With an ageing population in the UK the number of motorists over 60 years of age has increased considerably in the last 10 years. This means that the market for senior car insurance policies is increasingly competitive, with insurers vying for a bigger slice of this lucrative market. Three-quarters of men in their 70s now hold a driving licence, 50 per cent up on 20 years ago. And within another 20 years, 90 per cent of men aged over 70 will still be behind the wheel.
The question is where do you turn to find the best senior motor insurance deal? There are a number of companies who specialise in serving this niche and their are other mainstream insurers who can deliver a competitive senior motor policy, with added features.
The starting point is (as always), make sure you shop around to locate the best deal – not particularly the lowest premium – but the combination of policy cover and price which best meets your driver and vehicle needs.
Simply obtaining a mainstream car insurance policy is probably not going to deliver the most suitable combination of price and protection. Every year you remain accident free, your premiums will decrease, so if you are a careful driver having spent years building your no claims discount, your premium will become even lower when you reach 50.
Industry research reveals that older drivers are inclined to have more mature driving attitudes than young drivers. As far as car insurers are concerned this translates into fewer accidents and most importantly lower insurance claims frequencies.
Senior car insurance is a legal requirement in the UK and it is against the law to drive without the protection of a car insurance policy. You must carry with you at all times, whilst driving, your certificate of insurance as this will provide evidence of your cover should it be required.
Remember Not all car insurance policies are the same!
RoSPA produce a great leaflet entitled ‘Older & Wiser’. The leaflet carries useful information and is a highly recommended read for senior drivers.