The over 50s Insurance Market

Article by Iwan Williams

More than most age groups, the over 50s should shop around for their home, car and travel insurance. Often they have been with the same insurer for many years and have simply accepted the renewal deal on offer. Many will have bought their home insurance from a bank or building society when taking out a mortgage and need to be aware that there are better deals and big savings to be had.

Over 50s Should Shop Around for Insurance

It is also important for customers to remember that cheaper premiums do not have to mean less cover. A leading specialist and over 50s insurer, advises over 50s consumers planning to shop around for home, motor or travel insurance to be careful when taking out policies. Cheaper premiums are worth having only if the quality of the cover is not compromised. It is advised customers check the level of cover on policies and ensure that policy limits are suitable for the individual.

Why Over 50s Should Pay Lower Insurance Premiums

There are a variety of reasons why over 50s should expect to pay lower premiums for insurance such as car insurance and home content insurance. Primarily, they tend to have a low risk profile, which means insurers are able to offer cover at lower prices. In addition, the over 50s tend to make fewer claims and are less creative when making a claim, submitting lower value claims than the under 50s. Further savings can be also be made by using a specialist insurer for the over 50s. In fact, research conducted by a leading UK insurer shows over 50s can typically save up to 35% on home and contents insurance by using a specialist insurer.

A specialist insurer, in addition to offering potential savings, will also be able to provide tailored products for the over 50s. Examples include covering a home whilst the occupants are away for extended periods, garden cover, and home help benefit.

These savings are still available for the over 65s, particularly if they use a over 50s insurance specialist. However, travel insurance can attract higher premiums for older people as any claims made tend to be of a higher value. Also, some companies will not provide travel insurance at all to the over 65s.

Again, it is best to talk to a specialist over 50s insurer as they negotiate exclusive rates and cover with a panel of insurers and will be able to offer insurance for the over 65s.

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