With more than a quarter of over 55s considering taking a gap year within the next two years, the older generation are being encouraged to think carefully about travel insurance.
Post Office research shows that grey gappers are hoping to take an extended holiday of an average of 3.7 months. During their time away they will spend an average of £4,136, compared to £3,100 for travellers under 35 years.
Confused.com research revealed last year that travellers over the age of 65 are likely to spend more than three times as much on travel insurance than younger holidaymakers. While insurance for travellers aged 18-54 is still affordable, the over-65s will typically have to pay a much higher premium. This is largely because travellers over 65 are more likely to need to make a claim on their insurance.
“Everyone travelling abroad should have travel insurance, but this is even more important for those who are over 60,” says Mark Bower, founder of moneymaxim.co.uk.
“The older you are, the more likely it is that you will need to claim on your travel insurance. With many older travellers looking to make extended travel plans over the winter months, we really urge them to have adequate travel insurance before they travel. It’s also the case that the some of the highest medical fees charged are in popular locations such as Spain and Cyprus.”
The Post Office research revealed that the most popular gap year destinations for the over 55s are Australia, New Zealand and USA. But some are looking for more adventurous experiences, listing India, Vietnam and Hong Kong as their ideal gap year destination.
Mr Bower added: “Something to keep an eye out for is pre-existing medical conditions. If you have a medical condition you really need to shop around for specialist insurance to ensure that you have the right cover for your specific needs.”
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(Image: wills)
