A new agreement between the Government and two motor car insurance industry bodies will result in cheaper car insurance and more easily obtainable travel insurance for older motorists, it was recently reported.
The British Insurance Brokers’ Association, the Government, and the Association of British Insurers reached the agreement that says if there are car insurance companies or brokers that cannot provide cover to a prospective customer because of an upper age limit, these insurers are now bound to refer the customer to a broker or an insurer that will offer cover.
All ABI member insurers are required to comply with the new agreement, and all brokers that are members of BIBA are also to sign agreements binding them to abide by the rules. All brokers and insurers operating within the UK that are not members of the two industry bodies can volunteer to comply with the new code requirements.
Home Seretary Theresa May, Minister for Women and Equalities, was gladdend by the new agreement, saying in a recent statement that the new code is an excellent example of the Government working hand in glove with UK businesses in order to put an end to discrimination.
Industry experts believe that this will be a boon for baby boomers, especially as the population of the country continues to age. The life expectancy of the average Brit continues to rise steadily with the advent of modern medical treatments for age-related physical deterioration, which means that many older men and women in the UK will be fit to drive well into their retirement years, these experts added.