Shop around message 'most pertinent to over-50s'

Posted : 23-03-2005

Shopping around for home insurance is of increased pertinence for the over-50s, according to new research.

Research by the insurer RIAS revealed that while people over the age of 50 spend a combined £1.2 billion on home insurance each year, this figure could be cut by a third if consumers spent more time seeking the best insurance deals.

All consumers are urged to shop around for insurance to ensure that they find the best deal, yet scouring the market could be of even greater importance to the over-50s, the Scotsman reports.

"Often they (people aged over-50) have been with the same insurer for many years and have simply accepted the renewal deal on offer," said Andrew Marchington, managing director of RIAS.

"Many will have bought their insurance from a bank or building society when taking out a mortgage. They need to realise there are better deals and big savings out there.

"It is also important to remember that cheaper premiums do not have to mean less cover."

The research uncovered a notable difference between the cheapest and most expensive home insurance. The average price of cover offered by the five per cent most competitive providers is £220.93, compared to £603.08 for the most expensive five per cent.

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