Older drivers face steeper increases in their auto insurance rates than younger people due to the number of 55+ driving electric cars. Over the last year, the average car insurance premium has risen 7.8 per cent, with the typical policy now costing £786.
The data, from analyst Consumer Intelligence, found that drivers over the age of 50 had seen the biggest increases.
Their premiums increased by an average of 9.4 percent.
By comparison, drivers under the age of 25 saw premiums drop by an average of 3.2 percent.
This is despite the fact that this age group is statistically more likely to have an accident.
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More and more parents across the UK are naming themselves as the main drivers of their children’s car policy to lower the premium.
Demand for driving tests is at an all-time high, and with students passing their exams and eager to hit the road, accommodating parents are helping them do just that.
However, new research reveals that nine out of 10 are not familiar with the “front” as a type of insurance fraud, leaving many parents completely unaware that their thoughtful act could have dire consequences.
However, with 33 percent admitting they don’t stay up-to-date and aware of insurance fraud, parents could face having car insurance voided or cancelled.
If the car is involved in an accident, you could also be liable for any damages caused in the accident.
In some cases, serious consequences can include a substantial fine, points on your license, and even a criminal record.
Matt Crabtree, chief anti-fraud strategist at LV= General Insurance, commented on the data and warned parents not to get themselves or their children in trouble.
He said: “Parents will always want to do what they can for their children, but the façade can have serious consequences.
“I would encourage anyone who has declared themselves to be a primary driver when they are not, or provided details that are not true, to update their policy before they identify themselves.
“There are other ways to keep the cost of insurance down, and we encourage new drivers and parents to understand what these options are.”
A recent study found that the cost of living crisis has raised the prices of popular car insurance by an average of £100.
The Vauxhall Corsa SXI is now the most expensive popular car to guarantee at an average rate of £882.
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