January can be a bit of a drab month. Christmas is over, the weather’s cold and miserable and we’re going back to work. Small wonder so many people spend this month planning their holidays. However, if you’re over 50, finding travel insurance has often been a bit of a nightmare.
Insurance companies hate risk and as soon as you pass the big 5-0 that’s often all they see. Some providers are offering specific packages aimed at the over fifties market. It makes sense. Recent figures suggest that people over the age of 50 buy just over 50% of holidays. These policies are more inclusive and will extend coverage to people in their 60s, 70s, 80s and even 90s. They may cover the pre-existing conditions that a conventional insurance product might shy away from. However, they are still often much more expensive.
Times are changing
Many insurance firms view age as a blunt instrument of risk assessment. In the same way they assume anyone under the age of 22 is a driving liability, they assume anyone of advancing years is a heart attack waiting to happen.
And that’s not true – not anymore. Thanks to the marvels of medicine we are living longer and more healthy lives than ever before. People over the age of 50 are not only going on holiday, but they are being more adventurous. They are leading the way with adventurous holidays in exotic locations and are also more likely to be found enjoying extreme sports and skiing.
All of which is enough to make any insurance salesman break out into a cold sweat, refuse coverage or at least whack up the premiums.
However, some take a more enlightened view and if you’re careful you can still find a good deal. Here’s how.
Get an annual policy
Most of us take out travel insurance as and when we need it. However, many older people are lucky enough to have retired; they have disposable income and are taking several trips a year. If you’re one of them, you may save money by taking out an annual travel insurance policy. This will be with you all year and cuts down on the hassle of arranging cover each and every time you go. It usually makes sense if you are travelling three times in a twelve month period, but is worth comparing prices for different geographic locations too. If you are travelling to the US for one holiday and Europe for another two it may be worth buying separate policies as the worldwide cover is more expensive due to the higher costs of medical treatment and repatriation.
Before you leave, it could be worth checking the policy to see if you have to make any changes – just to make sure you’re covered for everything.
The usual stuff
Aside from this, you should use all the usual tricks to reduce your costs. For example, agreeing to a higher excess could reduce your premiums. Equally, reducing the features of your policy will bring the policy down, although it can leave you exposed if the worst happens. Some policies don't include cancellation cover which may make sense if you're travelling to a holiday home using budget airline flights, but will still cover you for medical expenses should the worst happen whilst you're away. If you’re travelling in Europe, get an EHIC card which can provide access to state-provided healthcare at a reduced price or often for free.
Shop around
This counts with every policy, but is even more important to remember if you’re older. Many people are just happy to find a policy which will provide cover, but the market is growing and so too is the choice. The more research you do, the better your chances of getting a good deal.
Give our friendly team a call on 01243 784000 to get a great deal regardless of age, or visit our website at www.PayingTooMuch.com.
