Over-30s see car insurance premiums rise after Covid-19 lockdown
Drivers over the age of 30 have seen their car insurance premiums rise by as much as four per cent.
The average cost of fully comprehensive car insurance across all age groups in the UK fell by two per cent between the 1 April and 30 June, but a report by MoneySuperMarket.com has shown that many older drivers have seen year-on-year prices creep up.
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Premiums fell by 25 per cent in the past 12 months for drivers aged between 17 and 19, with fully comprehensive cover now averaging at £777 a year – down from £1040 a year ago.
Drivers aged between 40 and 49, however, saw the average cost of a policy rise by four per cent year-on-year to £420. This compares to drivers aged 65 or over who pay an average of £282 a year.
Drivers aged over 30 saw a premium increase, along with those aged over 65+, the majority of which were advised by the Government to shield (and not drive) during the lockdown to minimise the risk of getting the coronavirus.
During the Government coronavirus lockdown traffic levels fell by almost 70 per cent, according to a report by the AA, between March and May 2020.
A spokesperson for the Association of British Insurers (ABI) linked the premium hikes to the fact that car insurers have been facing increasing costs, such as the rising vehicle repair bills and more expensive spare parts.
|
Age |
2019 Q2 |
2020 Q2 |
Year on Year |
|
17-19 |
£1040 |
£777 |
-25% |
|
20-24 |
£955 |
£913 |
-4% |
|
25-29 |
£722 |
£706 |
-2% |
|
30-39 |
£542 |
£556 |
+3% |
|
40-49 |
£405 |
£420 |
+4% |
|
50-64 |
£296 |
£302 |
+2% |
|
65+ |
£280 |
£282 |
+1% |
Georgia Petrie
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hissingsid on 27 July 2020
This has not been my experience. The annual premium for my Mazda CX-3, insured with LV through Mazda, fell from £389 in 2019 to £325 in 2020.I am in the 65+ age group, and there were no changes in my personal circumstances or my NCB between 2019 and 2020.
Falkirk Bairn on 27 July 2020
I was with Aviva for the last 5 years. In that time the cost rose from £160 to £200.2 weeks ago the new premium came in £260. Same car, no claims etc
A quick look round LV was £194 with a £70 Amazon voucher in 3 mths time.
So a net £124 for 12 mths fully comp CRV Auto - pretty good saving for an OAP. like me.
Pug RCZ on 28 July 2020
Nice result. I too left Aviva. After three years and for the first time in over thirty years I returned to Direct Line. My saving is £220 per year. Now I pay £322/year group 28 car, age 59.
Edited by Pug RCZ on 28/07/2020 at 22:27
Peter cafferty on 28 July 2020
I'm 78 years of age, a retired long distance lorry driver, been driving HGV class 1 since 1967. Full clean license, does not make a difference, last year i paid £720 for my e-class merc, a beautiful car, but, NFU refused to ins me, reason, my post code, it may even be illegal, I'm now waiting for SAGA to send me my renewal, I'm expecting it to rise. Experience counts for nothing, i have no idea why ins Co put your premium up, surely it would make more sense to keep their members happy.
Nne of it makes sense,,,,Peter cafferty, St Helens
Pug RCZ on 28 July 2020
I agree Peter. It's like the AA increasing premiums and offering big discounts but not for existing members. Electricity/Gas companies, Sky TV, Phones & Broadband are similar. It's really a necessity to shop around every year for everything otherwise you can more or less guarantee that you're being ripped off somewhere.
William Bound on 28 July 2020
new ins with LV this year is up by £72 . that is still cheaper than Gocompare and Compare the market . I am over 80 yrs old does that have something to do with it !!!hissingsid on 28 July 2020
Unfortunately yes. My late father, who had held a clean licence since 1937, saw his premiums with Saga rise after he turned 80. He eventually gave up driving, still with a clean licence, at 92.
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