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.
“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.” comments Richard Mason, director of insurance at moneysupermarket.com.
Many older people may have some form of pre-existing medical condition, but Richard Mason urges that this should definitely not put older travellers 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,” he warns.