The kids are still at school but you want to surprise them during the summer holidays with a trip to Disneyland, or you may be planning an adventurous backpacking trip across South America either way you’ll want to read this blog to understand the true value of travel insurance.
Travel insurance should be viewed as crucially as a VISA is for certain countries, not a need but an actual requirement. Below we’ve found some real life stories about why travel insurance is a necessary policy and how you can save on yours.
Why Do You Need Travel Insurance?
Travel insurance is a policy that can cover you for a wide range of issues when you’re away from your home territory. But bear in mind, there are limits to its cover!
Such as the skier whom arrived at an Alpine resort only to find out that there wasn’t much snow. They tried to claim on their travel insurance for the cost of their new skis they had bought before leaving Britain. It was unsurprisingly rejected.
Travel insurance provider pays out for British chap who unfortunately dropped his wallet down a drain in Israel. The claim wasn’t for the wallet contents but rather for the scorpion sting he received whilst trying to retrieve it. The insurance company happily paid out for his medical costs.
Whilst enjoying a much needed holiday in Malaysia a couple had their clothes stolen by some cheeky monkeys that then scattered them around the jungle. The insurance company paid out for their new outfits.
Two Canadians travelled to America, both with insurance from the same company. They both suffered heart attacks. One had neglected to fill the medical form out truthfully and they were left with a hefty medical bill of over $65,000 (£49,907.65). The other person had filled it out truthfully and the insurance company paid out for their hospital bill of over $90,000 (£69,102.90).
Whether you end up dealing with some monkey business or something more serious by not investing in travel insurance you are risking hefty medical bills, peace of mind and your life.
How To Save On Your Travel Insurance
By lying on your medical forms you may well get a cheaper premium but it’s not worth the risk should something happen to you or a member of your family. As you saw from the stories above, fraudulent forms can leave you unprotected when you need it most, meaning it was pointless gaining the policy to begin with. Instant gratification is nothing compared to health and happiness in the long term. So what can you do to make it a little more affordable without cheating the medical evaluation form?
Secure Cover Early – Buy your insurance as soon as you’ve booked your holiday and flights. That way you’ll also be covered for flight cancellation and any pre-trip illnesses.
p.* Alter Your Excess Levels* – Consider how much you are willing to have as your excess. The higher the excess, the likelihood is that you’ll be able to gain a lower premium. It’s worth checking whether you’re happy with the risk of a higher excess in the occurrence of a claim.
Consider A Longer Policy – Single trip policies are generally cheaper, but if you are lucky enough to travel a lot it’s always worth comparing an annual policy to the total amount of single trips needed. If you are trying to insure your family or a group of friends the policy is based on whoever is the eldest in the group so separate policies may be beneficial.
Gain An EHIC Card – If you are travelling to Europe remember to apply for your FREE European health insurance card. This could gain you free healthcare in European countries, if something does happen to occur on holiday.
Check If You Have Cover – Check to see if you are already covered by your bank. If you have an account with a monthly fee there are likely to be extra benefits for your loyalty.
So What Does Travel Insurance Cover?
You’ve seen it cover lost clothes and scorpion stings, but what about everything in between? The typical policy will cover you against medical expenses whilst gallivanting around the world, unforeseen illnesses and even dental emergency cover. If you need to be flown back home for treatment that can be under cover too!
If you need to cut your holiday short or cancel it you are covered. Though this needs to be for a valid reason such as having to take care of a seriously ill family member, jury service or possibly being made redundant. However if you decide you’d much rather go to Disneyland Florida than Disneyland Paris your claim will most likely be rejected.
We all hate getting delayed at the best of times but when you want to go on holiday or get back home from your travels it’s even more frustrating, so travel policies include it as part of the package. Most policies cover against more than stormy weather conditions, many will include events such as mechanical breakdowns and industrial actions.
As you found out from the monkey incident your baggage and personal belongings are covered by most travel policies. Almost everything you take abroad including computers, cameras, phones and clothing is covered- but always check the limitations. Many insurance providers will also cover your passport, cash and driving license should they go missing or get stolen on your travels and not just by monkeys.
Personal liability will protect you and others from any accidents you may cause whilst enjoying the sun. Insurers will typically cover you up to £2m, which is generally more than enough for coverage for yourself and your family. Though if you require more, ask your insurer.
Like To Know More?
Here at Coversure we can be sure to get you the travel policy you deserve and can tailor to suit your needs should you wish to enjoy some snow unlike the first story or have a relaxing beach break. Do get in touch with your local Coversure office by clicking here.