There were 550 serious accidents last year where the driver was over aged 70 and where driver was either killed or badly hurt, reports the Institute of Advanced Motoring . That statistic represents 8% of the national total of 7,035 similar accidents. That means that the over 70ss have more, very serious accidents per mile than any other sector of the population. This view is supported by the Association of British Insurers whose research shows that drivers aged over 70 are 13% more likely claim on their insurance than the drivers aged between 40 and 50.

As the number of elderly drivers will double during the next ten years, this represents a problem for elderly drivers and their families not to mention the insurance industry, police and indeed all of the emergency services!

You can probably predict the response from the insurance industry. Many insurance companies already reckon that drivers over 80 are as high a risk as the under 25s and charge premiums to match! Some are even progressively loading premiums once the driver reaches 60. Then at 70, youll find that many insurance simply refuse to offer cover. Norwich Union and Esure wont quote after 70 and by the time the driver reaches 80, the field narrows to specialised insurers who insure elderly drivers. Help the Aged and Age Concern both market policies that have no upper maximum age. Cornhill only accepts new policyholders up to 84 but if youve been insured by them for a few years, theres no upper age limit. RIAS and Saga are also pleased to consider older drivers.

As the price of car insurance is based on historical claims experience, a 75 year old male driver can expect to pay at least 33% more than if he were aged 50. By the time the driver reaches 80 the premiums hit boy racer levels! So if youre in your early 50s keep smiling at the lowest premiums youll ever experience they wont last forever!

And the fairer sex fare even worse. Whilst younger women are renowned for their safe driving, they become more accident-prone as they get older. Whereas male drivers improve with age. (Where have we heard that before!) As a result, elderly women drivers pay the highest rates for car insurance.

Its a biological fact that eyesight and reaction times worsen as age creeps on. And with traffic becoming heavier and road networks ever more complex, elderly drivers can more easily become disorientated and confused. Even a fraction of a seconds delay can make the difference between an accident and a near miss. Insurers are reacting by insisting that more elderly drivers take a medical before agreeing to provide insurance. The best advice is to build up a no claims record and as soon as possible and buy No Claims Protection. This protection cost a bit more but its well worth the money. Then make sure you pay for any small bumps yourself.

But there are some simple steps that older drivers, and indeed all drivers, can take to reduce the likelihood of them having an accident and thereby making themselves more insurable. Its often more about those little things and being alert to likely problems. For example, car parks are a breeding ground for small accidents. Knowing that take more care. Before you get back into your car, walk round it to see how much room youve got. Then edge out carefully making sure that other drivers in the car park arent driving into the area youre moving into. Then, if advancing years has stiffened you neck and all-round visibility is a bit more difficult, take special care at junctions and when reversing. Remember to move you head and swivel your shoulders that way youll increase your sweep of vision.

Many of the policies for older motorists contain special provisions designed to assist them. On Sagas policy for example, ex company car drivers can use any no claims record theyd built up and if a couple are insured and the main driver decides to quit driving, then the spouse can take over the no claims record. Other policies also provide full insurance cover for anyone who takes over driving in an emergency. Cornhill will even payout ?250 if the DVLA stops you from driving for health isues associated with age.

In moves to diminish the numbers of accidents involving the elderly, the UK Government is investigating the issue of deteriorating health amongst elderly drivers. It seems to be considering the idea of obligatory health checks for elderly motorists. At the same time some local councils are introducing initiatives of their own. Torbay council has launched a scheme to encourage families and GPs to take more responsibility for encouraging elderly drivers who are not really fit drive, to give up. A road safety spokesperson for Torbay council said, The problem is that the elderly cant always see themselves when its really time to give up driving so those closest to them must take responsibility for that.

In the meantime, a survey carried out by the Institute of Advanced Motorists confirms that older motorists are aware that they represent an increased accident risk. Seven out of ten older drivers surveyed said they would like to take a refresher course for motorway driving skills and six out of ten wanted to improve their performance at junctions and on unlit roads. In response to these issues, the Institute has extended its advanced tests to older non-members to encourage them to improve and build up confidence. The tests also help spot any serious problems that should encourage the driver pack up driving.

