UK Pensioners Pay More for Travel Insurance

As the trend towards charging British pensioners more money than their younger counterparts continues, more and more travel insurance providers are hiking fees for travellers over 65. The highest penalty comes for pensioners over 65 travelling around in Europe, with costs of insurance for such travellers steadily increasing.

According to a study conducted by moneysupermarket.com, the numbers for travel insurance for British OAP’s could increase in the next year as much as 174 percent for those hoping to travel around Europe. Worldwide travel insurance could increase up to 131 percent for annual multi-trip policies.

Not only does the research indicate that 65+ travellers will see a hike in rates upon turning 65, but the worldwide traveller insurance also increases when pensioners turn 66, and then again at 70, and then again at 71. These increases with age could be as much as 46 percent increase in policy price.

Bob Atkinson of moneysupermarket,com said that pensioners planning on spending their retirement touring the world may wish to prepare themselves for the exorbitant increase in travel insurance upon reaching the golden age of 65. He added that the phenomenon may get worse as individuals in the UK are now living longer and enjoying a greater disposal income.

Atkinson advised travellers in this situation to look around and explore the best possible travel insurance policy before making a decision. He added that a difference in premium varies significantly among carriers, but that consumers should be careful to choose the best policy and not necessarily the cheapest.