How your age affects your car insurance price
The cost of car insurance varies depending on your age.
This is because insurance companies have lots of data that shows how likely you are to make a claim at each age in your life.
Keep in mind, the prices mentioned below are estimates and your policy price (or "premium" to use the insurance term) will vary depending on your personal circumstances.
Why age affects your car insurance price
The cost of car insurance is all about risk.
As a general rule, the "riskier" you are to insure, the more expensive your car insurance policy will be.
This is because high-risk drivers are more likely to have an accident and need to make a claim (which costs insurance companies money).
Insurers look at a few other factors when working out how much your car policy will cost including your:
We think your car policy should be based on how you drive rather than assumptions based on your personal details.
Car insurance for drivers under 25
Drivers under the age of 25 usually pay the most for car insurance.
Comprehensive car policies cost around £981 on average for young drivers.
Car insurance tends to be more expensive for drivers under 25 because, according to the numbers, they're more likely to have an accident.
(Although drivers aged 17-24 only make up 7% of UK licence holders, they account for 25% of all road accident claims.)
There are a few ways to help get cheaper insurance for young drivers.
You could add an experienced driver, with a good driving history, to your policy.
Choosing a car from a lower insurance group can also help make your policy cheaper.
Car insurance for drivers aged 25-29
Drivers aged 25 to 29 pay around £723 on average for a comprehensive car policy.
Generally speaking, car insurance gets a bit cheaper when you turn 25. That's because you're less likely to get into an accident and need to make a claim (according to the stats!)
You may have built up a no claims bonus too, which could help make your policy cheaper.
It's worth reviewing how you pay for insurance to see if you can cut the cost of your policy. Some insurers add interest when you pay for an annual policy by monthly direct debit.
Car insurance in your 30s and 40s
Drivers in their 30s pay around £665.30 on average for a comprehensive car policy while drivers in their 40s pay £535.49.
Car insurance usually gets cheaper as you get older because the likelihood of you getting into an accident and making a claim gets lower.
Shopping around for a policy, rather than auto-renewing with the same provider, can help you find a good deal.
Car insurance in your 50s and 60s
Drivers over 50 are considered one of the safest groups and tend to play the least for insurance.
A comprehensive policy for drivers in their 50s and 60s is around £339 on average.
You can still reduce the cost of your policy by adjusting your voluntary excess.
Car insurance for drivers over 70
Comprehensive policies for drivers in their 70s costs around £271.19 on average but may start to increase as you get older.
(Once you turn 80, an average comprehensive policy goes up to about £350.99.)
Insurance companies usually charge more because drivers over 70 are (statistically) more likely to be involved in a crash and suffer serious injuries.
You have to reapply for your licence once you reach the age of 70 (and renew it every 3 years after that).
You also need to tell the DVLA about any medical conditions each time you renew too.
Some insurance companies charge more for drivers with certain conditions (as long as the insurance company can prove it makes you a "higher-risk" driver), while others may not cover them at all.
Shopping around can help you find the best deal.
You may need to speak with someone over the phone rather than getting an online quote if they need more information about your medical history.
First-time drivers usually pay more for car insurance
Car insurance is usually more expensive for new drivers (regardless of age).
This is because drivers with less experience have a higher risk of getting into an accident and making a claim.
Adding an experienced driver, with a good driving history, as a named driver to your policy could help make it cheaper.
Some insurers offer discounts to drivers who complete the Pass Plus driving qualification.
The course costs around £150 to £200 so it's worth checking that it will make your policy cheaper before spending your money.
A specialist broker can help you find car insurance
If you're struggling to find a car policy, a specialist broker may be able to help.
The British Insurance Brokers' Association (BIBA) can help you find the right service.
You can use their online insurance finder or speak to an expert over the phone.
Sources
Car insurance price index, 2020