With many drivers seeing big increases in the cost of their car insurance, it’s never been more important to shop around, particularly when they get older. A new analysis by consumer organisation Which?, to be published next week, has found that failing to switch to a cheaper insurer once you hit 65 could cost you as much as £500 a year. Its findings coincide with a series of reports showing that the cost is going through the roof. Average premiums have jumped 8% in just three months, from 1 April-30 June, which is equivalent to a £66 rise, according to the website Confused.com this week. It warns that “there is every possibility prices will be the most expensive on record by the end of the year”. Several things are being blamed. One is that the government keeps whacking up insurance premium tax – to 12% last month, which means it has doubled since 2015. Another is the controversial compensation rules for serious injuries announced in February, which insurers said would “overcompensate” those hurt in car accidents. A third is the fact that motorists appear to be paying the price for advances in technology, as repairs to cameras, sensors and other… Read full this story
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