The over 50 Insurance Dilemma
Your over 50 years of age and you start noticing that your home Insurance, car insurance and life insurance has become more expensive as the years have gone by. Many over 50 s think their insurance companies have decided that they have plenty of money and can afford bigger insurance premiums. Some people over 50 even think that their insurance provider think they have suddenly lost their marbles and become totally infirm over night and will be forever making insurance claims against them; so they have inceased their insurance premiums to protect themselves.
The over 50 car drivers’ feel they have a lifetime of driving experience and are now a more careful driver than the youngsters learning to drive and believe their car insurance premiums should be cheaper. The over 50 generation will probably have downsized their home after their children moved out and many feel that their home insurance premiums should now reflect their smaller home which is not often the case.
As an over 50 you consider buying some life cover to cover funeral costs and discover that it’s going to cost you a small fortune to buy some cheap life insurance to cover these costs. At this point you are probably losing the will to live on into your over 50 golden years.
Why Do Over 50 Car Drivers Pay More…..
One reason over 50 car drivers might pay more could be as a result of a recent survey conducted by the Association of British Insurers (ABI). Their research suggested that drivers over 70 years of age were 13% more likely to make an insurance claim against their insurance provider than drivers between 40 and 50 years. They also reported that the size of an insurance claim was likely to be more costly the old the driver was.
Insurers set premiums based on the average risk presented by all policy holders within an age group which is then biased against the good drivers. The reason for this is that insurers find it very difficult to differentiate between drivers of mixed ability. So they set premiums at the average risk for the age group. It has been suggested that the Association of British Insurers have asked the government to look at the current conditions. Meanwhile the insurers have responded to the issue by offering more flexible car insurance for drivers over 50 years of age.
The Over 50 Insurance Solution
You can save as much as 20% by shopping around for new home Insurance, car insurance and life insurance. One of the reasons you will save money by moving from your current provider is that other insurance providers offer better deals to new customers.
You should look for an insurance company that specialise in providing insurance products for the over 50 generation. One such Insurance broker is Staysure who specialise in the over 50 age market and offer Travel Insurance, Health Insurance, Life Insurance, Home Insurance, car insurance and other insurance products that have been tailored to the over 50 generation.