Insurers are charging older travellers massively inflated premiums or simply rejecting them outright, a move which is prompting many senior flyers to shun cover altogether.
Research from financial services company Intune, which is owned by the charity Help the Aged, says that 97% of travel insurance policies impose an upper age limit.
A quarter of these stop offering cover at just 65, while three-quarters (73%) won’t cover those aged 75 and over.
As a result, 13% of older travellers are being put off buying cover due to the access, cost or perceived cost of insurance at a time when travel amongst this age group is booming.
Prices are astronomical
“The research found that a further 31% of the over 80 age group believe they are discriminated against by insurance companies,” explained Intune MD Stuart Castledine. “And what is more worrying is the numbers of over 80s electing to travel without any insurance at all. “
Travelling without cover is never a good idea, but it’s not hard to see why senior citizens may be tempted to try it. EveryInvestor compared prices at eight of the most popular insurers and found that an 85 year old couple can expect to pay on average six times more for cover than a 45 year old couple.
Of course, that’s assuming they can even get cover, with half of the insurers we visited simply refusing cover for anyone of that age.
Single trip cover for a couple travelling in Europe
| 45 yrs old | 65 yrs old | 75 yrs old | 80 yrs old | 85 yrs old |
| Columbus | £16.92 | £33.80 | £43.04 | £79.78 | £79.78 |
| Travel Insurance Web | £15.00 | £49.98* | £53.98* | £54.98* | N/A |
| Insure & Go | £20.84 | £20.84 | £49.74 | N/A | N/A |
| AA | £27.90 | £54.38 | £108.72 | N/A | N/A |
| Churchill | £31.99 | £54.39 | £95.98 | £121.57 | £159.96 |
| Go Travel Insurance | £22.00 | £22.00 | £57.96 | £163.04 | £206.44 |
| Direct Line | £37.20 | £59.55 | £74.45 | £93.08 | £111.65 |
| More Than | £25.86 | £51.71 | £71.10 | N/A | N/A |
| Average Premium | £24.71 | £43.33 | £69.37 | £102.49 | £139.45 |
*Policies offered through InsureForAll.
Importance of shopping around
There’s no getting around the fact that older travellers will have to pay more than younger ones, but that doesn’t mean you have to be ripped off.
The best way to find a competitively priced policy is by shopping around - there’s no point in relying on best buy tables, as these are based on prices for younger travellers.
It may be a hassle, but you could save yourself a packet, as the above table shows. The difference between the cheapest and most expensive cover for a younger couple is £22.20, but for an 85 year old couple, the difference is a staggering £126.66.
Medical conditions will impact on cover
When shopping around for a policy, be up front about any possible medical conditions.
It will probably mean a slightly higher premium (although some insurers don’t charge extra for this) but at least you won’t risk invalidating your policy.
Finally, make sure you read the fine print before purchasing, as some over 65s policies come with restrictions on the number of pre-existing conditions they will cover.
