Elderly not getting the best deal from specialist insurers

Tue, 10 Nov 2009

Insurance companies that specifically target older homeowners and drivers may not be giving their customers the best deal.

In some cases, they could be paying 87 per cent more by going to these specialist insurers . The elderly often believe that such companies will prove to be cheaper and pensioners frequently favour those brands whose marketing is aimed at them, such as Rias and Saga .

Help The Aged and Age Concern (now combined into a single charity called Age UK) has a financial services division, called Intune, which also offers a range of insurance and financial products for those aged 60 and older. However, in many cases pensioners would be better off contacting a local insurance broker or using a comparison website to search for the best cover.

Graeme Trudgill, of the British Insurance Brokers Association (BIBA), 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 ."
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