Wednesday, 4 July 2007

Insurance woes

I must confess that my year round travel insurance policy is provided by Saga. I have just been hit with a premium increase on renewal of approximately 50%.

Why? I have just passed an age threshold. A significant part of the increase was triggered when I reached 65 in June.

I query it. I don't recall being told anything about such thresholds when I shifted my insurance to Saga a year ago. It's correct, they say. An actuarial decision.

Trouble is, actuarial decisions don't take account of individuals. You don't get any rebate if you are fit. I moved to Saga because my previous policy, through American Express, would no longer cover me year round to travel to the US. I would have been obliged to buy more expensive single trip policies.

Saga's rules are not quite as age unfriendly as that - after all it is a company designed to cater for mature customers - and unless they change dramatically they will cover me to ski until I can no longer bend down and do my boots up.

But it seems unfair. So far as I know I am as fit and healthy as I was on the last day of my 64th year - and no more of a risk. It's just one of many insurance frustrations encountered over the years.

Older people are staying fitter longer and travelling more adventurously than ever. The travel industry needs them. Isn't it about time some insurer offered them a less discriminatory deal?

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