What affects the price of travel insurance?

Introduction

Travel insurance is one of those things that’s easy to ignore until it’s too late. But if you have a pre-existing medical condition or other circumstances that could affect the price of your policy, it’s worth knowing what you can do to get the best policy to suit your needs. We explain what affects the cost of travel insurance and how to find the best cover for your holiday.

Pre-existing and diagnosed medical conditions

If you have a pre-existing medical condition and are planning to travel, it's important to be honest about your health in the travel insurance application. If you don't disclose this information, it could invalidate your policy or result in extra charges being applied if you make a claim later on.

The most common reason why people with pre-existing medical conditions might need to pay more for their travel insurance is that they are more likely than others (without such conditions) to make a claim while on holiday.

If you have an undiagnosed medical condition, or you are awaiting treatment, you may find it more difficult to find travel insurance to suit your needs. If you’re unsure, call our friendly team of experts and they can guide you through what needs to be included and declared on your insurance policy.

Age

Travel insurance does get more expensive as you age! This is because the risk of a claim increases and insurers also see higher costs with often more complicated conditions involved.

The good news is that Direct Travel will consider all ages, although some upper age limits may apply, depending on the policy type you would like and also any activities that you may wish to participate in.

Level and type of cover

Direct Travel offers a range of travel insurance products, from a budget-friendly option, which includes essentials you would expect such as medical expenses cover, lost luggage, and cancellation cover, right through to Premier Plus which has higher levels of cover, for example up to £10 million cover for medical expenses, and £6000 cover for cancelling your trip.

You may find that if you’re planning on taking multiple trips, Annual Multi-trip may be more cost-effective than individual single-trip policies. Also consider having a higher policy excess to save a few £££s or whether you need Baggage/Money cover if this is covered on your Household insurance.

Holiday Duration

If you’re going on a weekend trip, you’re likely to pay less than if you’re going on a 6-week cruise, simply put the longer you’re away, the more likely you are to make a claim.

Conclusion

The price of travel insurance is affected by a number of factors, including the level of cover and your medical history. If you have pre-existing medical conditions then it's likely that your premiums will be higher than those with no health issues but many conditions attract little or no change in premiums. The type of trip also plays an important role in determining how much you'll pay for cover - if you're going skiing or cruising then expect premiums to be higher than if you're going to be spending most of your time on a beach or shopping!

Whatever your needs let us find a tailor-made policy to suit your needs, get a quote today!