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Is ageism causing my insurance renewal premiums to increase?
I'm 86 years old, have been driving for 70 years and became an Advanced Motorist in 1977. I have all my faculties and my only insurance claim was three years ago, for an accident when I was driven into whilst stationary at a local crossroads (no fault of mine). For comfort and ease of access I drive a Lexus RX 300 SE auto (2003 model). I do no more than 6,000 miles a year, but need a car because I live in the depths of the country.
Last year I got full comprehensive cover with all the bells from M&S Money for £478. Their renewal quote was nearly £1,600, and they would not give me any reason for the increase. After trying all the comparison sites I have finally got comparable cover from Admiral for £655, but alarmingly many companies would not even quote and many of them openly said it was because of my age. This is blatant ageism, and is despicable. A number of insurance companies have made hefty profits out of me over the years. I can foresee that in the next year or so I will be driven off the road by costs I can no longer afford and age discrimination. Have you any comment, or can you give me any help or advice? Would changing my car for a rabbit hutch with a lawnmower engine make any difference?
Last year I got full comprehensive cover with all the bells from M&S Money for £478. Their renewal quote was nearly £1,600, and they would not give me any reason for the increase. After trying all the comparison sites I have finally got comparable cover from Admiral for £655, but alarmingly many companies would not even quote and many of them openly said it was because of my age. This is blatant ageism, and is despicable. A number of insurance companies have made hefty profits out of me over the years. I can foresee that in the next year or so I will be driven off the road by costs I can no longer afford and age discrimination. Have you any comment, or can you give me any help or advice? Would changing my car for a rabbit hutch with a lawnmower engine make any difference?
Asked on 8 November 2010 by KT, Bury St Edmunds
Answered by
Honest John
I'm afraid it isn't ageism alone. It's based on the increased underwriting risk which itself is based on claims records. I agree, it would be better to base it on the results of a special driving and medical test, as happens in Spain merely to keep a licence. There is a move afoot within the EC to ban all drivers over 80 from driving at all, but this is being strongly countered and probably won’t happen because no one stands to make a fortune out of it.
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