the over fifties pay so much?
indicate that the over-50s are being hit by car
insurance companies with inflated premiums and that
increases over the past five years for drivers in this
age range have been more than 15% higher than for other
motorists. Over fifties have been had for mugs.
This is because
motorists between 50 and 60 are an estimated 65% less
likely to shop around for cheaper quotes (you can do so
on sites such as moneysupermarket.com,
prudentplus.com, confused.com, to name but a
few) than those aged between 18-25 (the most expensive
age group for motor insurance) and those between 60 and
80 even less so; approximately 72% of drivers in this
age group have never compared insurance quotes online.
Since price comparison services are mainly responsible
for holding premiums down (most insurers claim that they
make no profit whatsoever, or even a loss, on premium
income) this creates a situation which is completely
unfair to the older generation; they are, in effect,
subsidising the premiums of younger drivers.
It has been
argued by companies specialising in the over-fifty
market that the premiums are justified by the higher
mileages in bigger engined cars that people in this age
range cover. The facts, however, show otherwise. Those
between the ages of 55-65 not only have the least number
of accidents of any age range, but their insurance
claims are the lowest as well. It is only until a driver
reaches the 65-75, and reactions often become slower and
physical capabilities decrease, that accidents, and
therefore premiums, begin to rise.
customers who never shop around, but pay their premiums,
plus the yearly increases, without trying to get a lower
price elsewhere. Sneakily, many of them hide these
premium increases by withholding information about the
previous one - this is not accidental but a deliberate
ploy to prevent their clients realising that the price
has risen. It is not at all unusual for someone who has
compared prices online to find offers from other,
reputable insurers that are half the cost of their
current policies whilst still offering similar benefits.
So, if your
renewal notice has arrived in the post don't just pay
the new premium straight away; check out a couple of
price comparison sites and see what offers you can find.
As a safe, experienced motorist aged over fifty or sixty
you represent a good risk to the insurers, so you should
have a low premium to reflect that fact.
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