Motorists in their 50s and 60s are hit with higher car insurance premiums as they are less likely to shop around for better deals according to a new report.
The new research from Confused.com shows that where average quotes have increased by two per cent in the last three months of 2018, those in their 50s and 60s saw the prices rise by up to eight per cent, an increase close to the record levels the industry saw in 2017.
The price comparison website has also found that average insurance costs have risen for the second successive quarter, with the average cost of a premium now at £774. The latest research backs up similar investigations by the Financial Conduct Authority and the Competitions and Markets Authority which have demonstrated that customers are hit with ‘loyalty penalties’ if they don’t shop around.
Speaking in the Daily Express, Confused.com’s Louise O’Shea said that 68-year-old drivers: "saw the biggest quarterly hike in the cost of their insurance, with the average price increasing eight per cent - equating to £41 - over the past three months to £544.
"Motorists aged 59 and 67 also saw significant increases, with both ages seeing an extra seven per cent on top of last quarter's price, equivalent of £35 and £30 respectively.
"Car insurance prices are gathering momentum and have increased for the second quarter running and this quarter we have seen prices rise at a much faster pace.
"This is the last thing drivers need as they face the post-Christmas pinch.
"All motorists should be shopping around for the best deal, whether they are a new driver or renewing for the tenth year, as there is always another insurer out there willing to offer you a better deal."
It’s not all bad news for British drivers, young drivers have seen premiums decrease, with 17-year-olds benefiting from a 16 percent drop in premiums.