03 May 2007
The car insurance industry is fixing up to better serve the over-50s market, uSwitch.com has noted, as intune launches a range of tailored insurance products for older people.
Historically, older people have found it difficult to get motor insurance, and over-75s especially have struggled to find competitive deals.
One in four people over 75 is unsuccessful in even getting a quote for their motor insurance, uSwitch.com has found.
The new offer from intune, which is affiliated to Help the Aged, will help open up the over-50s insurance market, which has until now been dominated by Saga, uSwitch.com believes.
Improved competition on the insurance market is good news for all customers as prices will be driven down, although shopping around is still a good start before committing to any package, uSwitch.com advises.
Seeking the best value deal on motor insurance may be becoming more necessary than ever as insurers charge loyal customers more to renew their insurance policy than new customers, Professor Vincent-Wayne Mitchell at the Cass Business School warned recently.
This “unethical” practice exploits “customers’ inertia”, Professor Mitchell told BBC Two’s Working Lunch programme.
But older insurance customers, given more choice, could now become more demanding.
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