Senior driving Insurance. Age discrimination? Missed opportunity?

A newspaper article I read recently mentioned “Safety Tips For Senior Drivers”. Interesting because it recognizes some of the physiological-decline issues we face with age. “One of the dangers of ageing is its slow and gradual process. Instead of a quick glance at the rear view mirror, aged eyes need to stare at it to focus on it, and the mind takes seconds longer to decipher what it is looking at”.

We know that auto manufacturers (particularly the Japanese) have, for quite some time, been designing their cars with older drivers needs in mind.

It made me recall a conversation with a leading insurance company in Singapore who mentioned that they did not insure drivers over 65. Others, apparently discriminate by charging 65+ drivers the same premium penalty as applied to first-timer drivers.

This is interesting because some insurers elswhere in the world recognize that older drivers, although ageing are experienced, cautious and often don’t travel as much as younger drivers, hence they present a lower risk. For this reason, companies in USA and Europe target the older drivers as a lucrative (and growing) segment.

Maybe insurers in Asia should go through their accident stats and rethink their strategy toward older drivers. An opportunity in waiting?

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