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 65 to 80-year-olds have also gone up 16 per cent to £274 — an average of £39 more than last year.
Premiums for drivers aged 65 to 80 have also gone up 16% 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.
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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