People spend a lot of money on complicated financial products and it is sometimes difficult to keep track of what products perform what tasks. Many people are not aware of all the financial products that are available or they only know of them vaguely. They may not know how much they cost or the potential benefits they offer. How can consumers make informed decisions on what products they would be willing to buy if they do not have this basic information? This problem can often lead to consumers buying unsuitable of overpriced products simply because they feel they should have some financial protections available but dont have the details to make an informed choice.

One of the common questions many consumers have is regarding the difference between insurance policies and assurance policies. Put simply, insurance policies cover the costs of an event that might happen while assurance policies will pay out on the occurrence of an event that is certain to happen. Insurance policies only last for a specific period of time. If the event occurs within that time, they pay out, otherwise they are finished. Therefore, if no claim can be made within the term of the policy, they have no remaining value.

Guaranteed Payout

An assurance policy is different. Assurance policies always pay out. For example, a life assurance policy will generally pay out upon death or upon reaching the age of 65. How does this policy work? Well, they combine two elements; an insurance element, which will pay out if, the person dies early. This will then be used to pay for the funeral or support his family. But then there is another payment made every year and this is the investment portion. The insurance company invests this part of the premium on behalf of the policyholder and when they reach the age of 65, they pay this out. Life assurance policies are therefore often used both as a method of life insurance and as a method of saving for retirement.

Do You Need Money Now?

If you wish to cash in the investment portion of a life assurance policy early this is generally possible. However, there will usually be hefty penalties added to this so it is unadvisable to cash in early if you dont have to. The distinction between insurance and assurance is also becoming more blurred as more companies offer both types of policy or add features of one type of policy to their other type to make them more attractive. The distinction is still important so that you know what to ask for and know what kinds of facilities are available for insuring your life and providing for your future.

Uninsured drivers are ten times more likely to drink and drive and three times more likely to be convicted of driving without due care and attention. They also cause one accident every six months. In fact one in twenty motorists regularly drive without insurance. Its therefore not perhaps surprising that, one in ten of all motorists have been involved in accidents with uninsured drivers. The question is what to do if youre involved in an accident with one?

At the time of the accident youre unlikely to realise that the other driver is uninsured so youll have to react in the normal way. Take a note of the other cars make, model and registration number. Also note the other drivers name and address but whether hell give you his correct details is perhaps unlikely! Nevertheless, always record what the other driver says. Unless you have this information youll have no leg to stand on when it comes to getting some of your money back.

Also take notes about the damage to the other car and the accident scene. Remember to note road markings, road signs, light and weather conditions and whether the other car had its lights on in fact as much detail as possible. Then if youre lucky enough to have an independent witness get their full contact details. And if you happen to have a camera in the car, take lots of pictures and try and get one with the other driver clearly in the picture. The police might like that one!

If your policy is comprehensive, your insurer pay for your car to be repaired but you could lose your no claims discount unless youve paid to protect it. But then theres the issue of your excess payment thats the first part of the repair cost you have to pay for. Youll have to pay that unless youre lucky enough to have a policy that waives the excess payment if youre hit by an uninsured driver.

For those of you with third party car insurance, youre in for a hard time. Your insurer wont pay for your repairs and, as the other driver is uninsured, youre not going to get any money off him unless you can trace him and succeed in a court action. Even then theres no guarantee that hell pay up! Your only guaranteed solution is to make a compensation claim to the Motor Insurers Bureau but youll still have to pay the first ?300 of the claim.

The Motor Insurers Bureau insists that have the other drivers car registration number and you must first report the accident to the police. Always ask the police for a copy of their accident report as the Bureaus likely to ask to see it. The Bureaus telephone number is 01908 671681 or you can e-mail them on enquiries@mib.org.uk.

At the moment The UK Law is being amended to crackdown on uninsured drivers. Not before time. Anyone keeping, not just driving, an uninsured vehicle now faces a fixed ?100 fine and can also have their car seized and crushed. Currently the average fine for driving without insurance is just ?170 and thats hardly a punishment when car insurance costs many times more. Losing the car plus a fine of ?100 is much more realistic. Lets hope that the courts fully implement the crushing sanction!

A police spokesman said recently, Uninsured drivers are often guilty of many other driving related offences, such as having no driving licence or MOT certificate. Were doing everything in our power to get these dangerous and illegal drivers off our roads.

We say, go to it blues and twos!