More and more people are making claims on their travel insurance policies, recent statistics show that there is a claim made every minute. But a worrying statistic is that nearly 40% of people go on their holidays with no cover whatsoever, never mind having adequate protection.
They spend the whole year saving and planning their annual holiday, but they are happy to accept the risk of losing all that money because they didn’t take out any cover.
We spoke to several top insurers to get their essential tips for finding the best travel insurance, and we have compiled a 5 point plan to help you pick the policy suits you.
Start With The Basics
Make sure that your insurance covers at least the following:
Medical costs, This is probably the single most important reason people take out travel insurance. Receiving this peace of mind is worth the cost of the insurance, but should an accident happen, it is recommended that your policy provides at least 2 million in cover if you are traveling in Europe, but if you are going outside of Europe, they recommend taking at least double that amount 4 million minimum. That is the minimum that you should expect, many insurance policies offer helplines to GP services back home and a follow-up consultation on your return home.
Cover for your personal items.
After medical costs making sure that their luggage and other personal items are covered for the following reason, people gave for taking out travel insurance. Top insurers ask that you make sure of two things when you review your policy. Always cover the value of the items you are bringing with you.
Most plans will include at least 1,500 pounds. Also, check the fine print about individual claims. Many standard procedures offer very little coverage for single item claims. As budget airlines are following the trend of asking passengers to put their hand luggage in the hold instead of allowing them to carry it onboard. This policy makes having all your items insured correctly vitally important. Always read the airline policies down to the last detail before you accept it.
Enquire about the Excess: A simple guide to follow, the less you pay for something, the less you will get. Insurance policies are no different when you purchase a standard procedure; always look for the catch. This regularly comes in the style of a high excess.
What happens if I cancel?
This is the first question you should ask, as it is the number one reason for travel insurance claims. Unfortunately, life is packed full of surprises, some of them are unwelcome. When one of these arrises just before or while you are on holiday it is bad enough. But it will only add to the frustration if you will end up having to cancel your holiday, and your policy doesn’t even allow you to recoup all the money you have spent on the holiday.
How Often Do You Travel
If you take regular holidays on three or more occasions a year, you should absolutely accept an annual travel insurance policy, it will definitely cost you less. Make sure you check the fine print to check the number of days you are insured for on any given trip.
Most, if not all, policies place a limit on the number of days coverage you will receive on any given trip.
Read Your Policy Carefully
While most people’s idea of a holiday involves a few lazy weeks spent by a pool in a sunny location. While this is not the case for everyone, many people like the idea of more extreme activities.
Climbing, white water rafting, snorkeling, kitesurfing are just a few activities that are regularly not covered in standard travel insurance policies. To get cover for what are considered higher risk activities, you will most likely have to pay more.
Check to ensure they provide cover for where you are traveling.
Most people are not even aware of the fact that some international travel insurance policies exclude certain countries from their policies. The US is commonly excluded from travel insurance policies.
This is important to check if you intend to visit several destinations in one trip. This point could be even more pertinent.
Are You Protected For Human Error
Because many people still use travel agents, mistakes can be made in the process. While these cases are rare, it is always a good idea to check if your policy covers your circumstances that are outside of your control. Be sure to ask when asking for a travel insurance quote.
Always keep a paper copy as well as a digital copy of your policy. As you might need it if the need for a claim arises