UK Money News
26th June 2008
Saga responds to insurance reforms
Moves to end the practice of insurance companies refusing to offer cover to older Britons have been given a cautious welcome by one of the UK's largest over-50s insurance specialists.
Under the new Equality Bill, it would become illegal for insurance companies to charge unduly high sums to pensioners for motor and travel insurance cover and in many cases will refuse them for cover altogether.
This has hitherto been standard practice for a number of insurers who reason that older people present an unduly high risk when behind the wheel of a car and are more susceptible to injury when travelling.
Responding to the news, Paul Green, spokesperson for Saga, said: "We think it is wrong for insurance companies simply to refuse because of someone's age, but we can understand why they might want to do so as it is a very specialist area."
However, Mr Green warned that compelling non-specialists to provide cover for older people could simply force up prices and recommended instead that insurers "ought to be required to direct older applicants to an independent source of information" where they can find an appropriate policy.
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