value for money than those that provide a one size fit all policy.
When you hit 70, get quotes from these firms before you go to other companies. Often the price is cheaper and the policy is sufficiently flexible to take care of senior drivers. For example, some make provision for your going somewhere deciding that you are too tired to drive and letting another driver take over.
Got out any elements you will not use
To get the price lower try to make sure that you are not paying for things that you no longer need, for example European breakdown cover. Many older people no longer bother to drive whilst abroad, so do not need European breakdown cover. Removing it from your policy can really help to get the price of your car insurance policy down.
Consider buying a smaller car
If the quotes you are getting for your car insurance once you are over 70 are too high for you to be able to afford do not give up driving all together instead think about downsizing the automobile that you drive. In general the littler and cheaper the car is the less you will have to pay for insurance. There is the added benefit that smaller cars are easier to handle and park and often they are far more economical to run.
Continue to protect your no claims bonus
If you have no claims bonus, it is very important that you protect it as you age. One little accident could lead to you having to pay 20% more for your insurance, so it is sometimes worth paying £30 or so more to get that no claims bonus protected. You may be quite a good driver, but statistically the older you are the more likely you are to have an accident.
Take the advanced driving test
Taking the advanced driving test at any age is a good way to demonstrate that you are a good driver. Insurance firms like clients who have this additional qualification and offer generous deals to those who do. It is also a great way to polish up your driving skills