prices have risen this year due to the increase in underwriting costs. Its not just the actual medical costs themselves, there’s also the currency rates and aviation fuel costs to take into account
(PRWEB UK) 7 March 2012
Many older travellers are likely to travel without insurance or not travel at all this summer with annual increases of up to 90% on the cost of their travel insurance. This widely reported fact is confirmed by Cheap.co.uk with their insurance costs increasing inline with competitors.
This huge rise is blamed mainly on increases to the costs of medical care in various countries including the US and several European countries. Pensioners who plan to visit the US are being hit particularly hard should they have a pre-existing medical condition.
Increased travel insurance fees could heavily increase the costs of holidays and with many pushing their finances further, pensioners with a medical condition will need to decide whether to pay the additional or travel without cover and the additional risks this brings.
A cheap.co.uk spokesmen confirmed: “prices have risen this year due to the increase in underwriting costs. Its not just the actual medical costs themselves, there’s also the currency rates and aviation fuel costs to take into account.”
Many pensioners who have declarations as to a medical condition on their existing travel insurance policy will be unable to renew and refused cover as travel insurance companies’ move previously safe to insure conditions as too high risk to cover.
Data released this week by Columbus Direct details a 69 year old travelling to the US with diabetes for two weeks would pay £248 this year. That’s a huge increase of £134 from last year’s rates. A 79 year old with angina would pay £576 this year compared to £303 from last year, another huge increase of £273 and around 90%. This matches increases in data released by Cheap.co.uk who confirm prices have rise around 86% for those looking for pensioner travel insurance.