22, April 2015: Travel experts have presented new statistics that reveal the falling rates of insurance claims made by holidaymakers over 70. As travellers of this age group often find they have to pay the highest rates for travel insurance, consumers are now questioning the fairness of prices and demanding something more reasonable. Some insurance companies, like renowned online provider, Insuremore, are aware of the anomalies for older customers and have been tackling the issue for some time.
It’s a common theme running throughout many insurance companies that older travellers present a higher risk of medical or accident issues and therefore raise their rates are accordingly higher. However, the discovery of this new information about the lower number of claims is leaving consumers of this age group unsatisfied about the higher fees they are being made to pay.
A representative from Insuremore comments, “We’ve always fought for equality in our fees for older travellers as they make up such a large part of the tourism industry. They are among our most loyal customers so we share their frustration. We will continue to work towards fairer insurance rates for travellers of all ages.”
The aforementioned statistics revealed that by the time travellers reach their early 70s they will have to pay up to double the amount for travel insurance than they would if they were in their 20s. Annual premiums for a consumer between early 70s and late 80s fluctuated from £80 to £132, while it stayed steady at around £68 for travellers in their 60s. When it comes claims however, the research showed that holidaymakers in their 60s have a 7.2% chance of making a claim whilst those over 70 only had a 4.3% chance.
Travellers over 70 are now looking for fairer prices from travel insurance companies, with some companies like Insuremore agreeing that statistics of reduced claim rates should always continue to be met with reduced insurance prices.
Insuremore provide a range of low-cost travel insurance policies for the B2C market, including single-trip, multi-trip and family insurance. Contact them at http://insuremore.co.uk/
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