Things to know about Travel Insurance
If you are travelling overseas this summer it is essential to take out travel insurance to protect you and your family during your holiday. An emergency in another country can be expensive and failure to have the correct cover can leave you seriously out of pocket, not to mention without the correct medical care, if you need it.
Facts about travel insurance
The Association of British Insurers (ABI) value travel insurance payouts equal to £1 million per day – yes, per day!
This is to cover claims made for:
- emergency medical treatment overseas
- cancelled trips
- travel delays
- loss and theft of personal belongings
- other troubles with travelling
Despite the sheer number of claims made each day, more than one in five people (22%) still risk travelling without insurance, according to ABTA.com.
What do insurance companies pay out for most?
- £365 million last year was paid out in total, which is approximately £1 million a day
- £196 million covered medical expenses
- £166 million covered medical treatment
- £128 million covered travel cancellations
- £16 million covered lost luggage, money and personal items whilst on holiday
- An average medical claim was in excess of £1,200
- An average claim for the cancellation of travel plans was in excess of £800
Who does travel insurance help?
- 494,000 policyholders claimed on their travel insurance whilst travelling last year, according to ABI.
- 166,000 claims were made for medical treatment
- 160,000 claims were made for travel cancellations
- 87,000 claims were made for lost luggage and personal items during travelling
How much does travel insurance cost?
An average of just £33.
This is according to ABI and does not include Insurance Premium Tax.
7 Top Tips for your Travel Insurance
- Shop around – there are plenty of options to choose form when it comes to travel insurance so shop around to make sure you are getting a good deal
- Don’t go too cheap – be aware than going for the cheapest option may not be the best option to give you and your family the cover you need.
- Ask your bank – many banks offer travel insurance as part of their monthly “package”. It could be that you are already insured but you didn’t know about it!
- Upgrade if necessary – if you plan to do any adventurous sports or high risk activities, upgrade to a more suitable travel insurance to cover you sufficiently.
- Take care whilst travelling – even with travel insurance, you need to demonstrate that you have taken reasonable care. Some policies do not cover accidents where better care could have been taken.
- Declare medical conditions – it is essential to declare known medical conditions when applying for the travel insurance. Failure to do so could lead to the cover being void.
- Note important details for your insurer – make sure you understand the process to report an incident and make a claim. Note important phone numbers so you can make contact whilst overseas.