Has your Car Insurance premium halved since your 30s?
As 9 News reported this week, the FiftyUp Club has used the combined buying power of 280,000+ consumers aged over 50 to negotiate brand new discounted home & contents and car insurance offers.. .and it seems just in time.
Actuarial analysis by Finity Consulting shows average car insurance premiums halve from age 30 to age 65, because older drivers are better risks.
But most over-50s do not see the benefit of this trend because they remain loyal to their providers, and are therefore missing out on hundreds of dollars in savings.
The FiftyUp Club were able to negotiate a car insurance offer that suits over-50s in terms of value for money, by a reputable provider, which allows for tailored 50+ coverage.
The car insurance offer includes:
- A 15% discount and a $50 Cashback when you switch online.
- Premiums that can be reduced by restricting drivers to 50 and over, plus
- The offer is with Budget Direct who have won the Canstar Outstanding Value Car Insurance National award for a record-breaking 11 years in a row (2007 to 2017).
You can check it out here.
The home Insurance offer is also with Budget Direct and offers 15% off home or contents insurance + $50 Cashback, or a whopping 30% off if you take out both home and contents and switch online.
Budget Direct also won the Mozo People's Choice 2017 award for Customer Satisfaction for their Home & Contents Insurance product and service, and this year were named Insurer of the Year for the third time, having previously won the award in 2010 & 2015.
Average Comprehensive Car Insurance Premiums by Age
The FiftyUp Club commissioned insurance industry actuaries Finity Consulting to analyse how age impacts upon Australian car insurance premiums.
The below graph is based on a National average of comprehensive car insurance premiums by age on a car worth $10-$15K across a number of insurers.
On the left hand axis ‘100%’ represents the average national premium for car insurance across all ages.
Source: Finity, based on data from January 2016
Any advice provided is general in nature, it does not take account of your personal circumstances or needs
