Drivers aged 65 and older will have to pay £656 to keep their car on road

James Rodger & LeicestershireLive reporter
·2-min read
Many cars on a motorway
-Credit: (Image: Getty Images)


Elderly drivers have been issued a stark warning about car insurance costs, which have seen a significant surge. The price of car insurance has risen by 18 per cent year-on-year, with the average policy now costing drivers a staggering £850.

This represents an increase of £132 for the typical driver compared to last May, with those aged 80 and over experiencing the most substantial proportional rise in premiums at 27 per cent. Elderly drivers have witnessed the largest proportional increase of 27 per cent, reports Birmingham Live.

Similarly, those aged between 65 and 79 have experienced a high rise of 26 per cent. Anna McEntee, director at Compare the Market, said: "The substantial cost of car insurance is understandably causing concern for many motorists."

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She continued: "Our research shows motor premiums have risen by more than £100 year-on-year. Drivers aged under 24 and over 80 are seeing the steepest increases. Typically, insurers consider motorists in both age groups as more likely to make a claim which could lead them to see higher premiums.

"For those concerned about the cost of their motor premium, shopping around ahead of renewal is one of the best ways to try and save money on car insurance. We want to encourage older motorists who may be more inclined to stick with their existing insurer each year to compare prices ahead of renewal to see what deals are available."

Young drivers under 25 have been hit the hardest, with their average annual payment now standing at £1,901, up from £1,591 in May 2023 a hefty increase of £310 or 19 per cent. However, the average annual premium overall has seen a decrease of £80 month on month from April 2024, when it was £930, to £850 last month a drop of nine per cent.

The highest point of the recent surge in car insurance was in November 2023 when the average annual premium reached £951. Drivers over the age of 80 have experienced the most significant proportional increase in their insurance a rise of 27 per cent on average, with the annual payment now £139 higher at £656 compared with £517 last year.

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