Signposting aids tourists
More than 100,000 older motorists and holidaymakers have now been able to find suitable insurance cover following a landmark agreement between the UK Government and the insurance industry, according to the British Insurance Brokers’ Association (BIBA). Under the ‘signposting’ agreement, if an insurer or insurance broker is unable to offer cover to an older motorist or traveller due to the fact that their age is above the insurer’s upper age limit, then the insurer will automatically refer them to an alternative provider who can meet their needs; often this is BIBA’s Find a Broker service.
More than 100,000 older motorists and holidaymakers have now been able to find suitable insurance cover following a landmark agreement between the UK Government and the insurance industry, according to the British Insurance Brokers’ Association (BIBA). Under the ‘signposting’ agreement, if an insurer or insurance broker is unable to offer cover to an older motorist or traveller due to the fact that their age is above the insurer’s upper age limit, then the insurer will automatically refer them to an alternative provider who can meet their needs; often this is BIBA’s Find a Broker service.
Since the agreement came into force on 6 April 2012, more than 100,000 older people have now accessed the service, helping them to find the essential cover they need where previously they may have struggled to find suitable insurance. Sajid Javid MP, financial secretary to the Treasury, said: “I’m excited to see that the signposting agreement the government helped to set up is going from strength to strength, helping thousands of older customers access vital insurance products. We look forward to working with BIBA and the insurance industry to ensure that signposting continues to be successful and will seek opportunities for similar agreements for other types of cover.”
Steve White, BIBA’s chief executive, said: “To reach this milestone so quickly shows not only that BIBA’s Find a Broker service plays an important role in helping people to find insurance, but that the solution the industry has put forward works and works well. Previously, many older people would not have been able to find appropriate cover; however, brokers have once again demonstrated that they’re able to play a vital role in helping people through our service.”