Travel Insurance Premium increase of more that 400%

PatrickHogan

I have just had the renewal notice for our Aviva all-yearTravel Insurance.  The premium has increased from £135 to £740 that is an increase of between 400 and 500%.  Nothing has changed in our circumstances in the past year nor have we made any claims.  We have been with Aviva for many years and our household insurance is also with them.  They insist that there is no mistake and that that is their best price!  

photome

PatrickHogan said: :

I have just had the renewal notice for our Aviva all-yearTravel Insurance.  The premium has increased from £135 to £740 that is an increase of between 400 and 500%.  Nothing has changed in our circumstances in the past year nor have we made any claims.  We have been with Aviva for many years and our household insurance is also with them.  They insist that there is no mistake and that that is their best price!  

wonder why?

JGB1955

Ignoring the current 'situation' has one of you reached the age of 65?  I managed to buy my annual policy days before that milestone - not looking forward to the renewal cost next year. Shop around - why stay with the same company unless they are the best price for the cover you need?

PatrickHogan

They say that their costs/payouts etc have gone up by 4-5 times in the past year.  I find this hard to believe. Is anyone else having similar experiences?

Ganga

PatrickHogan said:

They say that their costs/payouts etc have gone up by 4-5 times in the past year.  I find this hard to believe. Is anyone else having similar experiences?

I would imagine that their costs/payout have gone up by 10 times this month  ,if you are lucky to get a holiday in the next couple of months ,due to countries closing their borders,airlines and cruise companies going to the wall,hoteliers going under the cost of insurance MAY be the least of your worries :'(

Aylesbury_Duck

PatrickHogan said:

They say that their costs/payouts etc have gone up by 4-5 times in the past year.  I find this hard to believe. Is anyone else having similar experiences?

You find it hard to believe?!

What are other insurers quoting for similar cover?

bagand96

They are simply managing their risk. And the risk of insuring travel for the next few months is massive.  Shop around, but be careful that if you switch any new policy provides what you need, especially in the current climate. 

Some companies have stopped selling travel insurance altogether (LV and Direct Line) 

It might be best to try and buy single trip insurance for any holidays you have currently booked, and wait until the virus has settled down until buying a new annual policy. 

PatrickHogan

Many thanks for the many useful comments.  Yes we are both over 65 but I was assured that the rise was not due to age.  I will certainly take the advice to shop around but to be careful in doing so.

LadyDee

A friend very proudly told me she'd been with her travel, house, car, insurers "for years".  She nearly fainted when I showed her what price comparison sites were, and how much she could save ongoing.