Brand loyalty could be expensive
Monday, 11 Aug 2008 15:16
Sticking with your home insurance could cost more if you are over 50
Brand loyalty could be costing the over-50s up to 30 per cent more on home insurance compared with their current policy, an insurer has claimed.
Price comparisons conducted by specialist insurer 50plus have revealed that the over-50s could be saving, on average, over 20 per cent on home insurance compared with their current policy if they shopped around.
The sample of 3,000 homeowner policies from 22 leading insurers revealed that some premiums were up to 30 per cent more expensive than the most competitive, like-for-like policy provided by 50plus.
The average saving with 50plus was 20 per cent, the insurer added.
Peter Wright, director of 50plus, said: "The over-50s market is renowned for its brand loyalty.
"However, by not shopping around homeowners are unnecessarily paying more than necessary for the most competitive, like-for-like policy. It is essential that the customer shops around to ensure that they are getting the best possible deal, especially in a time where costs of living are rising, significantly impacting the elderly.
"We aim to offer the over-50s a quality insurance product with no hidden clauses, that is both fair and competitive."