Bought By Many puts Over 65s back in control of travel insurance
Bought By Many partners with Travel Adder to offer a new fairer travel insurance deal for Over 65s
London, 1 May 2013 – Bought By Many, the company bringing people power to insurance, has partnered with travel insurance specialists Travel Adder to launch a new offer for Over 65s. People over 65 can now save 8.6% on all policies from Travel Adder, simply by joining Bought By Many’s Travel Insurance Over 65 group. More than 300 Over 65s registered their interest in getting a fairer deal on travel insurance, and Bought By Many used the collective buying power of the group to agree the discount.
Age is an issue for insurance companies because most of their costs come from people requiring medical treatment when they're on holiday. Many insurers believe that Over 65s are more likely to have medical conditions, and as a result they will either increase prices or decline to insure Over 65s at all.
Bought By Many’s offer puts Over 65s in control by giving them a choice about whether to cover any medical conditions they may have. They can therefore choose to keep costs down, while still being covered for incidents such as flight cancellations or loss of luggage. But regardless of whether they choose to include or exclude cover for pre existing medical conditions, they will still benefit from the discount.
“We’ve created this offer based on the overwhelming feedback we’ve received from consumers,” said Steven Mendel, CEO and co-founder of Bought By Many. “We think the high costs and the lack of flexibility in travel insurance for older people are unfair, and we’re delighted to be working with Travel Adder to change that for the better”.
“Working with Bought By Many means we can offer Over 65s greater flexibility and value-for-money”, said Christian Young, CEO of Travel Adder. “It’s important that Over 65s can access the protection that younger people often take for granted when they go on holiday.”
Bought By Many helps consumers club together in groups to get a better deal on insurance - the bigger the group becomes, the better the offer they can negotiate.
Over 65s can join the group, get a quote, and apply online via the Bought By Many website: Travel insurance over 65
About Bought By Many
Bought By Many uses social media to level the insurance playing field for consumers. It connects people with similar insurance needs in social buying groups. These groups can consist of people who share a postcode, a profession, a passion – or anything else. It then creates the opportunity to buy insurance on more favourable terms than would be available to them as individuals. And for insurers, it creates the opportunity to reach the risk segments they most value, profitably, and at meaningful scale. For more information visit boughtbymany.com.
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