Does travel insurance go up after 75?

In this article, we look at what factors can affect the price of travel insurance for over 75-year-olds,  including your destination, the length of your trip, age, and any health conditions.

Does travel insurance get more expensive with age?

Whilst quotes for travel insurance will vary, typically, they can become more expensive with age.

This is because the cost of your travel insurance is largely based on how likely you are to make a claim. According to data from the Association of British Insurers (ABI)[1], older travellers are more likely to have pre-existing medical conditions and tend to have higher claim costs.

However, age is not the only factor that impacts the cost of travel insurance. There are opportunities to bring down the price of your quote, should you wish to. We’ll explore these in more detail below.

What factors impact the cost of travel insurance?

Every insurance company will have its own products and pricing structure. However, there are common factors used to determine the cost of your travel insurance quote. These include:

• Your destination: visiting a country with higher medical costs, or that’s further from home, usually results in more expensive cover.
• Your duration: longer trips can raise the price of your insurance as the chance of losing an item or getting an injury increases over time.
• Your luggage: specialist items, such as golf equipment or expensive gadgets, may not be covered by your personal belongings allowance and can require additional cover.
• Your age: as mentioned above, older travellers usually face higher insurance costs due to the increased likelihood of more costly medical claims.
• Your plans: certain activities, such as cruise trips or winter sports, may increase your quote as there’s a high-risk of injury involved.
• Your level of cover: if you’re looking to be insured for a wider range of incidents or require more financial compensation, this can increase your insurance quote.
• Wider economic factors: many economic factors contribute to the cost of travel insurance, from the current cost of medical treatment to the strength of the UK pound.
• Your medical conditions: people with medical conditions may pay more for travel insurance if they’re more likely to make a claim while abroad or require specialist care.

Can over 75s get travel insurance with pre-existing medical conditions?

Yes.

While many companies don’t cover certain medical conditions as standard, there are specialist travel insurance options available to cover those with pre-existing medical conditions.

At Age Co, we work in partnership with AllClear - the travel insurance specialist for customers with pre-existing medical conditions. Together we’re able to cover over 1,300 conditions, including:

• Heart conditions
• Cancer
• Diabetes
• Epilepsy
• Hypertension
• Mobility issues

Of course, medical conditions are not limited to those in later life. According to research led by Imperial College London, 15% of people in England are currently living with two or more health disorders [2].

Important: if you do have a condition, you must declare it to your travel insurance provider.

To learn more about which medical conditions you should declare for travel insurance, click here.

How can I reduce the cost of my travel insurance?

If you’re looking to lower the cost of a quote for over 70s travel insurance, there are many options to consider.

• Look for locations with lower healthcare costs: for example, the cost of medical treatment in Europe is much lower than care in America.
• Consider a shorter stay: if you’re away for a short amount of time, you’re less likely to make a claim.
• Increase your excess: if you’re willing to pay more towards any claim, it help to lower the cost of your travel insurance policy – though make sure you have enough money set aside to pay for this, should a claim need to be made.
• Reduce wider risks: whether it's through your choice of activities or the items you take with you, there are many ways to reduce wider risks and lower the cost of your travel insurance.

Of course, reducing the cost of your travel insurance is only worthwhile if you maintain the level of cover and support you need.

Quality travel insurance may cost more but could save you significant sums of money in the event of an emergency, as well as provide vital support.

Summary

As we’ve explored above, the cost of travel insurance can increase as you get older - but age is not the only factor at play.

You may also find it useful to keep the below points in mind when considering your travel insurance options.

• From your destination to your duration, insurance companies consider lots of different factors when determining the cost of your travel insurance.
• If you can reduce the risks associated with your holiday, you might be able to bring down the cost of your travel insurance - for example, through your choice of activities or destination.
• Price shouldn’t be the only deciding factor, and you’ll need to consider what level of protection is right for you.
• Whilst some insurance providers do set limits for certain ages or exclude some health concerns, specialist products are available for travellers over 75 and for those with pre-existing medical conditions.

[1]Association of British Insurers

[2]Imperial’s News Website