Car Insurance. It s Getting Increasingly Expensive When You re Elderly.
Below is a MRR and PLR article in category Finance -> subcategory Insurance.
Car Insurance: Why It’s Becoming More Expensive for the Elderly
Summary
The Institute of Advanced Motoring reports that last year, there were 550 serious accidents involving drivers over the age of 70, resulting in deaths or severe injuries. This accounts for 8% of the national total of 7,035 similar accidents. Drivers over 70 have the highest accident rate per mile, a trend supported by the Association of British Insurers. Their research indicates drivers over 70 are 13% more likely to make insurance claims than those aged 40 to 50.
Rising Concerns
The number of elderly drivers is expected to double in the next decade, posing challenges for families, insurers, police, and emergency services. Many insurance companies classify drivers over 80 as high-risk, similar to drivers under 25, leading to higher premiums. Some insurers, like Norwich Union and Esure, refuse quotes after age 70, while others focus on specialized coverage for older drivers. Providers like RIAS, Saga, Help the Aged, and Age Concern offer policies with no upper age limits.
Cost Implications
Insurance premiums for elderly drivers can be steep. A 75-year-old male driver might pay 33% more than if he were 50, with rates skyrocketing by age 80. Female drivers often face even higher costs due to increased accident rates as they age, despite younger women typically being safer drivers.
Biological Challenges
Aging brings about changes in eyesight and reaction times. With traffic and road complexities increasing, elderly drivers can become more disoriented. Insurers often require medical checks for older drivers. Building a no-claims record early and investing in No Claims Protection is advisable to manage costs.
Practical Tips for Older Drivers
Older drivers can adopt simple strategies to reduce accident risks and remain insurable. Extra caution in car parks and improved all-round visibility during maneuvers can help. Regularly checking vehicle surroundings and being mindful at junctions are key. Some policies offer benefits like no-claims transfer for couples or payouts if driving is halted due to health reasons.
Government and Local Initiatives
The UK Government is examining health issues in elderly drivers, considering mandatory health checks. Local councils, like Torbay, are encouraging families and GPs to help elderly drivers recognize when it's time to stop driving for safety.
Driver Awareness and Improvement
A survey by the Institute of Advanced Motorists reveals older drivers are aware of their increased accident risk. Many express interest in refresher courses to improve skills on motorways, junctions, and unlit roads. The Institute has opened advanced tests to older adults to aid skill improvement and confidence, identifying serious issues that may suggest retirement from driving.
By implementing these measures, older drivers can maintain their independence longer while ensuring safety for themselves and others on the road.
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