Drivers over the age of 50 are enduring significant increases in car insurance premiums, new figures have shown.
Data released by Comparethemarket shows that the average premium for a driver aged between 50 and 64 was £320 in November 2022 – a £45 increase on the same month in 2021.
The average insurance premium for drivers aged between 65 and 80 has also increased, rising by £39 year-on-year to £274. There’s an even steeper rise for motorists aged over 80, too, with premiums increasing by £66 to £435.
Though insurance premiums have increased for all age groups, insurance costs for the over 50s are rising faster than the national average. A separate study by Comparethemarket found that drivers aged over 55 are also more likely to stick with their current insurance providers rather than shop around for a new deal. However, doing so could save £328 on average.
Julie Daniels, motor insurance expert at Comparethemarket, said: “Drivers will be concerned that the cost of car insurance is rising, especially when household finances are already being strained. Our research shows the average motor premium has increased by 14 per cent year-on-year. However, the cost of car insurance is rising faster for drivers over 50.
“This could mean that these motorists end up paying much more than they need to for car insurance, as they are also less likely to switch insurers. Our figures show loyalty doesn’t pay. By shopping around, drivers could save hundreds of pounds when their policy ends. We encourage everyone now, more than ever, to check if they could save by switching.”
The overall average premium has risen by 14 per cent year-on-year to £629 in November 2022, representing a £76 increase on the same month last year. This increase is attributed to rising values for second hand cars and increased vehicle repair costs.