How important is travel insurance?

03 August 2013 - Which Way To Pay

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Travel insurance – is it worth buying?

Although sometimes we hear awful stories about travel insurance not covering for those “out of the ordinary” events, the question we ask ourselves is travel insurance worth buying? The answer to this is “yes”. Travel insurance does protect you against extremely common problems, for example if you fall ill abroad and need to be hospitalised, if you need to cut your trip short due to a family bereavement or even if you lose your baggage. It is however, important that you understand your policy before you take out the travel insurance.

Research and compare all travel insurance policies

Like all insurance, it is important to research the various policies on the market. The cheapest policy you find might not be suitable for your needs. Different insurance companies pay out for different things so it is of paramount importance that you compare each individual travel insurance policy – what is right for your family or friends might not necessarily be right for you.

Three reasons to carefully check your travel insurance

Check your excess – the excess is the amount you will have to pay towards any claim that you make. Some insurance companies charge just one excess per claim which will work out cheaper than needing to pay out an excess on each individual claim. For example, if your handbag was stolen.

Check your health – a common reason why insurance claims are refused is due to pre-existing health conditions that have not been disclosed. This may also be the case if the medical condition has not yet been diagnosed but you have seen a doctor about the conditions.

Check your start date – Most people take out holiday insurance the day they go abroad, rather than the day they book. This could be a problem when you have to cancel the holiday in advance. In some circumstances the insurer may refuse to pay any cancellation costs because the policy has not started.

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