Over 50s to benefit from changes in new car insurance initiative


Jun 20, 2014
Over 50s to benefit from changes in new car insurance initiative

I’m not sure whether it is to do with ageing or just laziness but I do struggle to remember dates when it comes to renewing my car insurance. I realise the importance of getting this information right and the possible impact it can have on car insurance prices, not to mention the chance of false details negating any future claims, but this just makes me doubt myself and become even more forgetful.

I’m really pleased therefore to hear about MyLicence, a new joint initiative due to come into force this summer that will ease the burden of having to remember dates and reduce some consumers’ car insurance by £15.

MyLicence, the scheme being introduced by the DVLA, the Department of Transport and the insurance industry, represented by the ABI and Motor Insurers Bureau (ABI) will see customers being asked for their Driving Licence Number (DLN), a unique 16 character sequence that is displayed on the licence when applying for car insurance.

This number will automatically provide the crucial information required by car insurance companies in order to provide quotes and cover, such as the type of licence the customer has, how long they have had it and any driving convictions the driver may have. 

Not only will this make the process more straightforward in that you no longer have to remember dates, it also means that the information will be accurate, which will in turn reflect the price you pay for your over 50 car insurance.

According to Saga, one in 5 over 50s are unsure about the date of motoring offences, with 23% of those surveyed stating that they are not accurate when it comes to stating their driving history. The fact that many motorists don’t realise previous penalties have expired means that there could be a large number of drivers in the UK unnecessarily paying over the odds for their car insurance.

MyLicence will see an end to head scratching when it comes to renewing your car insurance. All you will need is your driving licence; if you can remember which draw you put it in!
 


Ashley Shepherd is an Over 50s Personal Finance Expert

ashley shepherd

Don't miss out...

Sign up to our monthly newsletter for the latest updates.

Subscribe

Our Trusted Partners

over 50 life insurance    funeral plans   equity release         best energy deals   over 50s car insurance  making a Will