Elderly not always getting best deal on insurance cover
Many older consumers in the UK opt for insurance services that cater specifically for the elderly, and in most cases they believe that they are getting a great deal on their cover.
For many older people going to a company that provides insurance services specifically for older clientele is the natural choice, but one recent report has shown that these consumers will not necessarily get the best deal from the companies, and in some cases can end up paying more than they would through a standard insurance firm that caters for all age groups.
The report claims that in some cases these older consumers could end up paying up to 90 percent more for their insurance cover by going through one of these specialist groups compared to going through a standard insurance firm, and it is therefore advisable for older people to compare different deals from a range of providers rather than assuming that the companies that cater for older age groups will work out to be the cheapest.
An official from the British Insurance Brokers Association said that there is plenty of choice available even for older consumers, stating: ‘These companies are not the only ones that will provide cover to the over-65 market and many of them are more expensive than general insurers. It is not just about price. Peace of mind is important, too, and a broker can check that the cover is suitable for your needs as well as looking for a good deal.’
The differences in price varied based on the type of insurance cover that was being sought, according to the research. For example, many older people could get cheaper motor insurance cover from a general insurer compared to a specialist one, but when it came to travel insurance the specialist firms often turned out to be the cheaper ones.
One official said: ‘A lot of companies have a cutoff age of 80. Even those with no maximum age may ask for confirmation from your doctor that you are still fit to drive if you are in your 80s or 90s.’
One elderly consumer said that his insurance cover had been going up each year, but by taking the time to compare different policies and find the cheapest deal he was able to make great savings.
He said: ‘It’s been going up by about £100 each year. I looked on the internet for a better price, but it was a minefield. So I rang a local broker, Four Counties, who found me insurance for £294.12 with everything we need. I’m very pleased we’ve saved ourselves so much.’
With more older people now able to access the Internet finding a cheap deal on insurance is not as difficult as it once was. Consumers are able to use a range of tools and resources such as price comparison sites to get the best deal on their cover, and in many cases this can save them a small fortune because the cost of cover can vary widely from one insurance firm to another.
Tags: British Insurance Brokers Association, insurance services, Types of insurance, Insurance, health insurance, insurance cover, cheaper motor insurance cover
