Keeping Cars on the Road Thanks to Mature Driver Motor Insurance

Mature motorists may face rising car insurance fees as the years pass, although firms offer bonuses that are designed to reduce these costs.

Certain groups of drivers generally pay more for their premiums as they have been linked with an increased level of risk. Higher policy costs are normally associated with vehicle owners in their 20s and teens, but older drivers may also pay more than someone who is a decade or two younger than them. Both inexperienced and mature motorists have household bills to pay, but the latter is less likely to have a robust wage to support them, instead relying on pension payments, if they have passed retirement age.

In this instance, keeping a car on the road may be considered a luxury as the bills associated with its maintenance may prove too expensive. If you are an experienced driver who has reached a certain stage in life, there are methods you can use to keep your vehicle insured and roadworthy, meaning your independence and freedoms do not have to suffer. The way an insurer calculates premiums is quite straightforward, in that they increase the policy costs for those groups of drivers who are more likely to place claims.

The likelihood of you making a claim is made up of factors that cannot be altered, ones that can change and statistics. For example, your age and the number of penalties on your licence heavily influence your premiums and they are criteria that you cannot alter. Factors that can be changed to reduce your premiums are varied and include such things as where you park your motor in the evening and the size of your engine.

Statistics reveal that drivers at the older and higher end of the age bracket are associated with a higher rate of accidents and collisions, and this is another influence on how much you will pay. However, you are free to make use of bonuses that insurers have in order to keep premiums as low as possible, despite your age and the size of your car’s engine.

As well as increasing the premiums for more risky drivers, firms are able to reduce policy costs for those who have proven themselves as safe motorists. You can access these rewards by building up a no claims bonus.

Each year that you do not make a claim, you are considered less of a risk, as long as your licence remains clear. Claim-free histories result in lower premiums and give you the opportunity to protect the bonus, so if you are involved in a collision it will not affect the policy’s cost. As a mature driver and retiree, you could find that you use your car significantly less, which may result in cheaper premiums based on a reduced annual mileage.

Author: Lee Sibbald, July 30, 2010
Filed under: Latest News

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