Elderly drivers warned that car insurance prices 'could rise further' and cost them hundreds
Elderly drivers are less likely to shop around before renewing their policies
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Elderly drivers are being urged to check their car insurance policies as they may be able to save hundreds of pounds when looking to renew their cover.
Car insurance prices have increased dramatically in recent years, with some companies offering drivers an average price of almost £1,000.
This can rise even further for younger drivers who may be quoted with an average price of £2,000 for motorists in the 17 to 19-year-old age group.
Circumstances could also change for motorists who own electric cars, with many taking to social media to complain of their expensive quotes, including one driver who was quoted £8,000 for their Tesla.
WATCH NOW: Drivers warned of expensive car insurance price rises
Car insurance companies have been forced to increase the price of policies following the rising cost of vehicle repairs and the fluctuating rate of inflation.
Elderly drivers in particular are being encouraged to look at their insurance policies when renewing as they may be able to save hundreds of pounds in the process.
Julie Daniels, motor insurance expert at Compare the Market, commented on policy trends and how drivers are required to pay massive prices for cover.
Speaking to GB News, she said: “Compare the Market’s data has shown an increase in the cost of car insurance year-on-year across all age groups.
“It is a possibility that insurance premiums could rise further, therefore it’s crucial for drivers to be aware as to when their renewal is coming up so that they allow time beforehand to compare different policies and prices.”
On average, elderly drivers over the age of 50 could save up to £159 on their car insurance when using a price comparison website.
Around 51 per cent of Compare the Market customers were quoted less than the cost stated for October 2022 and 2023 respectively.
Research from the price comparison website also found that older drivers were more likely to renew their car insurance with their existing provider.
Because of this, they could be losing out when it comes to renewing their insurance as they don’t shop around for other policies.
In some instances, some drivers will pay hundreds of pounds extra every year, even though better deals may be on the market.
The money saving expert Martin Lewis has continually called on drivers to shop around before accepting their renewal price.
One motorist who used the Money Saving Expert Compare+ tool claimed to have seen their renewal quote drop from £1,100 to £488.
Drivers should always evaluate to see if their car insurance policy can be updated if any of their habits or conditions have changed.
This could include if they have another car, if they have changed occupation or if they have received any penalty points on their licence.
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Martin Lewis has urged motorists to check before they renew their car insurance
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Some elderly drivers may see their preferences change, which could see their policies fall in price, such as a fall in their mileage if they no longer need to commute to work.