How to get the cheapest travel insurance every time
21 Sep 2007
Holidaymakers who don’t shop around for travel insurance could end up spending twice as much as they need to.
The golden rule when it comes to insurance is that no single insurer offers the cheapest prices across the board. Insurers tend to define what type of traveller they’d most like to attract and set premiums accordingly to attract them.
So the cheapest policy will depend on the type of trip you have planned - whether you will be backpacking, for example, or travelling with someone aged over 70.
To help save you time, we’ve pitted a number of the leading insurers in a head to head battle to see who offers the most competitive premiums in some of the most common scenarios. The difference in prices we found were astounding.
The policy for couples under 65
In the first scenario, we looked at annual multi trip policies that include both winter sports and baggage cover for couples aged under 65. As the table below shows, Insure&Go is by far the cheapest here, costing less than half that of an identical policy at Marks & Spencer.
The destination you choose also plays a key role in the policy you choose. Although More Th>n is cheaper for European only travel than Direct Line, it’s actually more expensive for global travel.
The policy for couples over 70
Rarely is there a clearer example of ageism than in the realm of travel insurance. For some bizarre reason, anyone aged over 65 is charged almost double what a younger person is, and the same happens again when they hit 70.
And while that’s patently unfair, does make it more important than ever that you find the cheapest possible price. This is made all the more difficult by the fact that a lot of insurers won’t even sell policies to this demographic (M&S and Direct Line being prime examples).
More Th>n comes out on top for European cover in this scenario, although Insure&go is best priced for worldwide travel. We also included Portwood & Co Insurers, an insurer that specialises in travel insurance for those older than 65, to see how they compared. As you can see the results aren’t favourable, working out the most expensive in both categories.
References:
http://www.everyinvestor.co.uk/ |
