Young and older drivers hit hardest
And, as we’ve seen from our bi-annual Young Drivers Report in February 2017, 17-24 year olds are the hardest hit by this price rise. These drivers pay on average £1306 a year for their car insurance, £577 more than the average for all age groups. But they also have the most to gain from shopping around – they could save around £353 just by switching insurance provider.
But it’s not just the youngsters who are feeling the pinch. The average premium for drivers over 50 has risen to £398, up £40 (11%) compared to this time last year, and £63 since the report began 4 years ago. The latest changes stemming from the Ogden Discount Rate announcement could add around £33 to annual premiums for older drivers – so it’s more important than ever to shop around.