Older Aussies paying too much for their insurance

A new survey has revealed older Australians are paying too much for their home and car insurance and most don’t even realise it.

The survey of 38,000 FiftyUp Club members, found only 6% of people have had their premiums reduced as they’ve grown older despite new research showing average car insurance premiums halve between the ages of 30 and 65.

The FiftyUp Club polled more than 38,000 Australians aged over 50 and found:

• 1 in 3 have never made a claim on their home & contents or car insurance
• More than half who’ve made a claim haven’t made one in 4 or more years
• One in five customers have never changed insurers, ever.

The FIftyUp Club’s Christopher Zinn said the good news is that 75% of those who have changed providers ended up saving money, with half saving $100 or more.

“What over 50s are telling us is that they want a better deal on their insurance,” said Christopher Zinn.

“The research is in and the over-50s want insurers to recognise and reward them for being less likely to make a claim. They’re the industry’s most valuable and loyal customers, and they’re sick of being taken for granted.”

The FiftyUp Club launched the national MA50+ campaign with Channel Nine and Macquarie Radio on February 8. More than 40,000 people have already signed up to help the Club negotiate exclusive discounts on home & contents and car insurance.  

The national average car insurance paid by survey respondents was $719 and home & contents insurance was $1284. 

“This group now represents over $76 million in annual premiums to insurers who want to offer an exclusively discounted offer, so we’re confident we’ll get a result,” said Mr Zinn.

The FiftyUp Club has over 170,000 members and uses their combined buying power to negotiate exclusively discounted offers and lobby on behalf of over-50s. It’s free to join: www.FiftyUpClub.com.au

Full survey results are available at www.FiftyUpClub.com.au