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Older drivers are charged up to three times more for their auto insurance than younger drivers.
Age Action has questioned why seniors are being charged what it says are inflated premiums.
His comments came after a survey found that some insurers are charging older drivers triple what is available elsewhere in the auto insurance market.
In one case, the most expensive insurer was charging 1,000 euros more than the cheapest provider.
This despite premiums declining slightly this year for drivers over 70, according to Insuremycars.ie CEO Jonathan Hehir.
His company compared the positions of those over 70 across the market. This revealed what Mr. Hehir described as “staggering price differences”.
“These figures highlight the absolute importance of always comparing prices and not just taking the price quoted at the renewal,” he said.
The analysis shows that a driver in his 70s, living in Ballincollig, Cork and driving a Toyota Corolla 1.4, could get coverage from 429 euros per year. The most expensive price for the same driver is € 912.
A driver in his 70s living in Dunleer in Co Louth, who owns a Peugeot 208 1.2, could expect a price of between 534 and 1,594 euros.
Mr. Hehir said: “Too often consumers, particularly older ones, believe that loyalty to a particular insurer will be matched by a favorable price.
“However, we always strive to point out to anyone who wants to listen, when it comes to insurance, loyalty may have been beneficial in the past, but it doesn’t pay anymore.
“The competition in this market is always changing, so you should always consider all your options.”
Age Action’s head of advocacy and communications, Celine Clarke, said the rising cost of car insurance for older drivers was a problem many older people continued to raise on the Age Action helpline.
A level of scrutiny was applied to drivers over the age of 70 that was not applied to any other age group.
He added that there is no indication that having a medical certificate fit to drive reduces the insurance premium. “On the contrary, there is evidence to suggest that people over the age of 70 are experiencing inflated premiums.”
He called on insurers to demonstrate transparency by explaining how these required medical checks are taken into account in setting premiums.
“Age Action has previously requested actuarial data on the setting of insurance premiums for older drivers from Irish insurance companies,” he said. “In response, we have been told that it is commercially sensitive.”
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