Older motorhome owners, especially those who like to travel outside the United Kingdom, have long been the pariahs of the insurance industry, they are more often than not charged over the odds or even refused cover altogether, however, they could find life getting a little easier following an recent announcement. Under the new agreement members of the ABI (Association of British Insurers) and BIBA ( British Insurance Brokers’ Association) will automatically refer customers to an alternative provider or BIBA’s “Find An insurance Broker” service if they are unable to offer cover due to age restrictions.
These developments should signal the start of much better deals for older motorhome insurance customers, but experts feel there is still a lot to be done. Many experts who deal with age believe that driving is an essential element of some older people’s well-being and without access to competitive insurance, the risk of isolation would be much greater.
Financial analyst Defaqto found that of the 200 mobile home insurance policies that were part of the research, 36 (18%) had an upper age limit of 64, and 20 (10%) would not insure anyone aged over 74. There are still providers offering policies to older customers and Defaqto found that 17 policies have no upper age limit at all, but these figures do show that options can be slim and finding them can be very difficult. This is where an insurance broker needs to be asked to find a competitive policy.
As a driver gets older the number of available policies decreases, for example someone aged 86 will see the number of available policies drop by 75%. There may well be an increased risk associated with motorists over a certain age and under the new arrangement the ABI plan to publish claims data broken down by age. This should highlight the cost of insuring older drivers which will delight many people who believe that the higher premiums are not really evidence-based. It’s not all doom and gloom as there is a great deal of variation between providers and if anyone can find a policy to fit then it is usually an insurance broker.