It is no secret that, in your later years of life, the cost of providing car insurance goes up. This would appear to be borne out by the report that a 98 year old gentleman who lives in the UK has recently received a quote for just over £20,000 pa with this being a dramatic increase in what he has been paying for the last 12 month’s cover.
The gentleman concerned has been a motorist for 69 years so he certainly has many years experience at the wheel. He received a renewal quote from his existing insurance company that was around £17,000 more than the figure of about £3,000 that he had paid in the previous year. Apparently, he is of the opinion that the increase is due to his age as he has not had any claims since he previously renewed his car insurance policy.
Due to the premium he has been quoted, apparently, he will have to stop driving as he cannot afford the cost. However, the insurance company that issued the renewal quote has withdrawn the quote as it was issued by mistake as the gentleman does not meet their eligibility criteria for car insurance. It will be interesting to see if he is able to arrange car insurance for an affordable premium with another car insurance company.
The Association of British Insurers (ABI) produced some data back in July of this year quoting the average premium that someone pays for their car insurance in a particular age group. Some of this data is listed below: –
Age 18 to 20 Average premium £972 pa
Age 26 to 30 Average premium £502 pa
Age 36 to 40 Average premium £378 pa
Age 46 to 50 Average premium £326 pa
Age 56 to 60 Average premium £277 pa
Age 66 to 70 Average premium £241 pa
Age 71 to 75 Average premium £255 pa
Age 76 to 80 Average premium £291 pa
Age 81 to 85 Average premium £352 pa
Age 86 to 90 Average premium £415 pa
Age 91+ Average premium £478 pa
Let us hope that the individual concerned is able to find suitable, affordable car insurance from another insurer.