Insurance costs twice as much for older Brits

Thu, 05 Feb 2009

Older people in Britain are paying nearly 50 per cent more for their insurance premiums, according to Age concern .

The Director General of the charity Age Concern, Gordon Lishman, said that insurers offer "unreasonable and disproportionate hikes in premiums that appear to be unrelated to any increase in underlying risk."

Those aged over 80 could find themselves paying increased premiums for travel, motor and health insurance . In comparison to a 60 year old, over 80’s may also find that they are paying twice as much more on their monthly private medical cover . According to Mr Lishman, a great number of travellers over the age of 75 have been refused travel insurance and a survey by insurer MoreThan, revealed that only 28 insurers are offering car insurance for those over 80.

However, Malcom Tarling of the Association of British Insurers said: "Insurers are not ageist. They have to process the likelihood of a risk occurring. Age is obviously relevant when it comes to the amount of claims people will make."
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