Insurance costs rise for older travellers

A report by Which? has revealed that older holidaymakers face sharp increases in the cost of travel insurance, despite claiming less frequently.

Which? obtained quotations which illustrated that healthy travellers aged 75 pay more than twice as much for an annual worldwide policy as someone aged 65. Quotations for a healthy traveller aged 85 are five times more costly than those aged 65.

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Data from the Association of British Insurers (ABI) illustrates that whilst 7.2% of 61 to 65-year-olds claim on their travel insurance, the figures falls to 5.6% for those aged 76 to 80.  

A study by the British Insurance Brokers’ Association identified increased travel by older people to destinations outside the European Union resulted in much higher claim costs, as there is no access to free medical care through the European Health Insurance Card.

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The United States of America is the most expensive country in which to fall ill—with medical bills averaging more than £4,700.  The global average for medical claims on travel cover is approximately £1,300.  

Very large claims—in excess of £75,000—are becoming more frequent. Few people can afford to find such amounts, therefore it is essential to have the correct travel insurance protection in place before you travel.