Elderly drivers issued urgent car insurance warning amid soaring costs as motorists could save £549
Elderly drivers saw the largest proportional increase in car insurance costs over the last 12 months
GETTY
Experts are calling on motorists to make changes to their habits to ensure they are saving on their car insurance costs as prices continue to spiral for drivers.
The latest data has found that the cost of car insurance has increased 18 per cent year-on-year, with the typical policy now costing motorists a staggering £850.
This notes a rise of £132 for the average driver compared to last May, with drivers aged 80 and older seeing the steepest proportional rise in premiums with 27 per cent.
Experts have suggested that the rise in car insurance premiums is down to price increases for insurers who are paying out more for claims.
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Drivers are being advised to compare their insurance policies to see if they can cut costs
GETTYWhile inflation rates have fallen in recent months, the overall trend has meant the motor repair industry has dealt with the higher costs of spare parts, energy, and hiring mechanics.
Elderly drivers have seen the largest proportional increase of 27 per cent, with those aged between 65 and 79 seeing a similarly high 26 per cent rise.
However, younger drivers, aged under 25, have seen the steepest absolute increase in the average premium in the past year – jumping £310 in 12 months to a total average of £1,901.
Anna McEntee, Director at Compare the Market, which commissioned the research, said drivers could take steps to cut the amount they pay amid the ever-concerning cost of living crisis.
The expert continued, saying: “The substantial cost of car insurance is understandably causing concern for many motorists.
"Our research shows motor premiums have risen by more than £100 year-on-year. Drivers aged under 24 and over 80 are seeing the steepest increases.
"Typically, insurers consider motorists in both age groups as more likely to make a claim which could lead them to see higher premiums."
According to the new research, year-on-year increases in the cost of car insurance have similarly slowed, with the average premium declining by £80 month-on-month from April when it was £930.
Experts have highlighted how further data has found that motorists could save up to £549 on their car insurance through Compare the Market.
McEntee added: "For those concerned about the cost of their motor premium, shopping around ahead of renewal is one of the best ways to try and save money on car insurance.
"We want to encourage older motorists who may be more inclined to stick with their existing insurer each year to compare prices ahead of renewal to see what deals are available.”
The overall total peak in the cost of car insurance was seen in November 2023 when average policies peaked at £951.
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Inflation has forced the price of car repairs up over the last year
PEXELSThis has not stopped some motorists from facing extortionate prices on their quotes, whether that was £8,000 for a Tesla electric vehicle or around £30,000 for a Land Rover.
The Labour Party has pledged to tackle high car insurance costs if it wins the General Election in July, with the Financial Conduct Authority and Competition and Markets Authority expected to play a big role.
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