Car insurance for the over-50s is set to become a key market for providers as new research shows 40% of all drivers will fall into this age group within the next three decades.
A study ofcar insurance information from 612,000 people by ConsumerIntelligence.com found that 32% of drivers currently make up the over-50 segment, and predicted the 8% increase would occur over the next 25 years.
The average cost of amotor insurance policy for a 50-plus driver this year is £449.66, but the research showed that the cost of premiums can vary considerably among niche firms specialising incar insurance quotes for this age group, ranging from a low of £378 per year up to £563.
Researchers said the 50-plus motor insurance market was currently worth £3.6 billion, and suggested this figure would increase dramatically as the population ages, but the study found that specialist motor insurance brands for older drivers collectively only provide motor cover for 16% of the 50-plus market.
Emily Knight of ConsumerIntelligence.com said: "Even without factoring in likely increases in the cost of car insurance premiums for this group, the 50-plus car insurance segment is set to be an extremely important market for all insurance providers over the next couple of decades."
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