Elderly to benefit from insurance agreement

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Older travellers often find it difficult to purchase the right type of insurance due to the fact that many insurers have upper age limits. However, a new agreement between the government and the insurance industry should help to make the process easier for elderly travellers who want to buy travel insurance for their trips abroad.

The new agreement has been drawn up by the Association of British Insurers (ABI), the British Insurance Brokers’ Association (Biba) and the government. It states that if an insurer cannot offer cover to an elderly traveller because they have an upper age limit in place they will now have to automatically refer them to another provider which does provide cover, or to a service that can help them find the most suitable cover for their needs.

The agreement also applies to motor insurance because many insurance companies have upper age limits in place for this as well.

This agreement should lead to better access for older people who have found it difficult to find cover in the past which meets their needs. However, it is not thought that premiums will go down significantly as a result.

All members of the ABI must adhere to the agreement, as will members of Biba. Those insurance companies which are not members will follow it voluntarily.

Older travellers face a number of hurdles when going abroad when it comes to finding insurance. Premiums can be steep due to the increased risk of health problems occurring, and although the prices may not be helped by the new agreement, at least now the process of finding suitable insurance should be made slightly easier.


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