People over the age of 70 are paying more…
A new report suggests that motorists over the age of 70 are paying more for their motor insurance than someone younger.
This is according to the findings of a premium cost comparison analysis, conducted by insuremycars.ie.
Jonathan Hehir, Managing Director of Insuremycars, says they noticed a trend that shows that ome drivers of a certain age find themselves faced with huge insurance quotes and many simply “accept & renew”.
He elaborated on the situation, saying:
“When it comes to insurance, it’s widely known that the older the consumer, the less likely they are to shop around – mostly down to a fear of change and/ or a sense of loyalty to their current provider.
“As brokers we have noticed this, but we are not the only ones – insurers too are aware of this buyer behaviour, and it seems that in certain instances they are capitalising on it.
“Everyone knows that young drivers are charged high premiums and need to shop around to find the best value, but far fewer people know that this is the same for drivers over the age of 70. Our cost comparison grid shows the vast differences in the premiums being quoted by insurers.”
Here is a breakdown of the car insurance cost comparison:
Hehir went on to say: “In one case, the difference between the cheapest & the dearest premium quoted was over €800! That’s big money.
“It is worrying because we know that some drivers who approach us to for a better deal are actually contemplating paying these huge premiums.
“And our cost comparison revealed that it’s not just 2 or 3 insurers charging more than everyone else – in each of the 3 examples a different insurer came offered the best premium so it’s impossible to identify an insurer that will consistently offer the best value in every case.
“What it really shows is the very real need to shop around.”
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