Big hikes in travel insurance for over 65s

If you’re looking to buy travel insurance for your next holiday you could be in for a big surprise.

The Daily Mail has recently reported that some insurance companies are hiking up the price of over 65’s travel insurance by as much as 100% or more!

The report, which details a Money Mail investigation, found that several high-street insurers had increased annual holiday insurance prices from £163 to as much as £361.

It’s not just the price of insurance that has changed, watch out for the small print in policies too, as according to the report, not only has the price of travel insurance risen significantly, but also some travel insurers have rewritten their policies and increased excesses.

Travel insurance is an absolute necessity when travelling and, although the price of insurance pales in to insignificance when compared to the possibility of hefty hospital bills and the cost of repatriation if you were to fall ill abroad, there should be some restriction on the amount an insurance company can charge the senior traveller. Expensive holiday insurance costs could prevent some travellers from taking holidays, prevent grandparents from visiting children and grandchildren living abroad, or could lead to older travellers taking risks and travelling without insurance.

Tips to find cheaper travel insurance

When looking for travel insurance, always shop around

  • Don’t take the first policy that is offered to you, or the standard insurance offered by airlines when booking tickets
  • Try a search on a few price comparison websites
  • Always read the small print
  • Make sure that you are covered for any activities you plan to do, but equally, don’t pay for cover for activities you will never do
  • Don’t pay for an annual policy if you only take one holiday a year.

It may be tempting to withhold existing medical conditions to reduce the cost of travel insurance, but don’t. Failure to disclose any pre existing health problems could invalidate your insurance.

For the full Daily Mail article including insurance companies surveyed and their price increases click here.

If you have any tips on ways to reduce the cost of travel insurance, or have encountered problems trying to obtain insurance for your holiday, please feel free to comment below.

One thought on “Big hikes in travel insurance for over 65s

  1. Suzanne Holiday

    I am not at all surprised at hikes in travel insurance for over 65s outlined above and in the recent Money Mail investigation. I completely understand that travel insurance cover will inevitably cost more with age as the risks get greater, but premiums should not be excessive. The UK has an ageing population and it astounds me that some insurers still consider over 65s ‘too old’ to insure or often charge over the odds. Their loss you would think, in terms of money to be made from policies, but clearly not as customers are either put off travelling or don’t bother getting adequate cover, but who can blame them? Surely it’s the responsibility of the travel insurance provider to adequately cover customers with fair quotes (not penalise them) irrespective of age.

    I agree with the tips – it’s definitely worth shopping around. I also found the Which? Travel Insurance report really useful. Addressing this very issue, it compares and recommends a number of providers. Thanks to that report I am now happily covered with Explorer Travel Insurance (www.explorerinsurance.co.uk).