Premium rises hitting older drivers
Updated on 11 August 2008
Car insurance costs are soaring, with older drivers bearing the brunt of the rises.
Average premiums rose 5.8% between July 2007 and June 2008, with the average price now £514.36, figures from Sainsbury's Car Insurance showed.
This is the first time since the company's index was launched in June 2005 that the average price had exceeded £500. Those aged over 65 have seen the biggest rise - an average of 10% - in the last 12 months.
Although drivers under the age of 25 are now paying the highest premiums - an average of just over £1,249 - the increase for these young motorists has only been 2.47% in the last 12 months.
This was the lowest rise for any of the age groups. The figures also showed that men continue to pay more for their car insurance than women on average - £540.49 compared with £470.47.
Sainsbury's Car Insurance manager Joanne Mallon said: "Given that car insurance premiums are rising and the cost of driving is now at its highest for a number of years, it is all the more important for motorists to shop around for competitive insurance.
"However, accepting a lower premium does not mean that you have to sacrifice quality cover - by shopping around you can find both. Just make sure, when comparing car insurance policies, that you do this on a like-for-like basis."
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