What factors affect the cost of travel insurance policies?

When calculating your travel insurance premium, insurers take into account age and medical conditions, both of which you’re obliged to share.

Under 65s are generally placed in a lower risk and cost bracket. Your diagnosed health conditions are also considered as insurers calculate the risk of requiring medical treatment or repatriation while abroad.

Other moveable factors also form a part of the calculation, such as your trip destination and the length of time you intend to spend there. A place considered low risk by insurers will cost less compared to a country that may have potential issues regarding safety. The distance travelled and price of healthcare locally are other important factors, which is why insurance for trips to the US tend to be more expensive due to the high cost of medical care there. European cover is cheaper, as British travellers can access free healthcare with a European Health Insurance Card or Global Health Insurance Card (EHIC or GHIC) and the cost of repatriation would be lower than from more remote destinations. (EHICs are no longer issued, but they can be used up until their expiry date.) Finally, the valuables you take with you — such as cameras, tablets and smartwatches — will add to your insurance cost, as will coverage for any sports that increase the risk of injury.

VICKY SMITH