Car Insurance for the Over 70s Explained

If you’re in your 70s and enjoy the independence that comes with driving, you’re likely to have many years of valuable driving experience under your belt.

That said, there are some changes to expect when it comes to buying over 70s car insurance especially if you let cover lapse when you’re approaching or over 75. If you’re in good health and you feel confident, fingers crossed you will be able to enjoy life on the open road for years to come, so it’s worth taking a moment to think about getting the right policy that fits your lifestyle.

Over 70s car insurance – what changes?

Let’s start with the important changes you’ll come across when buying your over 70s car insurance for the first time. Once you turn 70, you’ll need to renew your driving license, and then renew it again every 3 years. This is so that the DVLA can be sure that you haven’t developed any health issues that could impact your ability to drive safely.

Make sure you notify the DVLA and your car insurance company of any impairments or conditions each time you renew your cover and your license. If you don’t let them know about a relevant medical issue, you could find your policy isn’t valid if you need to make a claim. If you’re not sure whether a health issue needs to be flagged, you can check online to see if you need to declare it or not.

You will need to stop driving if any of the following apply to you:

  • Your doctor instructs you to stop driving for a period of 3 months or over
  • You have a medical issue that impacts the safety of your driving and is ongoing for a period of 3 months or over
  • A medical condition means that you no longer meet the required standards for driving

Is car insurance cheaper for over 70s?

Unfortunately, turning 70 doesn’t necessarily mean you’ll find your insurance premium becomes cheaper. You may find that things like your No Claims Bonus, driving fewer miles per year and having more experience on the road still help to lower your premium, but some customers find that the cost of car insurance for over 70s can be higher than they found when in their 60s.

In general, car insurers work with historical data showing that senior drivers are likely to display slower reaction times and are potentially more likely to experience health conditions. Some drivers also find that their choices become more limited after turning 70. This means it’s more important than ever not to let your car insurance lapse just before you turn 75, as you may find it more difficult to find a policy that suits your needs after celebrating your birthday.

How can I make senior car insurance cheaper?

If you do find your quotes are higher than you expected, there are some things you can do to try and reduce your premium. Low mileage can have a positive impact on your insurance quotes, so think about how often and how far you need to drive.

Consider increasing your voluntary excess, as this can lower your monthly payments. In fact, if you’ve always paid for your insurance in monthly instalments, now might be the time to start paying annually, as you’ll often end up paying less overall for taking this option. If you’ve accrued a No Claims Bonus over many years, think about protecting it with your policy, as you’ll find your premiums rise further if something happens and you lose it.

Have a think about your current car, and whether now might be a good time to downsize? If your car is no longer meeting your lifestyle’s requirements, it could be sensible to opt for a vehicle that’s cheaper to insure.

It’s good to talk

Your car insurance renewal is probably one of those jobs you usually tick off the list as quickly as you can, but when you reach your 70s, you may want to consider calling a broker to talk through exactly what you need. The more information you provide, the more likely it is that they can help you find  cover that reflects your lifestyle.

For example, letting your  broker know that you use a dashcam, or if you’ve taken any advanced driving courses may mean they can source a lower quote for you – so it’s always worth a chat with a professional insurance broker.

This is a marketing article by Towergate Insurance. The information contained is based on sources that we believe are reliable and should be understood as general risk management and insurance information only. It is not intended to be taken as advice with respect to any specific or individual situation and cannot be relied upon as such. If you wish to discuss your specific requirements, please do not hesitate to contact a Towergate Insurance adviser.