Have you got itchy feet? Raring to go on that holiday you’ve always promised yourself?Maybe you are a seasoned traveller, but are looking for fresh ideas to satisfy your wanderlust. Well you have come to the right place.Here are a few things to consider to help you make the right travel arrangements to suit you. Continue reading “5 or more things for baby boomers to consider when making travel plans”
If you stick with one insurer for any type of cover,you may find over time that you are paying many times more for the same product as a new customer. Fact.
Today,there are frequent reports of misplaced loyalty ,where longstanding customers find themselves substantially out-of-pocket when compared with others who move their insurance business around. According to a recent BBC news report one such disadvantaged customer was a lady who had insured her house, a two-bedroom terrace house, and its contents with the NatWest for 38 years. Every year, it was reported, Alison Gann allowed her policy to be renewed when she received her annual renewal letter. Over the years the annual rate of premium just went up and up, until her latest premium rose above £1,000. Apparently, she had a good claims record with only two minor claims in the last 20 years. Her requirements had otherwise little changed.
Take action at annual renewal time
The key thing to do when you receive a letter inviting you to renew your policy is ACT ON IT! A large number of renewals go through ‘on the nod’, no action to see if what is being quoted is reasonable in line with the market.Alison didn’t act. She trusted her bank to do the right thing.Then,when she found out she was paying (and probably had been for a number of years) many times more than some of her neighbours she was ,at first given the ‘brush-off’ being told she should have allowed the policy to lapse if she did not want to renew. Later, after some intervention from the BBC consumer affairs programme Moneybox offered a review to see how much she had overpaid.She did not accept a much reduced figure, deciding to go elsewhere for yet an even lower payment.Good on her!
Why is this happening?
It seems that the loyalty of longstanding customers has diminished in value in recent years, as comparison web sites have entered to influence the market. Customer loyalty is no longer seen to be something to be rewarded. This is the view of a money expert at Which? The insurance provider’s view appears now to be : you have the opportunity at renewal to shop around to see if you can obtain a better deal.It is your responsibility to do so.
The view of the Financial Services Agency is that customers should be treated fairly.Until they are, you should look around for yourself every year at renewal time.It is worthwhile and there are significant savings to be had.
The world maybe your oyster, and all that. You’re able to travel, and you’ve planned your trip. So why is travel insurance difficult to obtain, or so darn expensive for older people? The people at moneymagpie.com put it this way:
‘It’s because you become more susceptible to medical conditions, many of which could make you a higher risk when travelling, and particularly flying.
Nevertheless you’ve got to have it, so you need to make sure you choose a policy best suited to your needs without having to pay too much for unnecessary extras.
Factors affecting travel insurance for the older generation
•The over 60s have more time and money to travel than ever before. Because you’re more active and living longer, travel insurance policies specifically designed for the older age groups are becoming increasingly popular. Of course this is good news; it means there is more competition, so better prices are available.
•When you’re travelling, insurers are aware that you’ll be taking far fewer risks than say, the backpacker who plans to jump out of an aeroplane! This acknowledgement should be reflected in your policy and hopefully help to decrease your costs.
So, how do you get the best deal?
Unfortunately, unlike life insurance, you have to fully declare any existing medical conditions for all travel insurance policies. However, there are some companies out there who won’t increase their premiums when you declare certain pre-existing medical conditions.
Once again, it’s essential to shop around for the best deal. Which? Money reliably informs us that buying your policy online is almost always cheaper, so get checking on our comparison pages.
With the help of some research carried out by our friends at Which?, we’ll now show you a few of the very best deals around. Just make sure you read all the terms and conditions carefully to check the level of cover you are getting with each policy. And bear in mind that these premiums may increase for anyone with pre-existing medical conditions.’
If you would like to see the full article why not go to:
http://www.moneymagpie.com/article/978/insurance-best-deals-for-the-over-60s-2/
