Car Insurance

chriswring

Hi Everyone,
I have query on car insurance.
one of my friends has just turned 70 and very recently has renewal quotes through.
Nothing has changed except his age. No claims, no convictions, same car etc.
However his premium has trebled vs when he was 69.
I know due to inflation premiums would have increased, but with all other non age related factors staying the same, I can only conclude that turning 70 is the main driver to that level of increase.
Has anyone else suffered from this as well
Thanks

MorningcoffeeIV

Yes, they will have. All lenders have trigger points.

But better to post in the insurance section or in motoring, as this isn't a reclaiming issue.

HumberFlyer

Googling it seems to suggest there will be extra to pay when you hit the magic 70 yrs old.
Mine will be coming up shortly. I will now expect the worse then.

 No claims, no convictions, same car etc.
Age 68.... £169
Age 69...  £158
Age 70...    ?

400ixl

Is that his renewal quote only, or when looking for a new policy it is still in the same ball park.

All insurers have demographics they like to insure or don't want to insure. They discourage people outside of that demographic with high prices so that they go elsewhere, or if they stay then the insurer has priced in the extra risk they see.

Have you tried looking at other insurers who may be more acceptable to the older age demographic, maybe Saga?

Slinky

There's been a lot of people and news reporting that car insurance premiums have gone up a lot in the past year due to the higher cost of (other people's) claims, shortage of parts, higher costs of labour to repair the damage etc. It may not just be his age factor.

My OH's premium with his existing insurer went up by 50% with him turning 60 in the last year. Stuck the details into a comparison site and got it back down to about the same as last year, with £40 cashback to come. Interestingly the long list of insurers included the 'black box' driving insurers which were 10 times as much as he paid!

DullGreyGuy

What their renewal price with their current insurer is too small a sample to really say what's happening. They need to shop around and see what the best prices they can get are with the coverages they need and a provider they are happy with. 

After doing that the odds are there will be a fairly notable uplift from last year, almost everyone is having that, but 70 is the age at which most insurers start increasing premiums again due to age and what, on average, happens to us as we get older. It never goes back to the levels of being 18 or such but it does climb