- Tuesday, 21 August 2012
Many of our readers will have faced the problem of obtaining suitable travel insurance as they get older – it’s a fact of the travel insurance business that the older you are the less attractive you are as a customer. It is estimated that only 25% of travel insurance providers will cover people over the age of 75.
At Mature Times we have heard the cries of complaint from our readers – and we often get asked who can I use to insure me when I travel abroad. Well, hopefully, this question may be one that we start to hear a little less of if the recent initiative announced by the Government is successful.
A deal has been agreed between the Association of British Insurers and the British Insurance Brokers’ Association (BIBA) that promises to make access to travel insurance cover for older people much easier.
In essence what this means is that if you approach an insurer for travel insurance and your request is refused because an upper age limit is imposed which you exceed then that insurer will automatically refer you to another insurer that can insure you. What it also means is that if an alternative insurer cannot be found then you will be referred to what is called a ‘signposting’ service such as BIBA’s ‘Find A Broker’ service to help you further. This means the days of calling round different insurance companies only to be rejected because of age may soon be a thing of the past.
But will this mean cheaper travel insurance premiums for older people – probably not – but at least it may help some people find travel insurance a little easier to come by.