Travel Insurance for People in Their 40s Can Cost Nearly Double that of Someone Half Their Age

Oct. 21, 2011 - PRLog -- Many insurance providers are now changing their charges and charging older people more, causing some holidaymakers to pay nearly double what they would have paid around a year ago for the same level of cover.

“Many people are going to find that when they go to renew their insurance they may be hit with massive price increases that have been put in place for different age categories. So with some travel insurers there will be different prices for people in their 20s, 30s, 40s 50s, 60s etc. who will pay different charges,” said James Jones from Poor Credit Loans 4 You.        http://www.poor-credit-loans-4-you.co.uk/poor-credit-loans-for-poor-credit-loan-poor-credit-rating-loans-with-poor-credit-loans.html

There is a few reasons behind these rises and one of them is the increasing cost of medical expense claims, for the travel insurance industry as a whole they have risen 270 per cent over the past six years, according to the Association of British Insurers.

‘This is partly due to older people travelling more,’ says the ABI’s Malcolm Tarling. ‘The older you are, statistically the more likely you are to make a medical claim.

Also more people are travelling long haul then ever before and medical costs are much higher outside of Europe.

In the past, besides companies that specialised in travel insurance for older people, most age ranges would pay the same premium for cover, but insurance company Direct Travel Insurance says the cost of claims starts to increase when travellers reach their early 30s and continues to rise after, so justifying there decision to charge older people more.

‘We believe this to be fairer,’ says Direct Travel Insurance. ‘Older travellers will pay a price relevant to the increased risk that comes with their age.’

And other companies are now starting to follow suit such as AXA, the country’s largest travel insurer who are also introducing age rated premiums on its AXA-Branded Policies.

“Many people consider this to be a fairer option for all which is why more insurers are taking up on this and introducing age related price bands, but if you are slightly older, there are still things you can do to try and reduce the cost of travel insurance,” said James Jones from Poor Credit Loans 4 You.         http://www.poor-credit-loans-4-you.co.uk/loans-for-poor-c...

One of the best things you can do to help you save money when getting your travel insurance is to shop around. Shopping around could save you a substantial amount of money and you could use comparison sites to find cheap travel insurance, but be careful when going for a cheaper policy, as it may not give you the cover you need.

If you are aged 65 or older there are specialist companies that may be able to offer you cheaper insurance.

Also make sure to buy any insurance online, as this is where the best deals are available.

“A great way to save money on insurance, if you are a regular traveller, is to buy annual insurance cover as it can work out a lot cheaper over the year. Also make sure you don’t pay for what you may already have as some home contents insurance policies will cover your baggage etc. so you could exclude it from your travel insurance to cut the premium,” said James Jones from Poor Credit Loans 4 You.

When choosing travel insurance of course saving money is important, but you shouldn't just take the price into consideration, as you may not get the cover you need for the kind of holiday you are heading on, so double check all details when getting a cheaper insurance cover.

Some insurance companies provide cover against unexpected events, such as airlines gong bust, strikes and natural disasters that may affect your holiday and even though it may cost you extra it is recommended if your holiday is not a package holiday (tour operators have a duty of care to help; so unexpected event cover is not as important).

“Not all policies cover sports such as snowboarding, skiing or other activities such as go-karting or mountain biking, so be sure to check your policy and the wordings carefully as it will list which activities are included and which will only be insured for an additional premium,” said James Jones from Poor Credit Loans 4 You.

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