Older drivers face steep car insurance hikes: Tips to save £549 a year | Leicestershire Live

Older drivers have been given a stark warning about car insurance costs, which have risen significantly. The price of car insurance has risen by 18% year-on-year, with the average policy now costing drivers £850.

This is an increase of £132 for the average driver compared to last May, with those aged 80 and over experiencing the most substantial proportional rise in premiums at 27%. Older drivers saw the biggest proportional increase of 27%, reports Birmingham Live.

Similarly, those aged 65 to 79 saw a large increase of 26%. Anna McEntee, director at Compare the Market, said: “The substantial cost of car insurance is understandably a concern for many drivers.”

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She continued: “Our research shows that car premiums have risen by over £100 year on year. Drivers aged under 24 and over 80 are seeing the strongest increases. Insurers typically view drivers in both age groups as more likely to make a claim which could lead to them seeing higher premiums.

“For those concerned about the cost of their motor premium, shopping around before renewal is one of the best ways to try and save money on car insurance. We want to encourage older drivers who may be more inclined to stick with their existing insurer each. year to compare prices before renewal to see what deals are available.”

Young drivers under 25 have been hit hardest, with their average annual pay now £1,901, up from £1,591 in May 2023, a significant rise of £310 or 19 per cent. However, the overall annual premium has fallen by £80 per month since April 2024, when it was £930, to £850 last month, a nine per cent drop.

The highest point of recent car insurance growth was in November 2023, when the average annual premium reached £951. Drivers aged over 80 have experienced the most significant proportional increase in their insurance, a 27% increase on average, with the annual payment now £139 higher at £656, compared to £517 last year last.

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