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Elderly drivers may see rise in motor insurance quote prices
It is likely that elderly drivers will be faced with even more expensive motor insurance quotes following the release of telling new statistics.
The statistics, released by the Institute of Advanced Motoring, show that drivers aged over 70 are the most at-risk group of being involved in a fatal or very serious car accident. The study found that elderly drivers played a part in 550 out of 7,035 KSI (kill or serious injury) accidents on UK roads in 2005.
This greater chance of having an accident is also reflected in the higher number of motor insurance claims made by over 70s and the insurance industry has started to recognise this.
Currently, a motor insurance quote for someone aged 80 is now a similar price as for a young male driver aged between 17 and 25, whilst those coming up to 70 will see an increase of a third in their car insurance rates compared to when they were in their 50s.
The release of these new statistics may prompt car insurance companies that insure elderly drivers to raise their premiums yet further. However, this move may drive some older people off the road if they are unable to afford the rising prices on a low income.
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