Pensioners Struggling With the Rising Cost of Driving as Car Insurance Shoots up 43%

New data has revealed the UK regions with the highest car insurance premiums for older drivers over 65, with some areas 63% more expensive than others.

London, West Midlands and North West England are among the most expensive places for older drivers to insure their cars, as insurance premiums surged 43% from January 2023 to January 2024.

Price comparison experts at Quotezone.co.uk analysed insurance premiums for the over-65 age group, ranking them from most to least expensive nationwide.

London had the most expensive premium for older drivers at £659 while Wales had the cheapest at just over £400, a 63% difference – with the UK average recorded as £478.

Quotezone.co.uk CEO and car insurance expert Greg Wilson said: “Those aged 65 and over are facing increased financial pressure as car insurance premiums soar by 43% across the country, from £334 – £478 in just 12 months from January 2023 to January this year – that’s an extra £144.

“These older drivers are predominantly living on pensions, which are being stretched due to cost-of-living side effects, such as escalating energy bills and grocery costs. This additional pressure is a genuine concern.

“Although car insurance is generally at its lowest for this particular age group and well below the general UK average premium of £956, car-related expenses, such as fluctuating fuel costs and hikes on repair and maintenance bills, are making it challenging for older people to keep up with the cost of driving.

“There are ways, however, for older drivers to find savings, such as never letting a policy auto-renew and exploring the option to switch to another provider. Switching is an easy process that could lead to meaningful savings, yet many older drivers are reluctant to change providers—a comparison site can be a real help in shopping around and comparing products.”

To help drivers review and find savings, car insurance experts at Quotezone have created a full car insurance index of average premium prices throughout the UK regions:

Older Driver Index Per Region (Jan 2024)
Regional Ranking	UK Region	Ave. Premium
1	London	£659.84
2	West Midlands	£513.43
3	North West England	£510.59
4	South East England	£487.27
5	Northern Ireland	£485.76
6	East Midlands	£476.41
7	East of England	£473.04
8	Yorkshire	£462.68
9	Scotland	£441.59
10	North East England	£421.01
11	South West England	£408.94
12	Wales	£404.95
	UK Average Over 65	£478.79
	% increase Jan 23- Jan 24	43%

Quotezone.co.uk’s Top Five Tips to Help Older Drivers Save:

1. Security

Anti-theft devices or dash cams are often price-sensitive questions about your insurance policy, meaning savings may be had.

2. Engine Size

Check your vehicle’s engine size and horsepower. Both can impact the cost of your premium, and smaller cars and engines tend to be better value.

3. Parking

If you can park in your garage, driveway, or carport, you could save at least £140.

4. Price Search

Usually, three weeks before your policy is due for renewal, the prices are most competitive, so be sure not to miss your renewal reminders.

5. Payment

If you can, it’s usually better to pay the annual premium all in one go to save on paying interest.