Young drivers pay six times more for car insurance than pensioners

Britain’s young drivers are paying almost six times as much for their car insurance than senior citizens, latest figures reveal.

According to figures from Confused.com, a new driver typically pays £2,499 for an annual comprehensive policy, almost a fifth of the average salary for an 18 to 21 year old.

But drivers aged 66 to 70 typically pay just £440 a year, or around £1.20 per day, while drivers aged 71-plus are paying an average of just £436 per year.

A combination of driving experience, likelihood to travel shorter distances and owning lower-powered cars can make older and retired drivers statistically a lower risk, the comparison site said.

But while average car insurance costs dip significantly for drivers aged 36 to 40, with the average price coming in at £597, they rise dramatically again for 46 to 50 year old drivers who pay an average of £733, the study shows.

Gareth Kloet, head of car insurance at Confused.com, said: “Each age group is costed by their statistical risk and this includes the value of the car itself, the experience levels of the driver, past history and where they live among other factors.”

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