Older drivers are being targeted with major car insurance price hikes as fees continue to soar for all motorists.
New data from Compare the Market has revealed road users above the age of 65 have seen the “largest proportional increases” in average premiums.
The comparison site has warned the cost of insurance for drivers across this age range is up a staggering 57 percent over the past 12 months.
Those between 65 and 79 were paying around £273 for car insurance cover back in December 2022.
However, this was up to around £428 on average, higher than any rise across younger age demographics.
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Those above the age of 80 have also recorded 57 percent price increases with fees £249 more expensive than last year.
Motorists later in life also face the prospect of paying higher bills compared to those younger in age.
Despite average costs declining every year from 17 to 79, fees for those above the age of 80 almost double.
Average premiums stood at a whopping £688 in December 2023 compared to the £439 fee recorded last year.
According to Compare the Market, the recent rise in car insurance costs may be down to high inflation rates.
A rise in the cost of claims for insurers would have also played a role across the last year.
However, there has always been a slight price rise for elderly motorists as costs are usually linked to historical claim data.
According to the Association of British Insurers (ABI), drivers between the ages of 31 and 75 are less likely to claim.
Just over five percent of motorists ages 71 to 75 claim on their policy compared to over eight percent of 86-90-year-olds.
This is likely why premiums are higher for drivers once they reach a certain age despite the extra experience behind the wheel.
Julie Daniels, motor insurance expert at Compare the Market said: “Many drivers will be worried about the substantial increase in the cost of their car insurance.
“Our research shows the typical premium now costs £950, with lots of younger motorists likely paying even more than this.
“As household bills continue to rise, it’s so important for drivers to take a few minutes to compare prices from different providers when their car insurance is up for renewal.
“It’s quick and simple to look at what deals are available and could help you save hundreds of pounds.”
