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It used to be the older and safer a driver you were, the more likely you were to get a saving on your car insurance premium. Now, it seems that this is changing, as new stats show that older drivers have seen the biggest rise in their premiums over the past year.

Insurance premiums

Drivers aged over 59 saw their car insurance premiums rise to an average of £384, up 7.8 percent on the same time the year before. Women in particular were hit by the rise, with those aged between 66 and 70 now paying £33 on average more than they were paying three months ago.

At the other end of the scale, younger drivers’ car insurance is getting cheaper. 17-year-old new drivers were paying a huge £3,729 for their car insurance in 2011, and they’re now paying less than half of this at an average of £1,869.

Older drivers still get cheaper car insurance in general, but if you fall into this category, you’re likely to be trying to manage a tight budget on your pension. Any increases to your car insurance premiums aren’t going to be welcome, so you should try and look at ways of cutting what you pay for your car.

How to save

Comparison sites: you might be able to save money by looking for a better deal on a price comparison site. Whilst fewer insurers will accept you the older you get, it’s still worth having a search to see if there’s an offer for you – just type in your details and look if you could be saving.

Black box: you might think that telematics insurance – also known as black box insurance – is just for newer drivers who need to prove that they’re driving safely. But if you only make short drives every now and then, a black box could also help you to reduce the cost of your insurance.

Change your car: some cars are just more expensive to insure, such as those with a bigger engine and which will cost more to repair if you crash. If you’re not particularly attached to your car, it might be worth trading it in for a smaller model to get cheaper insurance.

Put it in a garage: if you’re lucky enough to have a home with a drive or a garage and you keep your car in it, make sure you tell the insurers this. It can reduce the cost of your premiums as your car is being kept in a safer place at night than on the road.

Specialist insurers: some insurance providers specialise in older drivers, like Age UK or Saga. Have a look what these insurers can offer you, or see if a broker can find you a deal with a specialist insurance company.

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