RIAS fixes insurance prices for two years

Older household insurance customers are more likely to have seen an increase in their household insurance premiums in the last year according to statistics released by RIAS, the over 50s specialist insurer.

The figures show that the average premium increase is over £30 in the 50+ age range. Across all age groups about a sixth (15 per cent) have seen an increase of over £50.

The survey of over 1,500 UK adults was commissioned by RIAS as it announced a two-year fixed price offer for its home insurance customers who join before the end of August.

Janet Connor, managing director of RIAS commented: “We wanted our customers to enjoy the reassurance and peace of mind that goes with knowing that their insurance premiums will not rise for the next two years. Older people are more likely to hold some form of household insurance with 98 per cent of respondents in the 60-69 age group saying they have household insurance, on that basis fixing the premium on our household product seemed a very good offering for our customers.”

In addition to the increased insurance premiums for older people, the survey also revealed some interesting facts concerning life and lifestyle, notably that confidence increases with age - almost three-quarters (72%) of respondents in the 70+ age group said this is one of the benefits of getting older.

Donna Dawson, social psychologist comments: “This research shows that the over-fifties have come to some interesting conclusions about the things that are really important in life - and these things are not based on money, career achievement or material possessions. Years of life-experience have shown this age-group the importance of family and of lasting friendships.”

“The over-fifties have the time and the necessary perspective to take stock of their lives and of what they have achieved: and the emphasis seems to be on those people closest to them, who have given their lives a deeper meaning.”