Older motorists turn out to be hit hardest by recent car insurance price hikes that have been ravaging the British car-owning populace.
So motor car insurance rates have been falling more or less steadily over the last several years, and motorists have been reaping the rewards of cheap car insurance as a result. Sadly the good times have come to an end – unlike the three preceding years, 2015 was a mess when it came to insurance prices. Even worse, it looks like older motorists in the UK got the short end of the stick in a major way when all is said and done.
At the end of 2015, premium prices shot up an average of 7 per cent – about £43 when translated into real money. That was just quarterly though; the big kicker is that year-on-year average prices went up by 7 per cent to a new high of £672 according to leading car insurance comparison sites. Things are likely to keep going up for 2016 as well according to industry experts, and that spells big trouble for anyone concerned about the costs of keeping a car. If you’re looking for a culprit to blame, look no further than the supposedly out-of-control compensation culture that’s rampant in the UK, especially when it comes to those pernicious and ubiquitous whiplash claims – insurers everywhere have been whing
The big winners when it comes to costs turn out to be young women, as their premiums jumped the least. In fact, the 17 to 20 female driver age group budged nearly not at all year on year with just a 4 per cent hike. Meanwhile, older Brits have seen increases of 10 per cent on average for men between the ages of 61 and 65. Female over 70s were even harder hit with an eye-watering 19 per cent increase in the annual cost of their car cover.
So what’s a motorist to do? Well you can pray for a miracle, certainly. Will that help? Most likely not. It might make you feel a bit better. Besides, it’s probably about as reliable as hoping your insurer will provide you a competitive quote if you auto-renew your policy in 2016. Honestly your best bet is to shop around for the least onerous quote from a rival insurer. Use at least two or even three price comparison sites to source the best and most affordable cover for your circumstances, cross your fingers, and hope for the best.