Older drivers paying hundreds more for car insurance with costs to rise
Older drivers could face dramatic car insurance rises with motorists set to pay hundreds of pounds more.
Insurance premiums have soared in recent years with costs up around £1,000 in some cases.
Younger drivers are set to be the most affected with prices up almost £2,000 for 17-19-year-olds.
However, elderly drivers are also set to be impacted in a blow to cash-strapped families during the cost of living crisis.
Julie Daniels, motor insurance expert at Compare the Market claimed the situation could even get worse.
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She told GB News: “Compare the Market’s data has shown an increase in the cost of car insurance year-on-year across all age groups.
“It is a possibility that insurance premiums could rise further, therefore it’s crucial for drivers to be aware as to when their renewal is coming up so that they allow time beforehand to compare different policies and prices.”
However, Ms Daniels warned that making a simple change to car insurance renewals could pay off. Data shows that elderly road users were more likely to continue paying their existing provider rather than making the switch.
But according to the experts, older motorists over the age of 50 could save up to £159 per annum.
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Figures show that around 51 percent of Compare the Market customers were quoted less after looking at different companies.
Ms Daniels added: “Consistent data over the years has shown if you shop around and find a new policy you can almost certainly save some significant money.
“This varies very much geographically, where you are as well, you can carry your no-claims these days so people who have that misconception that staying with the same insurance protects their no-claims bonus, that has gone. So you can save money if you shop around.”
Recent data from Compare the Market showed that older drivers have faced some of the steepest climbs in the past 12 months.
Motorists above the age of 80 have experienced a staggering £222 rise in average insurance costs. Costs now stand at a whopping £645, a massive 52 percent rise on the £423 motorists were paying this time last year.
Those between the ages of 65 and 79 have also been hit with a 54 percent rise with charges up £142.
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