Elderly drivers risk being priced off the road as costs soar by over £200

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Elderly drivers are seeing dramatic increases in car insurance costs which could force many off the roads amid the cost of living crisis.

New data from Compare the Market shows older motorists have faced some of the steepest climbs over the past 12 months in a major blow to cash-strapped pensioners.

The study shows road users over the age of 80 have experienced a whopping £222 rise in average insurance prices since last year.

Prices now stand at around £645, a staggering 52 percent rise on the £423 motorists were paying last year.

Those between the ages of 65 and 79 have seen prices rise even more with a whopping 54 percent increase.

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A £142 change has seen costs soar from £261 in 2022 to an eye-watering £403 today. Those between 55 and 64 also faced hikes with prices up from £278 to £429.

According to experts, previous research has shown drivers over 55 are more likely to stick with their existing provider every year.

This means drivers in these age ranges may be paying more than they need for car insurance and could save hundreds by shopping around.

Julie Daniels, motor insurance expert at Compare the Market, has suggested that simply looking around the market could help those affected make massive savings.

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She commented: “The rising cost of car insurance is understandably causing concern for many motorists, with our research showing motor premiums have increased by 49 percent year-on-year.

“For all drivers, shopping around ahead of renewal is one of the best ways to save money on car insurance.

“We want to encourage motorists over 55, who have typically tended more to stick with their existing insurance provider each year, to compare prices to find the right deal. It’s also important for people to consider if they’re able to encourage or support friends and family members to look for savings online.”

Drivers in the West Midlands have been forced into the highest increase over the past 12 months with costs up £352 or 53 percent.

It means average premiums in the region now stand at over £1,000 when they were a little over £650 last year.

However, drivers in Greater London are still paying out the most with costs now standing at £1,341.

This is a £450 rise on the £891 average car insurance prices recorded in the capital last year.

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