Why is car insurance increasing for older drivers?

If you are an older driver, you may have noticed that your car insurance premiums have gone up significantly in the last year.

In fact, according to recent research, car insurance premiums for motorists aged between 65 and 80 rose 16% in 2022 alone. This is a significant increase that can put a strain on your budget.

Why are insurance rates rising for older drivers?

Insurance companies base their rates on risk factors such as age, driving history, and occupation.

While younger drivers statistically represent greater risks than older drivers, insurers also recognise that senior motorists have lower reaction times and vision problems that can increase their chances of getting into accidents.

As a result, the cost of insuring seniors has been steadily rising in recent years. But it’s not all bad news as there are still many ways of driving down the cost of car insurance. Let’s take a look at two things that older drivers can do as we move into 2023.

Shop around for deals

The first step is to shop around for offers and discounts. You will be amazed at how much variation there is in car insurance rates between different companies and insurers.

Some companies offer discounts specifically tailored toward seniors, such as lower premiums if you have been driving for more than 25 years or if you take a defensive driving course. You should also check if any of your existing policies qualify for multi-policy discounts – many insurers will offer discounted rates if you bundle multiple types of insurance together (such as car, home, and life).

Take some time to do your research; make sure to compare quotes from multiple providers and read the fine print so you know exactly what you are getting with each policy. It also pays to use an online comparison tool, which will help you quickly find the best deal for your needs.

Increase your excess

Finally, consider raising your excess.

This is the amount of money you must pay out-of-pocket before your insurer reimburses any claims costs.

Raising your excess can result in lower premiums since it means taking on more risk yourself, but make sure that whatever excess level you choose fits within your budget so that you don’t find yourself unable to pay it in case of an accident or incident.


The rising cost of car insurance can be hard on older drivers’ budgets—but by shopping around, looking into discounts and special offers, and raising their excesses, they can still find ways to save money while staying safe on the road.

With a bit of research and careful consideration of all the options available, it’s possible to get quality coverage at an affordable rate even when dealing with increasing premiums due to age-related factors such as experience and maturity behind the wheel.

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