According to theinternetretailer.com, there has been a steady increase in the number of Baby Boomers who are shopping online. “Baby Boomer” is a term that describes those people born starting in 1945/1946, who will be turning 65 in 2010 (which is the set retirement age in Canada), and in 2008 approximately 74 per cent of Boomers went online to make purchases.
With this trend showing no indications of slowing down, Boomers are using the Internet and various social media websites when researching information and making consumer decisions. In fact, it’s not uncommon today for grandparents and grandchildren to connect via Facebook to ask about favourite online consumer sites, or for Boomers to shop for anything online, for that matter.
Given the annual cost for car insurance, it should therefore come as no surprise that more Boomers are going online to save. However, a common misconception is that Boomers will always find the lowest rate available with an insurance company geared to their generation’s driver market.
Most insurance companies see Boomer drivers with good driving records as being very appealing potential customers. This is due to a variety of factors including: the amount of driving experience they have and as most are retired, the limited exposure that they present to an insurance company by not driving to and from work everyday. However, just because some companies specifically target the Boomer market in their advertising campaigns doesn’t mean that they always offer the best rates.
Insurance companies set their rates based on their profitability within certain demographics and territories and not all insurance companies make the same amount of money on the same type of driver in the same territory. This is why insurance companies’ rates can differ greatly for the same car and driver and it’s why Boomers would be wise to shop the market for the best rate on car insurance, just like everyone else.
Comparison websites like InsuranceHotline.com give Boomers the best chance at lowering their rate by providing free, instant access to the rates of over 30 insurance companies, including many of those very same companies that target older drivers. So the lesson is clear, regardless of your age – always be sure to shop around for the best deal on your car insurance.