Insurance hikes hit over 50s

The results of a recent survey have revealed that vehicle insurance hikes have been hitting people aged fifty and over in the UK. A number of surveys that have been released recently have shown that the cost of insurance cover has rocketed for younger drivers but it seems that the price of insuring a vehicle is also resulting in older drivers struggling.

Figures released recently have shown that over the past twelve months motorists aged fifty and over have seen a huge hike in the cost of car insurance, leaving many struggling to keep their vehicles on the road. In the space of just twelve months the cost of motor insurance for those aged fifty and over is said to have increased by a massive 26 percent.

The survey was carried out by the firm ConsumerIntelligence.com, and involved polling more than six hundred thousand people. The results of the study showed that for motorists aged fifty and over the cost of insurance increased from just over £355 in June of last year to just under £450 in June of this year.

It was also revealed that there was a vast different in prices being quoted by insurance firms that specialised in motor insurance for those aged fifty and over, with the cheapest being £378 and the most expensive being £563, which reflected a different of 49 percent.

It is thought that part of the reason why motor insurance firms are upping the cost of cover for this age group is because many do not expect older drivers to remain loyal. This is reflected in the number of older people that are prepared to switch motor insurance providers, with 81 percent of drivers in this age group shopping around for more competitive quotes when it comes time to renew their cover.

Tags: Vehicle insurance, June, firm consumerintelligence.com, insurance cover, ConsumerIntelligence.com