Defaqto is encouraging tourists to make sure their travel insurance policy is appropriate for their needs.

The independent financial research company says that many consumers choose to take out an annual policy, even if they only go abroad once in that year. As a consequence, they may unnecessarily be paying more than they need to, as a single trip travel insurance policy would work out cheaper in this instance. Defaqto therefore advises consumers to purchase the most appropriate policy before setting off on their trip.

Brian Brown, head of research at the group, said: “Many people are having to rein in spending, so it makes sense to buy a policy to cover what you actually need.”

Estimates from Defaqto suggest that annual cover can be up to 147 per cent more expensive than single trip travel insurance . This follows research by Clydesdale and Yorkshire Banks which revealed that many consumers in the UK are cutting back on non-essential items to ensure they can afford a holiday.

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Insurers are overcharging pensioners by hundreds of pounds on car insurance and travel insurance, according to a recent report.

The findings suggested that elderly drivers and holidaymakers are paying an extra 300 for the more common types of cover simply because of their age.

Consumer group Which? highlighted one annual car policy in the study which cost 702 for a 75-year-old, but the same Saga cover increased by 74 per cent to 1,224 for an 85 year old. The difference is also noticeable for annual worldwide travel policies, with a policy provided by Rias costing 383 for a 74-year-old, but rising to 707 for someone just a year older.

Peter Vicary-Smith, chief executive of Which? said: “Many over-65s are getting a raw deal when it comes to arranging insurance simply because of their age. Restrictions imposed by insurers leave many people struggling to pay increased premiums just when they may need cover the most.”

Charities said the difference in cost was “absolutely outrageous” and “unacceptable”.

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Insurance group has been fair fast and very helpful

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As the economy eases and the real estate market shows signs of revival, many people whose home buying plans were on hold are now beginning to look around. If buying a new home or vacation property is on your agenda, the Insurance Information Institute (III) has some advice for you: make insurance considerations an important part of your home buying process. In addition to looking at considerations such as location, neighborhood, and home features, you need to do a risk assessment of the home and property so you don’t find yourself owning something with some unpleasant surprises down the line.

For a quick overview of issues and considerations that you should be thinking of, see III’s Home Buyer’s Insurance Checklist and short video on the topic:

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