New Scheme Helps Older Travel and Motor Insurance Buyers

Online, April 24, 2012 (Newswire.com) - A new government backed signposting agreement between the Association of British Insurers (ABI) and The British Insurance Brokers' Association (BIBA) - referred to informally as the "Find a Broker" scheme - came into force on 6th April.

Under the new agreement, if an insurer or insurance broker cannot offer an older or retired person insurance cover due to their upper age limits, then that broker or insurer is required to automatically refer the enquiry to an alternative provider who can offer an insurance policy.

The new scheme covers motor insurance for older drivers and holiday insurance for older travellers. The initiative is designed to make it easier for pensioners to buy car and travel insurance, including those who may otherwise find it difficult to obtain the right level of insurance cover due to their age. By requiring brokers and providers to refer older and elderly travellers and motorists to other agencies should they be unable or unwilling to provide cover due to age restrictions, it is hoped that insurers will be encouraged to actively work in the interests of older motorists and travelers, rather than simply 'writing people off' due to their age.

It is predicated that more older travellers will make use of the BIBA's signposting service as a result. Since BIBI are to be responsible for publishing older travellers' enquires, and the ABI will be responsible for publishing associated data, this will allow more data to be gathered that then can be used to highlight issues around insurance for older people and inform decision making.

ABI director general Otto Thoresen told reporters that the industry was looking to make sure that elderly travellers are able to find the best deals and the best cover by having full access to the travel and motor insurance markets.

He added that the new agreement proved the industry was willing to work with ministers in the effort of improving transparency whilst still allowing providers to fairly assess prices according to risk.

The Home Secretary and Minister for Women and Equalities, Theresa May, said:

"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 Retirement Centre is an independent company, designed to help the over 50s, or individuals already in retirement, to make the most out of their life after work. For unbiased insurance and finance advice for older people, visit The Retirement Centre website at: http://theretirementcentre.com/about-us

For more information, call Dominic Fraser-Smith on 0113 320 5595 or email [email protected]