With the holiday season just around the corner, Endsleigh is reminding people to take care when choosing travel insurance and advising them to ask more questions before buying their policy.
Everyone loves a bargain, and in the current economic climate it’s quite easy to find some fantastic holiday deals. It’s also easy to find cut-price travel insurance policies, however it’s vital that people know the implications of some of these policies and that it’s more important to get the right cover - not just opt for the cheapest price.
There are many aspects of travel insurance - ranging from limits on baggage, to loss of money, to delays - which cheaper policies may not cover.
It is also essential that the insurance policy covers the policy holder’s individual needs; otherwise it is effectively a waste of money.
Endsleigh Insurance has put together a guide to help you buy the right travel insurance policy:
Does the policy cover emergency medical treatment, hospitalisation and repatriation (being returned to the UK)?
Endsleigh recommends that a policy should provide around £2 million of emergency medical cover for European travel and £5 million for worldwide travel
If a policy doesn’t have the correct medical cover, then policy holders may well be expected to pay bills amounting to thousands of pounds. It’s particularly important that the policy covers return to the UK in the case of a medical emergency
Policy holders should remember to declare any medical conditions that they currently have, or the insurance policy could be treated as invalid and will not pay out
Does it cover scheduled airline failure?
It’s important to note that not all policies automatically cover the failure of scheduled airlines. Generally speaking, if policy holders are booked on a package holiday then this isn’t something they need to worry about. However, if they have booked a holiday and flight separately, then they should make sure they are covered for the collapse of the airline company
Does the policy cover personal liability?
It is important that the policy should include personal liability cover. In the event of someone being injured by the policy holder or if the policy holder accidentally damages someone else’s property, the injured party may make take action against you
Does it contain holiday cancellation cover?
Most policies will provide cover for cancellation in the event of being called for Jury service or being made redundant, or if there is an illness or a death in the family. However it is really important to know exactly what is covered and how much can potentially be claimed back
In the event of a family illness, policy holders should declare this to their insurer before going away. Some insurance companies will not cover cancellation fees if the cancellation is associated to something policy holders were already aware of when they took out the policy
Does it cover replacement of my personal possessions?
The maximum most insurers will pay out for an individual item is between £200 and £500, so if planning to travel with expensive items it is best to insure them separately. However, it is worth first checking household insurance policies as some will already provide coverage
It is important to bear in mind a realistic value for possessions included in travel plans
What excess do I pay if I need to make a claim?
Some cheap insurance policies carry an extortionate excesses figure
Excesses can range from zero to £500
The lower your excess the better for the policy holder in the event of a claim
If a policy is cheaper but has a high excess it doesn’t make it better value for money as it means it will cost you more to make a claim
Endsleigh Insurance offers a range of competitive travel insurance policies to suit individual needs. Policies can be tailored to provide cover whilst studying or to include certain more adventurous activities.
Notes to editor
About Endsleigh Insurance
Endsleigh is an independent intermediary specialising in the provision of insurance and financial products for career people.
The team have access to the leading insurers and lenders in the UK market, offering comprehensive advice on all areas of financial planning. Along with offering advice on financial protection, investments and retirement planning, Endsleigh also has dedicated mortgage and corporate advisers.
Endsleigh online http://www.endsleigh.co.uk
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