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Over-50s have seen average annual car insurance premiums soar by 34% in the past three years and their premiums are climbing the fastest of all age groups, new research from insurance market experts Consumer Intelligence shows.
Its Car Insurance Index – used by the Government’s Office of National Statistics to calculate official inflation statistics – shows average premiums rose 9.3% in the past year but by 10.9% for the over-50s to £398.
However they still pay the lowest premiums for all age groups – drivers age 21 to 24 pay £1,190 while 25 to 49-year-olds pay £636
Car insurance premiums have increased by 9.3% in the past year with drivers over the age of 50 seeing the biggest rises, new research1 from insurance research experts Consumer Intelligence shows.
Its data shows premiums for those over 50 has increased by 10.9% in the year to November – and by 34% in the past three years.
However older drivers still pay the lowest average annual premiums at £398 compared with other age groups despite the huge increases over the past three years.
Consumer Intelligence warns that the third rise in Insurance Premium Tax to 12% due from June 1st 2017 will continue the pressure on premiums and urges drivers to shop around for the best deals.