While grey nomads who stick to travel in Australia might not have to worry too much about buying specific travel insurance, it seems those who venture overseas and seek cover may be getting ripped off.
New data reveals that although older travellers pay higher premiums for their travel insurance, it is the younger generation which actually makes the most claims. Statistics from Allianz 1Cover Travel Insurance show that travellers aged 23-30 are the highest claiming group.
They accounted for nearly 22% of the overall claims paid by 1Cover, with the next highest age group the 60-70 year-olds at 13%. The most common claims from young Australian travellers include damaged personal items, fractures or ligament injuries from skiing or snowboarding accidents and lost passports.
The Managing Director of 1Cover Travel Insurance Eddie Feltham told the Australian newspaper he was surprised by the figures. “Our recent claims data reveals that young adults are claiming for medical reasons more so than their older counterparts,” Mr Feltham said. “It’s surprising considering that when people hit a certain age they pay a higher premium, the older you are the more likely you are to have an accident.”
However, the report in the Australian said the general health of travellers was not what caused the problems, but rather that alcohol and mindset was to blame. The data was sourced from 2008 to the end of 2011.
