Martin Lewis gives advice on whether to get multicar insurance
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The average annual premium for motorists of all ages has leapt by 14 percent or £76 to £629 in the past year, according to Comparethemarket.
The comparison website says insurers are passing on higher claims to their customers.
But prices for drivers over 50 have gone up by an average of 16 percent, it said.
The average premium for a driver aged between 50 and 64 was £320 in November – £45 more than a year ago.
For drivers who are between 65 and 80, the average has risen £39 to £274.
But Comparethemarket, said motorists aged over 80 have seen the steepest rise, with typical premiums up 18 percent or £66 to £435 in the past year.
It says the cost of car insurance claims has increased due to a sharp rise in the resale price of second-hand cars and higher vehicle repair bills.
Older drivers are also penalised by being loyal to their insurer.
Another survey by Comparethemarket found drivers aged over 55 are more likely to stick with their existing insurers rather than look for a cheaper deal.
Julie Daniels, motor insurance expert at Comparethemarket, said: “Drivers will be concerned that the cost of car insurance is rising, especially when household finances are already being strained.
“However, the cost of car insurance is rising faster for drivers over 50. This could mean that these motorists end up paying much more than they need to for car insurance, as they are also less likely to switch insurers.
Seniors insurers “Our figures show loyalty doesn’t pay. By shopping around, drivers could save hundreds of pounds when their policy ends.”
Drivers in Greater London have seen the sharpest increase in car insurance in the past 12 months.
The typical motor premium in London has risen by £137 – 17 percent – year on year to reach £960.
Motorists in the South-west have seen the smallest increase, where the average premium has risen by £37, or nine percent, in the past 12 months to £458.
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