What affects the price of travel insurance?
Buying travel insurance probably isn’t at the top of your holiday to-do list, but it’s an important part of the planning process! If you have a diagnosed pre-existing medical condition, then understanding which policy is best for you, and your budget, can be tricky. Read on to find out which factors affect the cost of your insurance.
Diagnosed and pre-existing medical conditions
This is a crucial factor. If you have a pre-existing medical condition, it’s vital that you declare it to your travel insurer when you apply. If you don’t, any claims you make may be invalid and bear in mind that medical claims, while abroad, can quickly escalate to costing hundreds or thousands of pounds it’s worth being as honest as you can.
The most common reason why people with pre-existing medical conditions might need to pay more for their insurance policy is that they are more likely than others (without such conditions) to make a claim while on holiday.
If you’re awaiting treatment or investigation for an undiagnosed medical condition, you may find it difficult to find an insurance policy to suit your needs.
Age
Age is another important factor in your travel insurance, as you age the probability of having medical conditions increases, as does your chance of making a claim.
The good news is that Medical Travel will consider all ages, although some upper age limits may apply, depending on the policy type you’d like.
Level and type of cover
Medical Travel offers a variety of different cover levels and policy types, so you’ll likely find something to suit you and your budget.
Most policies offer what you’d expect in a travel insurance policy, such as medical expenses, cancellations, delays, and lost baggage. However, budget versions often have a slightly lower cover amount, for example, a Budget policy may offer £1000 for cancellation but a Premier Plus may offer £6000. If you’ve booked a holiday worth £6000, then the Premier policy suits your needs best, but that’s for you to decide.
You may find that if you’re planning on taking multiple trips, Annual Multi-trip policies may be more cost-effective than individual single-trip policies.
Holiday Duration
You’ll find that the price for a two-week holiday will be more expensive than a 3-day city break. The longer your trip length, the greater the premium generally as the chance of making a claim increases.
Trip type
If you’re hoping to ski, snowboard, climb mountains, or go quad biking the chances are there will be an additional premium to pay for those activities as each carries a risk, both to health and in some cases, you may need specialist equipment that needs to be covered. Medical Travel Insurance covers 100’s of activities as standard, and options for adding Winter Sports, Cruise, and Golf cover too.
Whatever your needs let us find a tailor-made policy to suit your needs, get a quote today!
In need of assistance?
Our medical travel insurance team are ready to provide you with assistance regarding your quote. If you would prefer to talk to an advisor to receive a quote or have a query please contact our UK based customer service team. Find out details on our contact us page.
