Are older travellers being robbed?
Filed under: Holidays
Given that many older people are healthier and live considerably longer than they used to, why is the insurance industry giving them such a hard time? Are older travellers being unncessarily penalised?
A new investigation from Money Mail claims that a couple aged 66 and 65 on a two-week cruise with would endure a Direct Travel premium rise of £202 last year to £365 this January based on Direct Travel's Premier Plus policy. That's a 80% price hike. Money Mail clams that annual cover has soared from £163 to £361; a 121% price rise.
Younger people are also being charged higher on a number of policies, it's claimed. "The changes reflect the increasing claims costs we have experienced," Direct Travel told the Mail. "Our objective is to ensure that policyholders pay a premium that is commensurate with the likelihood of a claim and the risks they face."
Up, up and awayHowever there is concern from insurance industry watchers that the industry is simply trying to rake money back following a tough year for natural disasters and international troubles - from earthquakes and flooding to Middle Eastern political change. BP's oil spill, the Chilean earthquake, a highly severe UK winter; it's a growing list.
Other insurance players who have pushed up rates, it is claimed, includes Endsleigh - a 50% rise for annual worldwide cover, from £117 a year to £173. Insurance companies have also been steadily pushing up premiums on car insurance in the last 12 months.
If you've experienced a rise in travel insurance premiums, please let us know. Were you, if so, given an explanation of the rise?