When you reach 50, many insurance policies increase quickly. This is due to risk. Insurance companies believe that people over 50 are more likely to make a claim against their insurance. Insurance premiums are increasing each year, with higher premiums for those in their 60s/70s and 80s.
The Association of British Insurers (ABI) supports this position when it comes to driving. Their research shows that drivers aged 70 and over are 13% more likely than those between 40-49 to file a claim for insurance. Their claims are likely to cost more.
This is true for those who purchase travel insurance. The higher risk of getting into an accident or other serious condition, the premiums will rise significantly from 50. The ABI also found that nearly two-thirds of those over 65 have a pre-existing major condition, such as heart disease and respiratory problems. Customers over 65 years old are three times more likely than those over 35 to file a claim for travel insurance, while people over 85 are eighty times more likely.
Are you over 50 or healthy? Why is my insurance premium so high?
Insurance companies understand that mobility and health can differ greatly for people over 50. Age is no longer the standard for health and mobility. Insurers are currently unable to distinguish between individuals. Premiums are therefore often calculated based on the average risk of policyholders within a given age group.
The ABI calls for the Government’s review of current conditions. While this issue is being addressed by the government, the insurance industry responds to growing demand for flexible and more affordable insurance for those over 50.
What companies offer insurance for people over 50
You will often find better deals online. The policy will usually have a premium attached because of high street prices.
It is important to remember that shopping around every year, rather than staying with your existing insurance policy, will save you money. 50plus insurance estimates that you could save up to 20% by shopping around instead of renewing your home insurance policy. Insurance companies offer better deals to new customers.
Saga is the most popular insurer for those over 50, but there are many other options. Intune is a service offered by Help the Aged to over-50s. The intune group Ltd is a wholly-owned subsidiary of Help The Aged. Any profits from the sale of insurance go directly to charitable activities. You should consider Insure for all if you are looking for travel insurance. 65 Travel Insurance specialists compare travel insurance for seniors. Insure for All is always cheaper than its competitors for similar travel insurance.