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.