New research has found drivers aged over 50 will make up 40% of all motorists by 2035.
According to research firm ConsumerIntelligence.com, the findings indicate a big increase in the current 50-plus segment. Currently, 32% of drivers are aged over 50.
The average cost of a car insurance policy for a motorist aged over 50 is £449.66 in 2010.
Car insurance companies specialising in the 50-plus age group also offer a wide range of quotes, the highest being £563 a year and the lowest £378, the study of insurance information from 612,000 people showed.
According to the research, the 50-plus motor insurance market is currently worth £3.6 billion and this figure is likely to grow as the population ages.
Insurance brands specialising in older age groups, including Saga, Age Concern and Help the Aged, collectively offer motor cover only for 16% of the 50-plus market, research showed.
Emily Knight, strategist at ConsumerIntelligence.com, said: "Even without factoring in likely increases in the cost of car insurance premiums for this group, the 50-plus car insurance segment is set to be an extremely important market for all insurance providers over the next couple of decades."
© Press Association 2010