Cheap car insurance news
05/08/2008
Law cracks down on age discrimination by insurers
New UK laws are set to crack down on insurers who turn down older motorists for car insurance based on their age.
And the new laws are also designed to stop firms increasing motor cover to unreasonable prices.
The Equalities Bill aims to stop such age discriminatory practices by the motor insurance industry.
The Association of British Insurers (ABI) agrees with the new age laws in principle. But director general Nick Starling said it could cause some cover to be withdrawn.
He was worried the bill would be badly implemented, saying premiums for all motorists could rise if competition was reduced due to new measures.
Young driver car insurance could be lowered as a result of the new laws. But the insurance industry points out young drivers should pay more for cover because their driving leads to ten times more accidents on the road than the average motorist.
Ashton Berkhauer, insurance expert at uSwitch.com, said, "If the bill calls for pricing to be equal across age groups this could lead to a rise in premiums for lower risk, safer drivers, who would effectively be subsidising their higher risk counterparts."
Car insurance firm Duck2water is advising motorists to check the situation with insurance companies that provide cheap cover.
"At Duck2water, we understand how to find cheap car insurance. While this debate about new age laws continues, we remain focused on finding the best deals for our customers," said a spokesperson.
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