Worried about the cost of travel insurance? Choose your destination wisely
It’s a fact of life that as you get older you are more likely to suffer from illness than when you were younger and this is reflected in your travel insurance premium; but there are things you can do to keep the cost of travel insurance down.
The price of travel insurance is based on 3 main variables;
• You – your medical history and age
• Destination – where you are travelling to
• Duration – the length of your trip
You can’t do much about your age and medical history, but you can control your holiday destination.
Some countries are more expensive for travel insurance than others, no matter how old you are, but if you are over 65 or have existing medical conditions the country you’re travelling to can affect your premium dramatically.
Therefore,being aware of which countries are likely to be more expensive when you are planning your holiday could reduce your travel insurance premium significantly.
Contrary to popular belief the cost of travel insurance is nothing to do with how far away your holiday destination is, in fact in there are many instances where this is not the case. Travel insurance for Spain will often cost you more than if you are travelling to Greece, and travel insurance for the USA will cost more than Australia.
The key factor in determining the cost of travel insurance to a certain destination is how much it costs for a British national to receive medical treatment in that country.
For example, medical treatment in Canada and the USA is of a very high standard, but it is also incredibly expensive. If you fall ill and need hospital treatment in the USA, it will cost your travel insurer a lot more than if you were to fall ill in Australia or France.
The average cost of a medical claim in the USA last year was £7,594, compared to £818 in Australia and £817 in France.
Now it’s easy to see why insurance for a holiday in the USA is much more expensive than it is for other countries.
Even within Europe, your chosen destination can have an impact on the cost of travel insurance. Spain and the Canary Islands are often more expensive to insure for, this is due to the frequency that tourists are sent to private hospitals who do not accept the European Health Insurance Card, resulting in higher medical bills for travel insurers to pay.
Armed with the knowledge of how your holiday destination can impact the price of your travel insurance, you can now build into your holiday planning a quick look at travel insurance costs for the country of your choice.
Unless there is a specific reason why you must go to a country, why not get some travel insurance quotes and choose a destination where your insurance will be cheaper.
For instance, if you are planning a ski trip in Europe, consider France instead of Switzerland, or if you want to sightsee in an historic Mediterranean city think about Lisbon over Madrid. Or, if you simply want to soak up the sun on a beautiful beach, why not consider Mexico or Thailand instead of the Caribbean.
If you have more serious medical conditions such as heart conditions or cancer the destination you choose could change the price of your policy by as much a few hundred pounds, so it is worth spending some time doing your research before you book your trip.
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