Nicosia, Cyprus. Motor insurance companies must now document their reasons when terminating coverage for people aged over 70 under a law passed by the House on Thursday. The law also requires written notice at least three months in advance, with fines for noncompliance.
New requirements for insurers
Under the law tabled by Volt MP Alexandra Attalidou, companies must inform elderly customers in writing of their intention to terminate motor insurance coverage. Customers must be notified at least three months prior, and companies that fail to do so are subject to fines.
Background and rationale
Attalidou said she took the initiative after a report by the ombudswoman issued last April noted that insurance companies were refusing coverage to drivers aged 70 and above. In remarks to the House, she said people penalised due to their age had supported the country’s social and economic fabric, and argued that elderly drivers should not be left without guaranteed access to mandatory insurance coverage.
Accident and premium figures raised in debate
Attalidou cited data showing that drivers aged over 70 are involved in few accidents, meaning compensation claims are low. She said her proposal does not aim to end age-linked risk assessment for insurance purposes, while it was also heard that some insurance companies increased premiums to €700 for elderly people.
How do you think the new requirements will affect access to motor insurance for drivers over 70?
