Travelers might see their insurance costs increase by over 1,000 percent if they disclose having specific pre-existing medical conditions, according to research by consumer site Which?.
Informing an insurer about a pre-existing medical condition usually increases the price of an annual travel insurance policy by over twice as much, raising the fee from £40 to £90, as reported by comparison site Go.Compare.
However, people diagnosed with bipolar disorder or personality disorders might have to pay an additional amount of up to £446 when disclosing these conditions, which represents an increase of 1,159 percent from their initial quotes.
Which one reviewed insurance quotations prior to and following the disclosure of pre-existing health issues for three actual individuals?
The quotations were reviewed from twelve prominent insurance providers; out of these, seven offered conventional coverage whereas the remaining five specialized in policies for individuals with pre-existing conditions.
Prices were contrasted for people diagnosed with bipolar and personality disorders as well as epilepsy.
diabetes
– The most affordable European yearly plan was chosen for all quotations.
The average premium increased from £58 to £426 for the traveler dealing with bipolar disorder and personality disorders – a rise of 715 percent – with the priciest policy amounting to £715 and the least expensive one priced at £184.
In the worst-case scenario, the price rocketed from £38.48 to £484.52.
Nevertheless, when the holidaymaker with epilepsy disclosed their condition, the premiums increased by only 23 percent on average. The providers added merely £10 extra to the cost, raising the price from £67 to £77.
However, it pays off to shop around since the lowest estimate was only £52, whereas the highest one was over twice that amount at £110.
The traveler who had diabetes experienced the least rise in cost, with prices increasing only 6% on average – from £129 to £136 – upon disclosing their condition.
The lowest price was £76, whereas the highest cost reached £169.
The insurance experts from medical assessment companies Protecif and Verisk highlighted that the consistency of an ailment plays a crucial role for insurers. This includes factors such as when the issue was identified, whether there’s continuous care being provided, and what secondary impacts might be present.
Sam Richardson, the deputy editor at Which? Money, stated: “While it might be enticing to leave out a detail to reduce the cost, doing so always poses too much risk. Neglecting to disclose information beforehand can lead to your policy being nullified.”
‘While comparison sites are a great starting point, these won’t always include specialist providers – so it’s essential to obtain these quotes separately before making a purchase.’
L.evans@ChinPao.co.uk
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