Since launch of agreement in 2012 around 200,000 older motorists and holiday makers have been signposted
Biba, the ABI and the Government have renewed their agreement to continue providing access to insurance for older customers.
Under the agreement, if an insurer or insurance broker is unable to offer cover to an older motorist or traveller because their age is above any upper age limits they have, they will automatically refer the customer to an alternative provider who can meet their needs.
Additionally the customer might be passed on to the Biba-run signposting scheme ‘Find-A-Broker’ service.
Parliamentary under secretary of state for women, equalities and family justice Caroline Dineage said: “I am pleased to see there is greater opportunity for older people to access insurance services.
“These services are necessary to give people the security, protection and peace of mind they need when they drive or travel.”
In 2012, the ABI, Biba, and the government signed up to the first signposting agreement.
Since then around 200,000 customers have received help from the Find-A-Broker service.
Biba executive director Graeme Trudgill added: “Sometimes some older people find looking for appropriate travel or motor insurance challenging.
“During the last three years, since the commencement of this agreement, around 200,000 older motorists and holiday makers have been signposted to the Find-A-Broker service to help them access the insurance they need, giving them the peace of mind to carry on driving or travelling.”
ABI director of general policy James Dalton said: “The insurance industry is determined to ensure older people can find insurance that meets their needs, and can access the competitive motor and travel insurance markets.
“Working with government to renew the agreement demonstrates insurers’ commitment to improving transparency and access to insurance, whilst retaining their ability to assess and price risk.”