Pensioners struggling with the rising cost of driving as car insurance shoots up 43%

Price comparison experts at Quotezone.co.uk analysed insurance premiums for the over 65 age group ranking them from most to least expensive across the country.

London had the most expensive premium for older drivers at £659 while Wales had the cheapest at just over £400, that’s a 63% difference – with the UK average recorded as £478.

Quotezone.co.uk CEO and car insurance expert Greg Wilson said: “Those aged 65 and over are facing increased financial pressure as car insurance premiums soar by 43% across the country, from £334 – £478 in just 12 months from January 2023 to January this year – that’s an extra £144.

“This older driver age group are predominantly living on pensions which are being stretched due to cost-of-living side effects – such as escalating energy bills and grocery costs, making this additional pressure a real concern.

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“Although car insurance is normally at its lowest for this particular age group and well below the general UK average premium of £956, car related expenses such as fluctuating fuel costs and hikes on repair and maintenance bills, are creating a challenge for older people to keep up with the cost of driving.

“There are ways however for older drivers to find savings, such as never letting a policy auto renew and exploring the option to switch to another provider. Switching is an easy process which could lead to meaningful savings yet many older drivers are reluctant to change providers – the likes of a comparison site can be a real help to shop around and compare products.”

To help drivers review and find savings, car insurance experts at Quotezone have created a full car insurance index of average premium prices throughout the UK regions:

Older Driver Index Per Region (Jan 2024)

Regional Ranking
UK REGION
Ave. Premium

1
LONDON
£659.84

2
WEST MIDLANDS
£513.43

3
NORTH WEST ENGLAND
£510.59

4
SOUTH EAST ENGLAND
£487.27

5
NORTHERN IRELAND
£485.76

6
EAST MIDLANDS
£476.41

7
EAST OF ENGLAND
£473.04

8
YORKSHIRE
£462.68

9
SCOTLAND
£441.59

10
NORTH EAST ENGLAND
£421.01

11
SOUTH WEST ENGLAND
£408.94

12
WALES
£404.95

UK Average Over 65
£478.79

% increase Jan 23- Jan 24
43%

Quotezone.co.uk’s top five tips to help older drivers save:

1.Security – anti-theft devices or dash cams are often price sensitive questions on your insurance policy – meaning there may be savings to be had.

2.Engine size – be sure to check your vehicle’s engine size and horsepower, both can impact the cost of your premium, smaller cars and engines tend to be better value.

3.Parking – if you can use your garage, driveway or carport for parking, it could save you at least £140.

4.Price search – normally three weeks before your policy is due for renewal is when the prices are most competitive so be sure not to miss your renewal reminders.

5.Payment – if you can, it’s usually better value to pay the annual premium all in one go to save on paying interest.

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References:

Full car insurance index of average premium prices across all age ranges throughout the UK regions.

Data tables – The data uses a random sample of over 100,000 UK car insurance policies from January 2023 – January 2024

This article is intended as generic information only and is not intended to apply to anybody’s specific circumstances, demands or needs. The views expressed are not intended to provide any financial service or to give any recommendation or advice. Products and services are only mentioned for illustrative rather than promotional purposes.

Radiotimes.com is published by Immediate Media Company London Limited, a wholly owned subsidiary of Immediate Media Company Limited. Immediate Media Company London Limited is an Introducer Appointed Representative of Seopa Ltd (trading as Quotezone).