Biggest fall in premiums for over 65s, reveals research

Thu, 20 Apr 2006

Motorists over the age of 65 have seen the biggest fall in the amount they pay in car insurance premiums, suggests a new study.

Drivers in the 65-plus bracket are now paying nearly 4.5 per cent less on their car insurance premiums, according to a new car insurance index published by Sainsbury's bank.

This means the average payment last August stood at £342.49 and has fallen to £327.13 this January.

The average car insurance premium for the under 25s has also fallen by 3.9 per cent, from £1091 to £1047.97.

Car insurance premiums were, however, found to vary dramatically depending on where you lived. Londoners paid an average of £559.31 in January, while in East Anglia they paid the lowest UK premium of £326.15.

Richard Clark from Sainsbury's bank urges consumers to shop around for the best car insurance deals as the car insurance market is getting so competitive.

He says that too often motorists can miss out on money-saving opportunities when paying out for insurance.

"However, despite this, we estimate that as many as 19 per cent of motorists only obtain one quote when they purchase car insurance. Indeed, we know that 48 per cent simply renew their existing policy," he concluded.

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