The ease of travel and the increasing popularity of short breaks, second homes abroad and low-cost airlines, has resulted in millions of us travelling to foreign destinations every year. Whilst most of us will generally travel incident free, it is important to consider the consequences of what happens when things don’t quite go to plan…
Holiday time is a precious commodity these days with most people preferring to use their holiday time relaxing and recovering from the stresses and stains of everyday life. Few people would ever imagine that an idyllic holiday could be anything more than that yet within that split second, a simple trip or fall or a more serious medical emergency could result in holiday dreams (and bank balances!) being completely shattered if adequate insurance cover has not been arranged before the trip begins.
A survey published in May 2007 by YouGov for Norwich Union, (Travel Uncovered Report) reported that a large number of Britons are still travelling on holiday without travel insurance. The survey of 1000 people identified that half of the travellers who had chosen not to take insurance were prepared to take a 'calculated risk', preferring to adopt the 'it wont happen to me' attitude. A staggering 14 per cent of those questioned quite simply forgot to arrange it as part of their holiday planning! In May 2007 the Telegraph.co.uk supported this view saying that cynicism of insurers use of small print to avoid paying claims also potentially contributed to three million Britons being prepared to travel overseas without insurance.
Travel insurance is an important part of any holiday and its benefits should not be overlooked. Did you know insurance policies will generally cover events such as:
Financial recompense if your holiday is cancelled or curtailed due to circumstances out with your control
Repatriation to your home country
Medical emergencies
Loss or damage to your personal belongings (ie. Money, passports etc)
Search and rescue costs
Third Party Liabilities
Lost or broken equipment
The insurance market is vast and the amount (and type) of insurance coverage you can receive varies from insurer to insurer. In searching for an appropriate cover that is suitable for your needs it is important to review all policy wording (terms and conditions, exclusion and excess limits) to ensure that all eventualities you may come across on your holiday experience are covered.
Travel Insurance Policy Options
There are many policy options available in the insurance market place that will suit most requirements. In selecting the cover that is right for you, you should not only consider the cost of the policy, but all eventualities that the policy will pay for in the event of having to make a claim. If you buy the wrong one you could end up spending a fortune on cover which, at the end of the day, is invalid and therefore useless. Travel insurance policy options include:
Your credit-card company
Tour operator / Travel Agents
Single, Annual, Multi-trip insurance policies
Internet/Comparison websites
Credit-card - If you have free travel insurance provided by your bank, check the finer details as you may find that you are covered by insurance with your credit card as long as you purchase a significant proportion of your holiday using your flexible friend. This can be particularly relevant when purchasing ski passes and/or ski equipment on your credit card. However, the cynics amongst us know that you get nothing for free, so if your credit card is offering you “free travel accident insurance” make sure you investigate all terms and conditions.
Tour operator / Travel Agents - Travel insurance with your tour operator or travel agent is probably the simplest way to purchase your policy. When booking a package holiday with a tour operator or travel agent, you may find that they try to sell you their own travel policy. This has historically been quite expensive however they have become more competitive in recent years. Some tour operators or travel agents will even offer annual cover but it is probably better to source your own insurance that is specific to your needs and your holiday plans.
Single, Annual or Multi-Trip Insurance policies - Single, annual or multi-trip cover, family and group are all types of travel insurance cover available. If you are a regular traveller, i.e. someone who is making more than two or three trips a year – especially if one is a skiing holiday – then the benefits of an annual multi-travel policy that covers winter sports as well as all other travel trips, is more likely to work out cheaper than purchasing multiple single travel policies.
Internet/Comparison Websites
There are now a multitude of insurance comparison websites that offer a range of great travel insurance policies; however, it is important to compare more than just the price. When deciding between policy options, you should start by considering:
Policy limits for medical expenses and lost baggage
The size of the excess (if any)
Which sports and other activities are covered – taking note of any exclusions, from the cover (Some sports activities or illnesses are not always automatically covered.)
Personal accident cover limits
Missed departure through circumstances beyond your control
Travel delays (typically payable after 12 hours)
Personal liability (typically up to £2m for worldwide travel); and
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