Travel Insurance Costs Can Rise Sharply After Age 70

New research has found that travel insurance premiums can increase significantly once travellers reach their 70s, with some policies costing several times more than those offered to younger travellers.

A recent comparison of travel insurance quotes for older travellers found that turning 70 can almost double the price of cover. For travellers aged 80, premiums can be even higher, sometimes reaching several times the cost of policies for younger people with the same level of cover.

The research compared quotes from more than a dozen insurance providers for couples aged 70 and 80 travelling to popular destinations including Australia, the United Kingdom, the United States, and Fiji. While all insurers in the study offered cover for these age groups, the cost differences between providers were significant.

For example, a 22 day trip to the United States for an 80 year old couple produced quotes ranging from about $2,200 to more than $6,300 for similar coverage. Shorter trips to Australia were generally cheaper, but prices still varied widely between insurers.

Travel insurance costs typically rise with age because the risk of medical issues increases, and overseas medical treatment can be extremely expensive. In some cases, medical treatment in the United States can cost tens of thousands of dollars, while medical evacuation back to New Zealand can also be very costly.

Experts say that comparing policies carefully is important, as the difference between the cheapest and most expensive option can be thousands of dollars for the same level of cover. Travellers are also encouraged to check what medical coverage is included and to declare any pre existing conditions when applying for insurance.

For older travellers planning a trip, taking time to compare insurers and understand policy details can help ensure they are properly covered while avoiding unnecessary costs.