Sainsburys Bank Car Insurance Index has found that as well as car insurance premiums increasing across the board by five and a quarter per cent, some age groups have had their premiums increased even further.
It may not be surprising that under 25s found their premium increase rise by six and a half per cent, but motorists aged between 40 and 50, in early middle age, might also be surprised that their premiums rose by slightly over seven per cent.
Retired drivers fared the best with their premiums rising by slightly over four per cent – although this is still a larger percentage than the increase in the state pension.
Joanne Mallon, Sainsbury’s car insurance manager, explains: "Car insurance premiums continue to rise, which makes it all the more important for motorists to shop around for competitive insurance.
"The trick is cutting your costs without cutting your cover. Comprehensive can be a loosely used phrase with some comprehensive policies not even providing courtesy cars as standard. Cover and benefits vary dramatically between insurers but unfortunately, as many as one in five motorists only obtain one quote when they buy car insurance, many saying they can’t be bothered to shop around or that they don’t have enough time to do this. Missing out on a cost saving is one thing but not taking the time to make sure you’ve got good quality cover could turn out to be a major regret.
"When comparing policies do so with a like for like approach, there’s no point comparing apples and pears, it’s worth considering why the cheapest policy is so cheap, you may find you’re not just compromising on service but cover too."
Insurance companies are becoming increasingly worried by the number of motorists who use their mobile phones whilst moving, or eat and drink without pulling over to a parking area. Premium increases are also blamed upon the increasing cost of car repairs, and personal injury claims.