Age and Travel Insurance
With all insurances, premiums are worked out mainly on the probability of the customer making a claim. Insurers tend to categorise their customers in order to give them a quote, and one main category they look is the age of the customer. Quotes are drastically affected by young and old age. This also goes for travel insurance policies, especially people of an older age.
Just like expensive car insurance is considered unfair to new young drivers, travel insurance is highly priced for people over the age of 60. This is unfair to those at that age who are in perfect health. Insurance companies have proven that there is a much higher chance of people over this age claiming on there travel insurance. And therefore class that group of people a high risk, and the premiums must reflect this. Some insurers will even refuse travel insurance completely to people of certain ages.
Even though many pensioners consider these prices as ageist, insurance companies believe that people of this age claim as much as 3.5 times more than people under the age of 50. This is understandable; however they should assess each customer individually before giving them a quote, as it's not fair on people of an age who are in perfect health.
There are however a small quantity of insurance companies that specialise in giving the elderly travel insurance. These companies do charge slightly higher prices, but can be tailored to suit the individual. Certain aspects can be covered, while other pre-existing medical conditions can be excluded if need be to bring the price down. Be sure to check the policy thoroughly and make sure that what you need to be covered is covered.
Use the internet for travel insurance comparison. Consider annual travel insurance if you plan on more than one holiday a year. Tailor your travel insurance to your needs to save money with cheap insurance.
About the Author:
An author from North Wales