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Catherine Carey
By
August 21, 2018

Over 65s Can Cut Car Insurance Bills By A Third If They Switch

annual car insurance bill

  • Older drivers change motor insurer every three-and-a-half years on average
  • But one in seven have not moved for nine years or more

 

Over-65s can cut their annual car insurance bill by nearly a third by switching to the most competitive insurers, new analysis1 from insurance market research experts Consumer Intelligence shows.

 

Its unique analysis of more than 14,000 insurance quotes shows the average bill for over-65s is £477 from the most competitive insurers but around £685 for all insurers – a difference of 30% or £208 a year.

 

Consumer Intelligence’s data highlights how older drivers regularly move insurers – on average they stick with the same insurer for 3.7 years and 44% move every two years. They pay lower average bills as well – the top five average premium for all motorists is £712 compared with £477 for over-65s.

 

But one in seven over-65s have not moved insurer for nine-plus years and are risking paying over the odds, Consumer Intelligence says

 

John Blevins, Consumer Intelligence pricing expert said: “Car insurance for over-65s is as competitive as the rest of the market despite claims that older drivers are often penalised for their loyalty.

“In fact, average bills for over-65s are around a third lower than for all motorists and over-65s regularly shop with more than two out of five moving insurer every two years.

“However just as in the rest of the car market those who do not regularly review their car insurance will pay higher bills and it pays to shop around and switch.”

The table below shows how average annual car insurance bills for the over-65s have changed since 2014.

 

YEAR

AVERAGE FOR FIVE MOST COMPETITIVE QUOTES

AVERAGE FOR WHOLE MARKET

SAVING

2018

£477

£685

£208

2017

£467

£678

£201

2016

£338

£511

£173

2015

£267

£415

£148

2014

£330

£487

£157

 

Consumer Intelligence’s data shows average tenure for over-65s – how long customers stay with insurers – has been relatively constant since 2009 when it first recorded figures. The highest has been 4.4 years and the lowest is 3.2 years.

  


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Ends


Notes to Editors
1 Consumer Intelligence analysis of more than 14,000 insurance premium quotes for drivers aged 65-plus between 2014 and April 2018

For further information, please contact:

 

Catherine Carey
PR & Communications Manager

Consumer Intelligence
07823 790453

 

 


 

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