Insurance costs double then triple overnight for retired travellers

Retired travellers face insurance price hikes of more than 100 per cent on their 66th birthday, and similar increases on turning 70, according to research from moneysupermarket.com.

The price comparison website is urging insurers to smooth out these ‘overnight premium shocks’ to reflect the true and fair cost of insuring individual retired travellers.

Richard Mason, director of insurance at moneysupermarket.com, said: “Anyone who dreams of seeing the world in their retirement will get a nasty shock when they reach their 66th birthday and find insurers have doubled the cost of their travel insurance. The situation gets even worse for travellers entering their seventies as the cost of cover leaps by almost as much again.

“How can these overnight premium shocks be a fair reflection of an individual’s increased risk of making a claim? Older people should not be penalised for going abroad and should be able to find fairly priced travel insurance, whatever their age.”

Richard Mason added: “Many older people may have some form of pre-existing medical condition, and this should definitely not put them off arranging insurance before travelling since the risks are just too great – and providers will cover them in most instances. Failure to disclose a pre-existing condition may mean an insurer refuses to pay out if a claim looks to be linked to this.”

As an older traveller it is more vital than ever to choose the right level of cover at the best possible price, and not to be blown off course by the confusing array of providers, policies and terms out there.

moneysupermarket.com has put the following checklist together to help older people get the right travel insurance as quickly as possible and without any problems:

1. All about you

Do you have any pre-existing medical conditions? Failing to declare these could invalidate your policy should you need treatment because of this condition treatment.

What age will you be on the date of travel? All policies have age limits. Check you will not be over the age limit by the end of the travel period.

Consult a doctor before you travel to ensure you understand the risk associated with your travel destination – for example, what will the climate be like? Will this affect any medication you are taking?

Ask your doctor for adequate medications to cover the whole trip and with some to cover possible delays as it may be more difficult to obtain overseas.

Regular exercises on flights can help reduce ankle swelling, and more seriously, the risk of thrombosis.

Be prepared for long flights – make sure you drink enough water to avoid dehydration and ensure you have enough of any medication you require on your hand luggage.

Angina and breathlessness can be worse at high altitude and sometimes in aircraft – it is wise to alert the cabin crew if you suffer from these conditions

2. Where you are going?

Going to the EU? Make sure you have a European Health Insurance Card (EHIC). It will help to significantly reduce medical bills and enable travellers to receive the same medical treatment as local residents.

Is the destination country deemed safe for travel? You may not be insured if you are travelling to a country where the Foreign and Commonwealth Office have advised against travel. For advice on countries not to travel to and for global information prior to travel visit www.fco.gov.uk/travel.

3. What about the small print?

Check the cancellation policy. Some insurers do not include this as standard. Likewise, check you are covered if you need to cancel your holiday because of a pre-existing condition.

How much cover does your policy provide? Check the limits on what the insurer will pay for each claim on e.g. medical expenses.

Do you need personal baggage cover? Many travel insurance policies do not include this as standard, but you may not need to add it if you are already covered under your home and contents policy; check the small print before you decide.

Check where valuables should be kept. Many policy conditions insist that valuables be kept in a safe place, as defined by your insurer, otherwise you may not be covered.

Richard Mason said: “As with any insurance policy, it’s important to scratch beneath the surface and check the small print to ensure you comply with your policy conditions. Older travellers may want to consider approaching specific organisations such as Age Concern or Help the Aged for insurance, but as always it is worth comparing these quotes to check they are competitive.”

moneysupermarket.com recommends you take at least the following level of cover:

Medical expenses: £2 million
Personal liability: £1 million
Cancellation: £3,000
Baggage: £1,500
Cash: £250