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Older customers are often penalised for their age when obtaining financial products such as this, leaving a number of them without sufficient cover. The new system aims to address this, ensuring that all travellers are fully covered whilst away from home.
The new system will require insurers to refer older individuals to another provider or signposting service if they are unable to cover them through their own policies. Signposting services are designed to help direct individuals to relevant firms who can offer them the products they need.
This means individuals who may have found it difficult to obtain insurance in the past will be given the support and guidance they need, making travel insurance far easier to obtain. All companies which are members of the ABI will have the new rules enforced as mandatory regulations, with BIBA brokers also looking to implement a similar structure. Those companies who are not affiliated with these two bodies will be able to adopt the new procedures on a voluntary basis instead.
This decision will hopefully reduce the number of people who wrongfully travel without adequate insurance – although questions over the price of this cover are still circulating. Speaking on behalf of consumer watchdog Which?, Paul Davies commended the decision but explained that “it remains to be seen whether the insurance that people gain access to is affordable” – highlighting how value for money is deemed just as important as accessibility amidst the current economic climate.
If you are planning a holiday this year, make sure that you take advantage of the new system and obtain sufficient travel insurance. This will offer you financial protection against a number of common travel complaints, including theft and injury, and is available to travellers of all ages.
Date Created: 13/04/2012