People over the age of 50 were the age group facing the biggest increases in their insurance premiums in January, an analysis has found.
The average home insurance premium offered to over-50s has risen by 5.8% in the 12 months to January 2022, meaning people in this age group have to pay £161 on average, according to the consumer intelligence research company.
Drivers over 50 saw a 2.7% increase in car insurance over the same 12 month period, with the average price set at £360.
A pricing overhaul came into effect at the start of this year, meaning insurers are now required to offer renewing customers a price no higher than they would pay as a new customer.
This ended the “price march”, in which companies raised prices for loyal customers year after year. But those who shop regularly may find the savings on offer to be smaller.
Consumer Intelligence market insight expert Michael Miskelly said: “Over the next few months, we will most likely see premium fluctuation at the brand level as suppliers scramble to find their place in the new competitive landscape.
“However, over the next year, underlying upward pressure on costs will likely see both markets tighten and consumers pay more for their auto and home insurance. Factors contributing to this include rising cost of engine repairs and parts, building materials and labor, among others.
Consumer Intelligence did the math by looking at prices offered to thousands of homeowners and motorists by price comparison websites and direct insurers and averaging a selection of the cheapest.