According to actuarial and management consultant Tillinghast-Towers Perrin, the average car insurance premium for the 3 million motorists aged 60-75 is £240.
The latest findings from its Motor Market Analysis, which monitors the movement of car insurance premiums, reveals that quotes for this age group have fallen by 1% since November 2002. The analysis suggests further falls are expected during the next three to six months.
The latest report focuses on the very competitive market for motorists aged between 60 and 75 which is estimated to be worth £0.5 billion in annual premiums.
Laurence Townley, consultant at Tillinghast said: "This market is becoming increasingly competitive, evidenced by the fact that the dispersion of rates has become more clustered, that is, there is less difference between premiums.
"Many car insurance companies targeting older motorists are now deciding whether they need to go for market share or profitability, and the sector is braced to see how far premiums will fall."
