Five ways retirees can save on travel insurance

Retiring from the workforce and spending time travelling the world is a dream for many retired Australians. But just when you think you can enjoy your leisure time with things like travel, you’re hit with huge insurance expenses just because of your age and the expected medical expenses that come with it. But Australian retirees are fitter and healthier than they’ve ever been before and fed up with being hit with high insurance policies. Here are five ways retirees and over-60s can save on travel insurance so you can spend more of your hard-earned cash on the actually holiday and not before you leave.

Read more: 7 Ways to save money as a solo traveller

1. Buy an annual or multi-trip policy

If you’re a regular traveller then it might actually be worth your while taking out an annual or multi-trip policy, rather than a new one for each holiday you take. There are savings that can be made by bundling all your travel insurance packages together rather than organising individual packages for each of your trips throughout the year.

2. Go with a specialist

Travellers over 60s often receive higher travel insurance rates because they are more likely to claim on medical expenses. Rather than going with an insurance company that covers all types of travellers, go with one that focuses entirely on retirees and over-60 travellers. That way, you will have more of an opportunity to make specific requests and make sure you’re getting the best deal for your personal circumstances.

3. Be honest about health concerns

If you do have some health concerns that should be addressed in your cover, don’t hide them. If you do, that could mean that your claim could be rejected in the future and leaving out of pocket hundreds and thousands of dollars. If you’re honest about your health concerns, ailments and medical history then you’re likely to get the best cover for your needs and pay less should you need to make a claim.

Read more: 6 Ways you can afford to travel during retirement

4. Be specific

When deciding on the finer details of your insurance policy, make sure you know exactly what you are and aren’t covered for. It might just be possible to remove cover for certain activities or situations which could drop the overall price for you. Discuss your personal situation with a variety of insurance companies and see where the savings can be made.

5. Shop around

Don’t purchase your travel insurance from the very first organisation you come across, the more you shop around, the more likely you’re going to come across different prices or even specials that will bring the price down for you. Explain your travel plans, the activities you’re likely to do and your medical history with several organisations, get quotes from each one and then make your decision based on your budget.

Do you have any more ways retirees can save on travel insurance? Share them with us in the comments section below.

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