Young drivers in the UK are now facing cheaper car insurance premiums than they have in recent years, while older motorists are starting to see their own policies going up in price, according to a new study.
Consumer Intelligence has claimed that in the course of the past two years, the average price of a premium for young people under the age of 25 has dropped by 20.6 per cent in price, giving them their lowest price for some time.
At the same time, the market research firm said that the average price of the cheapest premium for people over the age of 50 has risen somewhat by 13 per cent. Ian Hughes, chief executive of Consumer Intelligence, claims that older motorists are partially footing the bill for younger drivers' premium cuts, despite the fact that young drivers are often paying as much as six times as much as their older counterparts.
Mr Hughes said that older drivers, in the face of rising prices, need to make sure they are shopping around to ensure they are getting the best possible deal they can and not paying over the odds for their premium.
According to the research, the average young motorist had to pay out some £1,680 for the cheapest premium on the road as of the end of August this year. This compares to a typical £258 for over-50s and £696 across all age groups in the UK.
Posted by Danielle Barge