Drivers aged 65 and over must pay hundreds more for insurance as costs rise

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

This represents an increase of £132 for the average driver compared to last May, with drivers aged 80 and over experiencing the most significant proportional rise in premiums at 27%. Older drivers saw the largest proportional increase of 27%.

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

“Our research shows that car premiums have increased by over £100 year on year. Drivers under 24 and over 80 see the biggest increases. causes them to see higher premiums”.

McEntee also advised: “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 renewing to see what deals are available.” reports Birmingham Live.

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

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 staggering 27% increase on average, with the annual payment now £139 higher at £656, compared to £517 last year.