Insurance Deals For The Mature
Sydney Morning Herald
Tuesday June 13, 1995
IF YOU'RE over 50, you're less likely than your children to have a major car accident. And if you're retired and at home a lot, your house stands less chance of being broken into than those of your younger neighbours. Isn't that nice to know?
Because of these probabilities, you're a better bet for your insurance company and that should mean lower domestic insurance premiums. If it doesn't, perhaps you should shop around because there are a number of insurance companies offering special deals and discounts to people over 50.
COTA Mature Outlook Insurance, for example, designs insurance policies specifically for the over 50s and offers very competitive rates. Underwritten by FAI, it is sponsored by the Council on the Ageing, Australia's largest independent, non-profit seniors organisation.
COTA Motor Vehicle Insurance offers members: their choice of repairer; full replacement cover for vehicles less than 12 months old; a secured no-claim bonus (provided a member has held a full no-claim bonus with COTA for the previous two years, their rating will not be affected by one "at fault" accident a year); Lifetime Guarantee of Rating One; windscreen replacement - one a year with no penalties or excess; car rental following theft or repairs; and emergency accommodation expenses.
For home and contents insurance, COTA offers "new for old" replacement of house furnishings and appliances (except carpets more than 10 years); nil excess; jewellery options for inside or outside the home; spoilage of frozen food of up to $500; replacement of locks if keys are stolen or locks damaged by burglary; personal liability cover of $10 million; and an accidental damage option.
All quotes from COTA are guaranteed for 12 months, and once you take out a Mature Outlook policy, you are guaranteed renewal every year. Lewis Kaplan, the executive director of COTA, says this is especially appealing for motor vehicle insurance: "Older drivers who have had a few accidents should not have to fear being denied access to insurance, as sometimes happens."
The Over 50s agency also designs insurance products specifically for the market.
Underwritten by World Marine and General Insurances, some of its benefits include: new for old replacement on homes; new for old replacement on contents less than 20 years old; loss of rent and temporary accommodation cover; veterinary cover for pets injured in a road accident; $500 protection against stolen credit card abuse; and legal costs to discharge a mortgage following a claim.
The Over 50s Insurance Agency boasts discounts of up to 35 per cent for people over 50, and if you're a good golfer, you might collect more than you pay out in premiums with its $100 bonus for a hole-in-one in any tournament.
GIO Australia offers discounts to their customers if they are over 55. For people in this age group, there is an 8 per cent discount on Motor Vehicle Comprehensive Insurance and 5 per cent on Household Insurance.
FACT FILE
COTA Mature Outlook Insurance, phone 1 800 677 249; The Over 50s Insurance Agency, phone: (02) 133130; GIO Australia, phone: (02) 228 1000.
© 1995 Sydney Morning Herald
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