Many older people getting a raw deal with insurance

According to a recent report many older people in Britain are getting a raw deal with it comes to their insurance cover, with many insurers that target older age groups failing to give these consumers a fair deal.

Officials have said that some older people are being penalised when it comes to insurance such as vehicle cover and home insurance, and by going to specialist insurers that cater for older clients they could end up paying way over the odds for their cover.

Many older people are under the impression that if they opt for a company that specialises in insurance for older people they will get a better deal than if they went for a general insurance company that targets all age groups. However, reports claim that this is not necessarily the case, and in some instances these specialist insurance firms can end up charging more than standard insurers.

An official from the British Insurance Brokers Association said that there was plenty of choice out there for older consumers, although many still opted for insurance firms that targeted their specific age group.

He said: ‘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.’

One pensioner explained how his insurance cover had been going up so he looked around for alternative cover.

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.’