A bulletin from the Association of British Insurers states that “older customers will find it easier to get motor [auto] and travel insurance under an agreement between the ABI, the Government and the British Insurance Brokers’ Association (BIBA).”
The agreement, which is scheduled to go into force on the 6th of April, provides for help in cases where an “insurer or insurance broker is unable to offer cover to an older motorist or traveler due to the fact that their age is above any upper age limits they have,” the ABI explained.
Under the plan they will be automatically referred “to an alternative provider who can meet their needs or to a dedicated signposting service, such as BIBA’s ‘Find a Broker’ service or website.”
The ABI noted that all of its members “will adhere to the agreement as a condition of membership and all BIBA brokers will also undertake to comply with this agreement. Non ABI and BIBA members will follow the agreement on a voluntary basis.”
The ABI will also “publish annual aggregate data showing claims costs under motor and travel insurance broken down by age ranges. BIBA will publish details of the enquiries to the BIBA ‘Find a Broker’ service.”
The UK’s Home Secretary and Minister for Women and Equalities, Theresa May, commented: “I fully support the work the Association of British Insurers and the British Insurance Brokers Association are doing to make it easier for older people to get motor and travel insurance and provide greater transparency on how decisions are made. This is a great example of businesses working with government to tackle discrimination.”
The Financial Secretary to the Treasury, Mark Hoban, added: “It can be difficult for older people to find the right car and travel insurance. We’ve worked closely with the ABI and BIBA to make it easier for older people to find the right policy for them. We will keep a close eye on this to make sure the insurance industry meets its commitments.”
Otto Thoresen, ABI Director General, noted: “The insurance industry wants to ensure that older people get the best possible insurance deal, by having as wide access to the motor and travel insurance markets as possible. This agreement shows how the industry can work with Government to increase access to insurance, improve transparency, while preserving insurers’ ability to assess and price risk fairly.”
BIBA’s Chief Executive Eric Galbraith described the new initiative as a “great solution to helping older people more easily access suitable insurance protection. BIBA’s ‘Find a Broker’ helpline and website can help older people to achieve the cover they need, giving them the peace of mind to go on holiday and drive their car into their later years”
Source: Association of British Insurers
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