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Car insurance: Highest rise for over-25s

Model car on coin pilesDrivers aged 26 to 35 are facing the fastest rise in motor premiums, Confused.com’s latest car insurance price index has revealed.

While the high cost of car insurance for younger drivers grabs headlines, percentage-wise, it’s actually motorists aged 26 to 30 who have been the hardest hit recently.

The average cost of annual comprehensive cover for this group has risen 27.5 per cent in the past 12 months, according to the quarterly Confused.com/Towers Watson Car Insurance Price Index.

This is closely followed by drivers aged 31 to 35, who have seen the cost of cover shoot up 26.5 per cent in the past year.

Men living in London can expect to pay the most for cover on average - £1,800 for those aged 26 to 30 and £1,376 for 31 to 35-year-olds.

Their London-based female counterparts also experience the highest costs - £1,304 for those aged 26 to 30, and £1,015 for 31 to 35-year-olds.

The average cost of annual comprehensive cover now stands at £948 for drivers in the 26 to 30 age bracket, and £724 for those aged 31 to 35.

But just four years ago these same group of motorists could expect to get comprehensive cover for just £569 and £444 respectively.

Gareth Kloet, head of motor at Confused.com, said: “Although young drivers are typically the hardest hit when it comes to high car insurance costs, it’s the older age group seeing a sharp rise at the moment.

“This means shopping around is more important than ever if drivers want to beat their renewal quotes. Using Confused.com can help beat these rises.”

Feeling the pinch

Motorists of all ages are continuing to feel the pinch as the average cost of comprehensive car insurance across all age groups now stands at £857 - a rise of £170 in the last 12 months.

But the cost of comprehensive cover still works out cheaper than third-party, fire and theft, which is up 33 per cent in the last year on average.

However, despite the figures, there are a number of ways you can look to lower the cost of your cover.

Pay for you cover in one go

Paying monthly is an easy way to spread the cost of car cover but it’s certainly not the money-saving option as insurers charge interest for the privilege of paying in installments, which could add as much as an extra £300 to your premium. If you don’t have the cash to hand, consider taking out a credit card with a 0 per cent interest rate.

Opt for a card with at least a 12-month interest free period and you’ll have the best of both worlds – paying for your insurance in one go and repaying the credit card debt in manageable, monthly interest-free installments.

Don’t overestimate your mileage

Mileage is one of the rating factors insurers use to calculate a person’s premium so it pays to spend a little time trying to estimate as best as you can how many miles you’re likely to drive each year. But bear in mind that underestimating your mileage could invalidate your insurance policy when it comes to making a claim.

Higher excess, lower premium

Consider a higher voluntary excess to cut your annual premium. This is an amount you choose to pay in the event of a claim. In return for opting for a higher excess, the insurance provider will usually lower the premium. But don’t forget that the voluntary excess will always be paid in addition to any compulsory excess.

Value your vehicle accurately 

It’s incorrect to assume the higher you value your car the more money you’ll receive in the event of a claim. Insurers will only pay out the current market value of the vehicle so inflating the value of your vehicle serves no purpose other than increasing your car insurance premium.

Find out more about the latest car insurance price rises. You can also use our interactive map to see how much you pay compared with other areas of the UK

Please watch our 30-second guide for more information.




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Naphtalia Loderick

Naphtalia Loderick

Naphtalia Loderick covers all things consumer for Confused.com. She started out on a weekly newspaper, via a national news agency and a stint in the fun but ‘not as glamorous as it appears on screen’ world of TV at the BBC researching consumer films for The One Show.

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