In the interests of finding out, I created a fictitious traveller going to Japan from 19 to 30 September 2018. The insurance prices I obtained were for a comprehensive policy for a single trip for a person with no pre-existing medical conditions.
This fictitious person is ageing rapidly. Very rapidly in fact. In one research session, I found quotes for a 60-year-old and then quotes for the same person, on the same trip, aged 65, 70, 75, 80 and finally the ripe old age of 85.
After that, I am not sure what happens to prices. I figure when I reach 85, I can get new quotes. If I remember.
This is random research and I went with the top of the list from a google search. This turned out to be www.comparetravelinsurance.com.au
This company paid for an ad to be at the top and is a price comparison site which lists only retailers who want to be included. I am not recommending it, merely using it to show price comparisons. If you do email for a quote, however, you get a $100 voucher for Naked Wines.
Here are the cheapest and most expensive policies that popped up. The most expensive includes snow sports. As I don't ski or snowboard and am unlikely to take it up at this stage that is not relevant to me and possibly may not be for you either. With all policies, you need to check if they are right for you.
Age 60. Cheapest - Tick Travel Insurance $56.61. Most expensive - No Worries Insurance $362.62
Age 65. Cheapest - Virgin $70.65. Most expensive - No Worries Insurance $616.45
Age 70. Cheapest - Tick Travel Insurance $80.14. Most expensive No Worries Insurance $924.68
Age 75. Cheapest - American Express $100.03. Most expensive No Worries Insurance $1387.02
Age 80.
Age 85. Cheapest - American Express $268.00 Most expensive No Worries Insurance $1803.12
The difference in price on this basis for the cheapest policy between the ages of 60 and 85 is $211.39, which doesn't seem too steep a hike in my opinion. The greatest jump is between the ages of 80 and 85.
For the most expensive policy available from this site the price jumps $1440.50, between the ages of 60 and 85, the consolation being that the price for an 85-year-old is the same as an 80-year-old. If you are still doing snow sports at 85 you can probably sell your story to the media and pay for your travel insurance that way.
There are of course other ways of obtaining travel insurance not listed on this site, such as through your bank or credit card. Personally, I am so old that if my travel insurance company was called No Worries, I would worry a lot.
There is a lot to take into account when buying travel insurance. Looking at these prices, I wonder if I have been paying too much. I always pay for pre-existing conditions which boosts the premium but I do wonder how the great variation in prices listed here is justified. Are there major differences, or is the price a matter of what the market will bear?
There are issues such as ratings, reviews, medical, cancellations, luggage and excess which means not just comparing apples and oranges but a few grapefruits and grapes are hurled in there as well.
The advice when buying any sort of insurance is to always read the PDF but I wonder if anyone actually has.
I tend to go for travel insurance that is a middling price, as I find that reassuring - with no evidence whatsoever. I am encouraged to know that as I age, travel insurance is still obtainable and that it is worth shopping around.
Canstar is a comparison site established in 1992 with a website going live in 1996. After 25 years in the business, they are worth a look to get comparisons. https://www.canstar.com.au/travel-insurance/
Best of all though is Choice for comparisons. Choice gives a seniors rating. https://www.choice.com.au/travel/money/travel-insurance/review-and-compare/travel-insurance
Do you have tips or comments to make about travel insurance? You can comment here or on the Bag Lady Facebook page at https://www.facebook.com/groups/278976666046671/
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