Car Insurance

Car insurance costs for the over-50s could be on the rise, according to industry experts. Car insurance premiums are rising for those over 50, although older drivers still command some of the cheapest motor insurance rates on the market. Figures from Cash have shown that the level of cheapest car insurance policies for the over-50s have risen by four per cent over the last 12 months, as the number of drivers in that age range increases. However, another reason for the price increase is that insurer's regulators are almost forcing the car insurance providers to raise premiums, as competition increases in the market. Age Concern, which, along with Saga, has

been behind the recent targeting of motorists over 50, claims at least 19 out of every 20 households in which a person is over 50 now owns a car. The number of drivers over the age of 70 is also increasing, with Age Concern claiming the number will reach 4.5 million within the next ten years. Nevertheless, older drivers still benefit from some of the lowest car insurance premiums around, with the average car insurance cost for over-50s at £287, but £464 for the market as a whole. But according to the Observer, Deloitte research shows these prices may rapidly increase soon, as costs are currently rising for the general car insurance market at three per cent, but at four per cent for the over-50s.