Press Centre
Holidays in the UK increase for the 50+ age group.
7th September 2006
According to research carried out by the over 50’s Insurance Specialist Castle Cover, 57% of married people over the age of 50 are increasingly spending time away from home during September and October, spending up to £2,000 per annum. These couples spent the majority of their time holidaying in the UK with most choosing to book an additional break in Europe throughout the year.
In the meantime, 14% of those surveyed will spend up to 2 months to destinations
such as the United States, Europe and Australasia. This group are
more likely to be separated or divorced and will spend as much as £5,000
on longer winter vacations over the Christmas and New Year period.
Andrew Marchington, Managing Director comments “Our research shows
that increasingly people over the age of 50 are spending more time on vacation
in the UK. However, a staggering 48% of those surveyed did not know
if their insurance policy covered them whilst spending time away from home.
“People do not tend to check their policies for UK destination holidays and we would urge them to check their policies before any departure from home as it is essential to fully understand what is covered in any absence.”
Castle Cover does not believe the over 50’s receive as good a deal on insurance as they deserve.
Marchington continues: “The 50+ market is growing substantially as a result of people living longer and the ‘baby boomer’ generation now maturing into this sector. Overall, the over 50’s tend to claim less frequently and do not exaggerate claims, unlike younger people. As a specialist, Castle Cover recognise this and therefore offer much more competitive prices to the 50+ group.”
People spending more and travelling to far off destinations are more likely to live in London and Scotland and have chosen to continue working past retirement age.
The research showed that this group are usually better prepared. They claim to fully check policies before any departure and their homes are secured by an alarm system, they also claim to have their homes fully prepared for winter month’s vacations.
Castle Cover offer 60-days away from home on all insurance policies, for details visit www.castlecover.co.uk, or by telephoning the Castle Cover UK Customer Service team on 0800 519 5050.
ENDS
For further information please contact:
Alison MacKintosh at MW Communications
Tel: 020 7727 76111
Mob: 07710097609
E: Alison@mackintoshwilliams.com
Andy Cole at Castle Cover
Tel: 01202 260800
Notes to Editor
Castle Cover launched on 31st July 2006 as a new entrant in the ever growing
over
50’s general insurance market.
Castle Cover is led by well-known industry expert, Andrew Marchington and is backed by HSBC Bank and Asset Ventures Ltd., part of the family investment vehicle that controls Primary Group, the Bermuda based insurance distributor.
The launch is supported by a £10m annual marketing budget and Marchington and his team plan to hit Gross Written Premium levels of over £100m and sign up over half a million customers within a five-year period.
Launched with a blue chip panel that includes AXA, RSA and L&G, Castle Cover believe they have a great advantage in neither being tied to one supplier nor owned by an Insurer.
Castle Cover is based in Poole, Dorset where over 400 jobs will be created within four years and will offer a UK based customer service.
