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.
1Start 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.