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Issue 54 - July 2007
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With the holiday season well upon us our thoughts turn to travel insurance. How important is it and what should you look out for to ensure that you and your loved ones are fully covered?
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 Just under half of British holiday makers wrongly assume that the main reason they need travel insurance is to cover them for loss or damage of personal possessions or cash. The reality is that medical emergencies are the top reason for claiming on your travel insurance; would you want to be in a foreign country, ill, possibly alone or with a young family to care for, and no-one to help you? |
A good travel insurance policy will cover you for up to £5 million of medical expenses, legal expenses up to £50,000 & personal liability, should you injure a third party, of up to £2 million. These figures may seem quite high and fortunately, in most cases, the claims are for minor accidents and illnesses amounting to much smaller amounts. However, if you consider that in the most serious circumstances you could incur extensive medical costs as well as a prolonged stay in hospital and eventual repatriation to the UK by private jet accompanied by medical staff then it's easy to see how that £5 million could be munched away quicker than your Cornetto.
You may be in the fortunate position that should the unthinkable happen, you have the readies available to you to cover these expenses, but when you consider that single trip cover for a 14 day trip to Europe can be had for as little as £10.09 then you may think why take the risk?
We are always being told to 'shop around to get the cheapest deal' when it comes to any type of insurance; whether it is car, home or travel insurance. Price is important, but your primary concern should be the cover that the policy offers and ensuring that it meets your requirements.
Don't be talked into taking out the travel agent's recommended policy for convenience before you have looked into what else is available, you could find yourself paying up to 60% more than you need to for average or below par cover.
It's sensible to put cover for your travel in place as soon as possible following the booking of the holiday. There are a couple of reasons for this, firstly it will ensure you have enough time to devote to shopping around to get the best quote for the cover you need, but more importantly, should anything occur prior to the holiday such as injury, accident or more morbidly, death of yourself, a member of your travelling party or an immediate family member, the policy will reimburse the cost of the holiday up to a set amount.
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2 great reasons to review your live cover today.
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