New Motor Insurance under Age of 65

Automobile Association of Singapore (AA), launched a new insurance policy for senior drivers over the age of 65. The AA Senior Motor Plus policy takes into account the applicant’s driving record and claims experience and covers driving in Singapore and West Malaysia.

It comes with benefits such as a five per cent discount for eligible policyholders with 30 or more years of experience, and a free medical examination, required of drivers above 65 years of age by the Traffic Police.

The insurance policy is in response to an increasing number of complaints from senior drivers having to pay higher premiums and being denied cover when they cross 65 years of age.

Last July, the Monetary Authority of Singapore also urged motor insurers to offer a suitable motor insurance product for this group of drivers, while the Land Transport Authority has said that it is reviewing a suggestion for a MediShield-like scheme for such drivers.

The policy also comes at a time when there are more senior drivers on the road.

According to Traffic Police statistics, the number of driving licence holders older than 65 has doubled from 118,237 in 2006 to 234,371 at the end of September last year, reported The Straits Times Online.

source: google news, sbwire

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