British drivers are facing the steepest annual rise in car insurance premiums in the past five years, with older drivers receiving the biggest hit.
The average cost of vehicle insurance has risen by an average of 19 per cent compared to last year, according to research from Confused.com. This finding means that drivers now pay an extra £115 on their vehicle cover compared to this time last year. It also increases the average cost of a comprehensive car insurance plan to £715. The rise in average insurance premiums this year has been linked to insurance companies struggling to make a profit in some reports.
Larger premium increase for over 60s
Even though the cost of insurance for young drivers is often debated, it is older drivers that have experienced the biggest insurance increase. For instance, drivers aged 61 now pay an average £418 on insurance, which is 24 per cent more than just one year ago.
Drivers aged 17 have the smallest price increase of any age group, at just eight per cent, but their average payment is also the highest at £2,013.
Looking at different regions, drivers in Northern Ireland and Scotland have been hit by harder than drivers elsewhere. In Northern Ireland, the cost of car insurance has risen 25 per cent annually, with the average premium now set at £863.
In the Scottish Highlands and Islands region, Insurance premiums have increased by 24 per cent compared to last year. It’s even worse for drivers in the Scottish Hebrides which face an annual price increase of 42 per cent compared to last year.
