As the population of the UK continues to age, older motorists, which have long been getting the short end of the stick from car insurance companies, may soon be breathing easier thanks to a new announcement regarding both motor car insurance and travel insurance.
Thanks to a new deal brokered by the government between both the British Insurance Brokers’ Association and the Association of British Insurers, both insurance industry bodies will now require their members to refer older customers to providers or brokers that offer specialised cover if an age restriction would otherwise limit these customers from taking out travel insurance or discount car insurance cover. The announcement follows on the heels of LV= announcing that it has binned the maximum age cap for new customers seeking car cover, as they had already scrapped their upper age limit on its travel insurance products.d of its travel insurance upper age limit.
This could bring about a new era of more competitive deals for older consumers, though industry insiders warn that there is still much more that needs to be accomplished towards those goals. King’s College London’s gerontology institute’s Debora Price remarked that with motoring such a crucial element of the wellbeing of older Brits, the risk of isolation would be quite high if steps were not taken to increase access to motor insurance.
According to Defaqto, out of the 232 motor insurance policies it recently examined as part of a research study, nearly 13 per cent of them had an upper age cap of 75, while 23.2 per cent had an limit of 80 years of age.