Saga roars off with Bennetts bike insurersWednesday 1 July 2015
Saga has completed its acquisition of Bennetts, the UK's leading motorbike insurance specialist. Bennetts has more than 220,000 customers whilst Saga has some 20,000 motorbike policies under the Saga brand.
Saga roars off with Bennetts bike insurers
The business will continue to trade under the Bennetts brand and will benefit from sharing expertise as part of a much larger Group.
There will also be opportunities for Bennetts to offer its services to Saga’s database of over 10 million people and for a range of services from across the Saga group to be offered to Bennetts customers. Almost half of whom are over 50.Roger Ramsden, chief executive, Saga Services, commented:
“Attracted by the thrill and freedom of the open road on two-wheels more people are returning to motorbiking in later life and an increasing number of over 50s can now afford to have a bike as well as a car and are trying out their leathers and helmet for the first time. As part of the Saga family, Bennetts aim to deliver great service and a broader range of cover for all our customers.
“Whilst almost one in five of the baby vroomers use their bike to commute, there are significantly more that are turning to bikes a as a hobby, using the spare time they have in retirement to fulfil a long held yearning for adventure."
The Bennetts team will continue to be based in Peterborough and Coventry and will support riders of all ages.
Saga’s drive into motorbike cover comes at a time when motorbike ownership amongst the over 50s is on the rise. Research by the Centre of Economic and Business Research (CEBR) shows that some 2.8% of all UK households owned a motorcycle in 2014. In 2009 Over 50s accounted for around 7% of all practical motorcycle tests, but by 2015, it was over 10%.
Last year the UK’s over 50s spent £340 million on motorcycles - nearly a third of total motorcycle spending. Between 2008 and 2014 growth in spending on motorcycles spending among the over 50s averaged 41% compared to 4% for those under 50.
EndsNotes to editors
• Pictures available upon request.
About Saga Services
Saga services is Saga’s largest business segment by revenue and has been operating for over 25 years offering a range of insurance products. Home insurance, motor insurance, travel insurance and health insurance are the four largest insurance products for the group
Saga Services also offers a range smaller lines of insurance cover including travel, pet, caravan, motor home, commercial van, motorbike, boat, holiday home, personal accident, accidental death, health cash plan, breakdown and home emergency insurance. In travel insurance, the Group’s fourth largest insurance product, Saga had an estimated market share of 5.2 per cent. of the single and annual trip market.
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