Why do insurance premiums increase for over-70s?
For many years I've insured cars (Ford Mondeos) through a leading insurance company. I reached the age of 70 last year and my annual quote increased by some 30 per cent, although it reduced a bit after my phone call. This year, my quote is up by 30 per cent, although again after a phone call it reduced to 18 per cent. Overall, since my 70th birthday last year, I am paying about 25 per cent more overall.
I'm told this is due to my age and that many underwriters drop out for over-70s. I'm a lowish mileage driver, with no problems. In fairness to the insurance company, they are in line with others and I will not be changing. Given all I read about longevity, and whilst accepting car insurance quotes are general rather than personal, this does nonetheless look like a bit of a rip-off by the insurance industry.
I'm told this is due to my age and that many underwriters drop out for over-70s. I'm a lowish mileage driver, with no problems. In fairness to the insurance company, they are in line with others and I will not be changing. Given all I read about longevity, and whilst accepting car insurance quotes are general rather than personal, this does nonetheless look like a bit of a rip-off by the insurance industry.
Asked on 7 August 2010 by Norman Dodson
Answered by
Honest John
It's based on underwriting statistics that show the risk increases once drivers pass the age of 70, and go on increasing as they reach their 80s and 90s.
Tags:
elderly drivers
insurance
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