Travel insurance premium increase

JosephK

Seems slightly ironic to be asking this question on a day when inflation is announced to have, albeit marginally, decreased but are travel insurance premiums going the same way as car insurance did over the past 2-3 years?

We recently received our annual renewal (from one of the leading providers) and it had increased by over 38%. No changes in medical conditions, etc., the only difference is we are both a year older.

Ultimately, we had to accept it as all the other quotes I obtained were even higher  

Hoenir

What's the correlation between inflation and insurance rates?  

Browntoa

Standard insurance practice 

Risk based and private medical costs have rocketed.

It is possible to " shop around" for cheaper cover you do realise rather than accepting a renewal quote 

DullGreyGuy

JosephK said:

Seems slightly ironic to be asking this question on a day when inflation is announced to have, albeit marginally, decreased but are travel insurance premiums going the same way as car insurance did over the past 2-3 years?

We recently received our annual renewal (from one of the leading providers) and it had increased by over 38%. No changes in medical conditions, etc., the only difference is we are both a year older.

Ultimately, we had to accept it as all the other quotes I obtained were even higher  

What percentage of claims do you think UK inflation impacts? The overwhelming majority of claims are in relation to overseas travel and therefore things like overseas hospital charges, hotel prices etc make much more difference to claims and therefore premiums than how much a loaf of bread costs in the UK. 

Inflation is also not uniform, its intended to be representative of the average person hence why a pint of milk and loaf of bread is included but insurance tends to be much more focused and so is impacted by inflation on those particular things (eg price of secondhand cars, car parts, car repairs) not on the broader inflation including groceries. 

Being a year older can be a significant difference, much less so if you've gone from 33 to 34 but much more if you've gone from 79 to 80

JosephK

Browntoa said:

It is possible to " shop around" for cheaper cover you do realise rather than accepting a renewal quote 

I did, as stated they were all more expensive.

As to inflation(that others have commented on), wasn't making any particular link, just a tongue in cheek comment