The insurance sector is abuzz with more of the car insurance companies acceding to hiking the insurance costs for the senior citizens within UK. It is seen that motorists over the age group of 50 would soon see a tremendous hike in their motor insurance costs. This premium hike would be bigger than any of the previous incidents in the current calendar year. As per the survey conducted by ConsumerIntelligence.com including more than 600,000 participants, the costs of the insurance premiums has increased at a rate of 26% in any given year after the economic slump. Furthermore, it is also known that the insurance premiums have increased from an estimated average value of £355.52 in the month of June 2009 to about £449.66 in the current year.
Given the current rate, one can only wait in anticipation as to when the car insurance companies would bring forth the hike. Furthermore, the survey also showed that most of the insurance companies in UK have been highly specific of the insurance quotes for the older motorists. The lowest insurance quote for this group stood at £378 while reaching to an overwhelming £563 which is about 49% higher than that of the lower quotes. The survey has been able to add proof to the context that insurance companies do not hold much belief with the old driving citizens. It is seen that although, these motorists stick with their insurance companies, insurers still tend to consider them as loyal. The insurance companies believe that close to 81% of the older drivers would prefer shopping for newer policies during the insurance renewal while 50% would actually make that change positively.
One cannot understand why shopping around the insurance supermarket has given a bad reputation to the senior citizens when that is what most of the experts advise. Older motorists have been known to save as much as 87.5% on their insurance costs on market comparison while only about 47% of them deciding to stay with their insurer.
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