Finding affordable travel cover if you’re over 70 can be a challenge, but there are ways to make sure you don’t end up paying over the odds.
Insurers often hike the cost of travel insurance premiums for older travellers because they are considered more likely to make a claim due to ill health. Here are our top tips for keeping costs down – and some of the things to watch out for when buying cover.
Only buy the cover you need
Travel insurance policies can vary widely when it comes to the level of cover they provide, so make sure you aren’t paying for cover you won’t use. For example, if your policy offers cancellation cover of £10,000, but your trip has cost you £2,000, you may be able to find cheaper insurance with a lower level of cancellation cover. Comparison sites often enable you to tailor cover specifically to your trip, so that you only pay for what you actually need.
Annual cover may be more cost-effective than single trip insurance
If you’re a frequent traveller, perhaps taking a couple of two-week holidays a year and also one or more European city breaks, you may be able to save money by taking out annual travel insurance rather than single trip cover. This type of policy provides cover for as many trips as you want in a year, so you don’t have to arrange several separate policies.
Always declare any medical conditions
Although it might be tempting not to disclose any health issues you might have when buying travel insurance, it’s vital to be up-front about any medical conditions you have. If you aren’t, this could invalidate your cover and your insurer can refuse to pay out in the event of a claim.
Check cover provided by your credit card or bank account
Travel insurance is often provided as a ‘free perk’ by credit card and packaged current account providers, but if you’re relying on this cover to protect when you’re overseas, always check whether there’s an upper age limit first. Some providers only offer cover up to the age of 70 or 75, so you might not be protected if you’re older than this, in which case you’ll need to buy cover before you travel.
Bear in mind too that even if you’re paying a big monthly fee for your credit card or current account because it offers you travel insurance, it might be more cost-effective to go for a fee-free card or account and buy travel insurance separately.
Review your excess
The excess is the part of any insurance claim which you must pay yourself. If your travel policy offers a low excess, you may be able to raise it and reduce the cost of your premium. Make sure you don’t set your excess too high, however, otherwise it may be too expensive to make a claim.