26 February 2007
Car insurance provider Norwich Union has extended its top age range for its pay as you drive premiums to 70 years old.
Currently the only insurer in the UK to offer a usage based motor insurance policy, Norwich Union introduced the scheme back in October 2006 for drivers aged between 24-65 years old, with a separate offering for young drivers.
The fact that drivers over the age of 60 typically have a lower annual mileage rate than younger motorists initiated the move by Norwich Union. Kay Martin, Head of Pay As You Drive insurance at Norwich Union, said that its new offer is part of the insurer's "ever-evolving insurance policy" and that it reflected its "continual attention to its ongoing development, as well as overwhelming consumer demand".
She added: "We feel that by extending the age range to 70, we are offering these drivers the opportunity to save money on their insurance premiums with a policy that is likely to better suit their lifestyle."
Insurance premiums calculated in part by assessing the number of miles driven per year could certainly benefit the older generation of drivers, since Norwich Union's research showed that 88% of motorists aged 60-69 drive less than 10,000 miles a year, with the average driver clocking in around 7,000 miles a year.
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