Elderly drivers warned of car insurance nightmare as prices spiral out of control
Older drivers are more likely to renew rather than shop around for cheaper policies
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Older drivers are facing substantial increases in car insurance costs, with the price jumping 54 per cent year-on-year.
The typical car insurance premium cost for a driver aged between 45 and 54 years old was £551 in September 2023.
This represents a staggering 55 per cent or £195 increase compared to the same month last year.
Drivers between 55 and 79 are also seeing massive rises of 54 per cent year-on-year, while drivers over 80 are facing an increase of £222 to £645.
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All motorists have been battling with expensive costs when it comes to their car insurance, in addition to car tax, MOT costs and ever-changing fuel prices.
The typical car insurance premium for the average driver has risen 49 per cent year-on-year to reach £848 – a £278 increase from the same month last year.
Julie Daniels, motor insurance expert at Compare the Market, said all motorists were feeling the pinch when it came to the overall cost of motoring.
She added: “The rising cost of car insurance is understandably causing concern for many motorists, with our research showing motor premiums have increased by 49 per cent year-on-year.
“For all drivers, shopping around ahead of renewal is one of the best ways to save money on car insurance.”
Experts have warned that car insurance costs have jumped in recent years as a result of rising costs for insurers to respond to claims.
The rate of inflation has also had a massive impact on the motor repair industry, with costs increasing for spare parts, energy and specialist mechanics.
Research has also shown that elderly drivers are more likely to pay over the odds for their car insurance as they are more hesitant to compare prices and simply renew.
On average, elderly drivers over the age of 50 could save up to £159 on their car insurance when using a price comparison website.
Julie Daniels continued, saying: “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 seen the greatest proportional increase in car insurance premiums of any region in the UK over the last year.
The typical policy has risen by £352 or 53 per cent compared to last year, with average premiums now setting drivers back £1,013.
On the other hand, motorists in Northern Ireland saw the smallest proportional increase, although the average premium has still jumped by 35 per cent.
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Some experts have warned that prices could continue to rise until next year, much to the dismay of hard-pressed drivers.