Planning for special Over-50s insurance? Beware, You May End Up Paying More

In a surprising finding, it was unveiled that insurance companies offering specialised plans for their over-50s are charging much higher premiums than the normal policy. Insurance companies that offer specifically for over-50s are actually charging four times more than the usual policy deals.

Instead of benefitting to the over 50s car drivers and home owners, these policies prove to be much more costly than the regular policy. An independent research found that in many yearlong policies offered by specialist providers, the overcharges ranged between £110 and £1,134.

Trusted insurance brands like Age UK and Saga overcharge just because the elderly seldom have doubt or cross check the reason of extra payments. Director of Fairer Finance, James Daley expressed his disappointment by saying “These firms should be more careful about claiming they offer good value to over 50s and then in practice offering some of them very bad value.”

Some of the policies charge 80 per cent higher charges than the actual cost of the insurance. One of these companies offered home insurance for over-50s at £437, 35% more than the usual charges of £286. The insurance giant Saga defended itself by stating that it does not charge commission and the extra charges are for covering marketing and customer care costs. Big companies like Age UK, Rias and Castle Cover, were also criticised as they claim to sell genuine insurance to the senior citizens and higher age group people.

According to the report, Castle Cover charges £1,364 annually for car insurance. This is four times more than the best deal from LV, which offers motor insurance at £330. This way, by choosing a company that offers specialised plans for the elderly, one can actually be at a big loss. So, be wise and find out if the specialised plan is in fact better than the regular one. May be the regular plan from a regular insurer would save you some big money.

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