What is Travel Insurance?
Travel Insurance is a system that allows you protection of your well-being, your belongings and your financial investments whenever you go away. Although (thankfully) rarely used – it does provide peace when venturing from home for any sustained period of time. It is essential, particularly for families when taking a holiday abroad.
Travel Insurance is also extremely important for those going on business trips. It is not compulsory; however most travel companies would recommend some form of insurance, however small, is taken out as complementary to their holiday product.
Why take Travel Insurance?
While being the last thing on your mind, having something happen on holiday is certainly the last thing you want. This makes travel insurance a must.
- What happens if your flights get cancelled?
- The airport loses or damages your luggage?
- Your property is stolen?
- You are assaulted or injured?
- Reservations you have as a result of these situations get ruined?
Purchasing travel insurance prior to leaving protects you in these eventualities and makes sure you are compensated accordingly.
Insurance That's Right For You:
We have established that travel insurance is essential and you should never holiday without it, however one in every four of those who go abroad each year avoid it. With one in every seven people making a holiday insurance claim, this is not good news. How do you find the most appropriate insurance for you?
Shop around. If you do not fit into the perfect box of being thirty something with no health issues or kids, then you might need to hunt for the best quote. If you are over 65, you are three times more likely to make a claim and this is reflected on your premium. Do not just accept the insurance that comes with the holiday package – get quotes from specialists who are used to dealing with elderly clients.
Try and deal predominately with actual insurers. There are many companies from shops, to banks or even supermarkets that are now offering insurance. Chances are they are simply a middle man between you and a regular insurer. Compare prices direct from actual insurance companies to these middle men before making a decision.
Always check the fine print in policies. Your insurance excess could be extremely high and may be so much that there could be no point, should you have a small accident. Be aware of double excesses, meaning you could pay one excess for your injury and another for the clothes/jewellery/any equipment you have that got damaged.
Check you have appropriate cover for vehicles, particularly if it is a driving trip, or other specialist holiday like skiing, where you have a higher risk of being injured.