Saga, the over-50s holiday and insurance business, has completed the purchase of motorbike insurance specialist Bennetts for £26.2 million.

The Folkestone-based company was attracted by the insurer’s 220,000 customers, three quarters of whom are over the age of 40.

Over 50s account for nearly a third of all spending on motorcycling activities, spending £340 million last year.

Saga already provides insurance to 20,000 people with motorbikes and is keen to add Bennetts’ customers to its database of more than 10 million people.

This will come particularly through Bennetts successful online social network bikesocial which has more than 300,000 visitors per month.

Bennetts will continue to trade under the same brand form its bases in Peterborough and Coventry.

Saga Services chief executive Roger Ramsden said: “Attracted by the thrill and freedom of the open road on two-wheels, more people are returning to motorbiking in later life.

“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.”

Saga Group chief executive Lance Batchelor said: “We are delighted to have completed the acquisition of Bennetts, enhancing our excellent range of insurance products and services.

“The over 50s’ growing share of the motorbike market in the UK makes Bennetts an excellent fit with Saga’s current insurance offering.”