How Does Age Affect Travel Insurance?
When it comes to securing a travel insurance policy there are usually a small number of important questions your insurer asks to determine how much your premium will be - one of the main ones being how old you are. So how much does age affect the cost of your travel insurance?
Typically, as your age goes up, unfortunately so does your travel insurance premium, however insurers usually separate clients into three age brackets:
Those aged 60 and under fall into the lowest cost bracket.
If you're between 60 and 65 then you might see a little rise in the cost of your insurance, though nothing to phone home about, unless you have any additional factors or add-ons that could lend themselves to raising the cost (think medical conditions or specialist requirements).
For the most part, it is the 75 and over age group who will see the cost of their premium sky rocket. What you must remember is that when you’re in this age bracket the chances of you having an underlying medical condition is pretty common, and the price is merely a precaution taken by the insurer.
Since older travellers are deemed more susceptible to illness and injury, the price of your insurance is relative to your age. Certain companies may also outline a cut off policy for specialist insurance. For example, many insurers offering backpackers coverage will not be likely to offer it to anyone above 65.
However, the scales shift a little when it comes to accidental death coverage. An older customer can expect to see a much higher coverage rate,with the standard being around $10,000, than a younger person.
Medical conditions go hand in hand with age when it comes to travel insurance. No matter how old you are, if you have a pre existing medical condition, it will impact your premium. It is vital that you are honest and upfront with your insurance provider about any conditions that you have, failure to do so could result in your policy being voided.
Travelling With Minors
While the cost of insurance can increase with age, it can also have the opposite effect. Some package plans include kids for free, which means a better price value for parents and grandparents traveling with kids.
Each insurer will make their own decision about how much coverage they will offer for each age band, so it is best to compare different companies to find the perfect package for you.