As you grow older the number of travel insurance policies available to you decreases. Although, the upper age limit on single and annual multi trip policies varies between insurers, 65 is the most common cut-off point. However, there are specialist insurers out there for the more mature traveller.
According to the Association of British Insurers (ABI), the increase in premiums covers the additional risk of the elderly falling ill on holiday. Over 65s are 1.5 times more likely to become ill on holiday and make some form of medical claim. Although younger travellers make a similar number of claims they are more likely to be for loss or belongings.
The right insurance….
Travel insurance provides you with financial protection against travel associated
risks.
Finding the right travel insurance is even more essential in your older years.
As well as medical expenses cover, always check that you have protection against
theft or loss of baggage and cancellation of your holiday. Check that emergency
repatriation is covered too.
Don’t be afraid of the detail – it could end up saving you hundreds of pounds. Always compare the benefits of the cover and get used to focusing on more than just price. Check for exclusions, special features and any small print catches. Always declare any pre-existing medical conditions that you and fellow travellers may suffer from. Failure to do so could result in your insurer refusing to settle a claim, leaving you heavily out of pocket.
Older travellers find it hard to buy annual multi trip policies. Insurers who do offer annual travel insurance polices to over 65s will have stricter limits on the number of days you can be away during one single trip. Whether you have an annual or single trip policy, always double check the number of days you are covered for.
Ways to save…..
Although travel insurance premiums are higher for the over 65s, don’t
be be tempted to travel without insurance cover. The extra money spent on a
travel insurance premium is nothing in comparison to the potential bills you
could face in a medical emergency.
- Paying a higher excess will result in a lower premium, but remember that this is the amount you agree to pay in settlement of a claim so you must make sure your finances could stretch to this amount if they need to.
- Be ware that travel agents generally offer less competitive premiums. An online comparison service will direct you to insurers relevant to your circumstances.
- If you suffer from pre-existing medical conditions call the insurer before you travel to discuss whether your cover is likely to be affected.
- Check your household contents insurance. Your personal belongings may already be covered if you have ‘all risk’ cover. If so, tell your travel insurer and you may be entitled to a discount.
- If travelling to Europe, apply for a European Health Insurance Card (EHIC). This entitles you to medical treatment (free or at a reduced cost) when travelling to any European Country plus Iceland, Liechtenstein, Norway and Sweden. This is not a substitute for travel insurance as it does not cover repatriation, cancellation or lost/stolen baggage costs.
- Try to avoid travelling with valuable items.
- The type of holiday and destination will obviously affect your premium. America attracts higher premiums due to the high legal and medical costs. Participating in high risk hazard also attract more expensive premiums.
BUT don’t let expensive premiums put you off enjoying your retirement and travelling the world! If you shop around carefully, you are likely to find an affordable premium that covers you for all eventualities. Click here to use the Tiscali Insurancewide TravelWizard®.
