During the past year alone the insurance premiums have increased by 13% leaving the average cost at around £683 unfortunately with over 50s hit the hardest. The alleged reason for the increase in price is an increase in the Governments insurance premium tax.
It used to be that the younger generations were hit the hardest by any movement in insurance however, with the implementation of ‘Black Box’ for young drivers we have seen reductions in the premiums that they have to pay. Where as over 50s are seeing increases up to 15.3% over 50s still pay less than under 25s but the increase in price is notable and certainly noticeable.
Would you use a black box if it was offered to you? 260 of people currently asked said yes however 700 people said that they wouldn’t want the black box in their car even if it saved them over £89 a yeah. Ian Hughes, Chief Executive of Consumer Intelligence said: ‘Average motor insurance premiums are heading upwards at a rapid rate with the Insurance Premium Tax a major factor.
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