Car Insurance for the Elderly and Over 50’s
Published: March 16, 2018
Updated: May 15, 2018
CATEGORY: Car Insurance For 50+
Over the recent decades, people in the car business have had to contend with not only the change in the importance and growth of the internet, but also with the changing needs of motorists. For instance, in the UK, a parent insurance firm that is divided into several departments had all departments rebranded to handle motorcycle insurance, standard insurance, insurance for drivers with 4 years or more with no claim bonus, and insurance for over 50’s.
There is a huge possibility that they all work with the same insurance systems and database and probably use the same staff and even call centers to respond to different calls. The point here is not to dwell on the different brand names but to have an understanding of why they need to expand or split into separate brand names to cover the different aspects of auto insurance.
Using the demography of over 50’s market as a case study, there are more retired people in the UK in this 21st century than ever before but as regards this article, more retired drivers than in the past. People live longer and they are more likely to drive around while on retirement for a longer time than in the past.
Regrettably, there is a statistical fissure as regards driving safety and persons over the age of 50. These statistics record either an increased or a decreased risk as the individual grow older, as opposed to their risk in their younger age. It is very likely that insurance premiums will increase in later years.
Huge auto insurance companies seek for a branding that reflect these life changes and show their clients that they are working to satisfy their needs and hence brand themselves as authorities in insurance for the elderly.
If this is not properly done, it may be challenging for an average person to comprehend why their policies have increased. However, being a part of a company that delivers insurance solely for them can help in instilling confidence.
In the 21st century, clients are not seeking for generalists but specialists; they want to be sure that this auto insurance website or company has put in effort to give them the best policy at the best premium suitable for them.
There is a drawback which is that many auto insurance firms who specialize in policies for over 50’s have not proven that their prices are cheaper than patronizing a bigger but generalist insurance firm. This could be because many of such firms are brokers who do not offer direct insurance, while for larger organizations; there are no middle men in the process.
So individuals who want to make an informed decision could give the specialists a try, but would also attempt to give a larger company a try later on to compare prices.
Again, there is an unfair perception that some elderly persons may not bargain on pricing and may not be as internet savvy as the younger clients. This may imply that higher premiums are being charged and are paid for.
So do your best to shop around: try the specialists’ first, note down the details of their policy and examine other companies as well. You may find this as a strategy to save money.