Tescocompare.com comments on the Equality Bill
Commenting on the recently published Equality Bill - Paul Baxter from Tescocompare.com said:
“Tescocompare.com is fully supportive of any legislation which makes our society fairer. We are therefore pleased that the Government has said the proposed law will not ‘affect differential provision of products or services where it is actuarially justified’, because to do so, would have been unfair. With insurance, people in a higher risk category (ie. where experience shows that they are more likely to claim) have traditionally paid higher premiums. A good example of this is the fact that premiums for younger car drivers are higher.
“Much of the attention is on the increasing premiums of older drivers as well as the difficulty in obtaining quotes from many insurers. Tescocompare.com figures show that a driver’s premium will double from age 70 to 85 - and then double again by the time they are 90; whilst at the same time the number of insurers willing to quote falls - offering less choice. Whilst the new legislation will allow insurers to continue to price for the risk - so older drivers will pay more - it should not stop people researching the market each year using a comparison site to ensure they are getting the best deal and the right cover for them.”
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