UK Pensioners Pay Higher Rates for Travel Insurance

New figures released by moneysupermarket.com show that travellers past their 65th birthdays can expect up to a 174 percent increase in cost for multi-trip travel insurance policies.

The study shows that UK pensioners are being forced to pay much higher costs than their younger, travelling counterparts once they have reached the age of 65.

A travel expert over at moneysupermarket.com, Bob Atkinson said that as people around the UK begin to live longer, there is a rise in pensioners with greater disposal income which is enabling them to travel more. He added that insurers will have to adapt new policies to accommodate older travellers.

Currently, the travel insurance policies available make the playing field unfair for older travellers. Mr. Atkinson stressed that companies will need to reinvent policy in order to charge older travellers a rate which better reflects the actual risk they pose.

Until changes in policy are made, older travellers can continue to shop around to locate the best premium among companies for holiday makers of their age. However, experts are still advising to take out travel insurance regardless of what the cost of premiums are, as the cost of repatriation or medical treatment will invariable be higher.

Mr. Atkinson stressed to travellers taking out insurance policies to shop around before choosing a provider and to take extra caution in understanding the policy they have paid for. He added that the cheapest is not always the best.