Travel insurance, what’s the big deal? At last, the moment we have all been waiting for has arrived, an article about travel insurance. By reading this article, you too can decide for yourself whether travel insurance is all it is cracked up to be.
The holiday season is suddenly upon us and as many of us consider the type of travel insurance we will require over 40% of us could be paying over the odds by purchasing cover through a travel agent. According to the article “Read this before buying travel insurance” many of us find taking out travel insurance with our travel agent saves ‘mucking about’ but are unaware that we could be saving money elsewhere. By shopping around for travel insurance we could save considerable amounts of money but we continue to take our policies out with the holiday companies.
One fact to bear in mind is that by no means is travel insurance an obligation when booking your holiday. Although it is good practice to purchase travel insurance as early as possible you do not have to get it at the point of booking.
What is a good travel insurance policy? Firstly, it should provide (at the minimum) a million pounds of cover for third party in addition to legal fees and five million pounds worth of cover for medical expenses. Thirdly, cancellation cover (without a large excess) to protect against the full cost of the holiday is very necessary. Note these points are essential cover, other types of cover such as for delays in departure, delay of luggage and cash are considered non-essential in comparison.
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Next when shopping for travel insurance to best suit your needs, compare all the excesses and exclusion factors of all policies. Be aware that more often than not, a policy will exclude pre-existing medical conditions. Beware also of policies that do not cover you for accidents incurred whilst under the influence of alcohol.
When putting in a claim for lost or stolen items be prepared to provide your insurer with a police report. In the event that police are not interested in your lost phone, check your policy for accidental loss also check if there is a possibility of making a claim on your home contents insurance.
When buying travel insurance, do not be fooled into thinking a policy is better than it is because it covers you for all kinds of incidents. Certain types of cover may not be as useful as first it may seem! Considering departure delay and whether or not this is a good thing added onto your policy could be a saving grace. Many insurers rarely pay out on this kind of incidental although Virgin will pay £25 after a delay of 8 hours and a further £25 for an 8 hour delay thereafter. If your holiday is delayed by 24 hours, the majority of insurers will allow you to cancel your trip and some will even allow you to cancel your holiday after 12 hours.
Last but not least, don’t allow yourself to be seduced into saving money by not taking out travel insurance, it is a false economy to not do so even in this time of credit crunching. Save money on your travel insurance instead by shopping around for the best deals!
Tags: travel insurance policy
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