Cheap car insurance news
14/11/2010
Lack of affordable insurance deals for older generation
People aged over 50 are having to pay significantly more for insurance than they were 12 months ago, according to ConsumerIntelligence.com. Individuals in this age group are being encouraged to think about switching insurers if they are looking for cheap car insurance.
The average cost of cover for drivers aged above 50 has increased significantly, from £355.52 in June 2009, to £449.96 in the same month this year.
According to the website's research there is a huge price differential in the price of over 50s insurance offered by different companies. The most expensive deal comes in at £563, almost 50% more than the cheapest offer of £378.
The majority of individuals nearing retirement age are more than happy to research the market for the best deals when it comes to renewal time. They realise that a large proportion of car insurance companies do not offer good loyalty incentives.
The research also revealed that the over 50s are not as motivated by cheap car insurance deals as younger people. Less than 50% of the individuals taking part in the survey said that they had chosen their insurer solely because of price. Of people aged under 50, only 56% will opt for the cheapest quote that they can find.