Drivers who are over the age of 50 face steep increases in the cost of car insurance.
The average premium for motorists between 50 and 64 was £320 in November — a 16 per cent rise on the same month in 2021, data from Compare the Market reveals.
Premiums for drivers aged 65 to 80 have also gone up 16% to £274 – an average of £39 more than last year
Premiums for 65 to 80-year-olds have also gone up 16 per cent to £274 — an average of £39 more than last year.
Meanwhile, the overall average premium has increased by 14 per cent annually. Premiums are rising as insurers pass on higher costs of claims to customers.
>> How to save on car insurance: Ten tips to cut costs
These have increased because of hikes in the value of second-hand cars and more expensive repairs.
Julie Daniels, from Compare the Market, says the over-50s often end up paying much more than they need to for cover, because they are the least likely to switch insurers when it is time to renew.
t.armstrong@ dailymail.co.uk
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