Travel insurance a problem for over-65s (24.10.05)

Around 9.5 million over-65s in the UK struggle to find travel insurers willing to cover them, according to research by the British Insurance Brokers Association (BIBA).

Its figures show that somebody over 65 searching for a travel insurance policy can expect to be turned down by 30 of the 140 main travel insurance policies on the market.

This figure increases dramatically for those aged 70 or over at which point this age group can expect rejection from as many as 105 policies on the market.

BIBA is worried that the knock on effect is that older travellers facing such difficulty in finding a travel insurance policy will simply go abroad without one.

Peter Staddon, BIBA spokesman, said: “Older travellers need the protection offered by travel insurance as their claims can be more severe.

“Travel insurance is as important as their suitcase and they should always attempt to arrange cover.”

In light of these new figures, BIBA has issued a number of tips to help more senior travellers to reduce their travel premiums.

The advice includes using a broker rather than a travel agent to find the best policy and to avoid ever going abroad without any insurance at all.

BIBA also suggest that older travellers inform insurers of any pre-existing medical conditions as well as avoiding higher excesses in an attempt to save money on a policy.

© Adfero Ltd

1 comment for “Travel insurance a problem for over-65s (24.10.05)

  1. October 25, 2005 at 1:22 pm

    Will travel insurance in the USA follow the same path as the UK? Have we already started down the slippery slope toward restrictive markets for older travelers? Unfortunately the answer is probably yes.

    Several years ago travel insurance companies in the USA started using age based rates instead of the community based rates that they had been using. Now all of the companies use age as one of the rating characteristics. And older travelers are paying more for coverage; sometimes as much as 17 – 20% of their trip costs.

    Have the rates settled or can older travelers expect more changes? This writer doesn’t believe that the rates have settled yet. Companies are now using age to track their losses and with the aging population in the USA it will mean more changes in the future.

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