Over 65′s pay more for travel insurance

British pensioners are seeing a rapid rise in travel health insurance costs immediately after reaching the age of 65. The latest trend sees that holidaymakers taking out travel insurance policies pay anywhere from double to quadruple the price someone under 65 would be asked to pay. The highest costs are incurred by over 65s hoping to travel around Europe.

Moneysupermarket.com conducted a survey, which reveals that British OAP’s could see travel insurance increase even more over the next year. The survey results indicate that costs of travel insurance policies for pensioners could so much as increase 174 percent for European travel, and 131 percent for worldwide travel. These numbers are representative of a standard, annual multi-trip policy.

The research also showed that the hikes in travel insurance do not end at 65. According to the survey, pensioners will see rates go up even further upon reaching 66 and then again at 70, and finally once again after reaching the age of 71. Figures indicate that these price hikes could add an additional 46 percent raise to basic travel insurance policies on top of the increase at the age of 65.

Bob Atkinson spoke on behalf of moneysupermarket,com and said that the best thing for pensioners to do if planning on spending their retirement travelling is to start getting ready now to incur high travel insurance costs. He also added that it is important for older travelers to shop around to be sure they are receiving the best travel insurance policy for their money.

Atkinson also cautioned that the cheapest policy is not always the best policy, and that if a cheap policy does provide adequate coverage it could end up costing the traveler more if an emergency situation were to arise. He added that premiums between carriers varies greatly, so looking at policy specifics is the best way to approach a purchasing decision.