Travel insurance at affordable premiums

Holiday insurance tips

Practically every one might know about the importance of arranging travel insurance. But how many of them have taken the time to read and understand what is and what is not covered by the policy they have chosen – or even considered whether the cover they have arranged is appropriate for the type of holiday they are taking?

The website City AM, for instance cites statistics from the Foreign and Commonwealth Office (FCO) revealing that only an estimated 12% of British travellers have read the documentation that comes with their policy.

To help fill in some of the gaps, therefore, here are a few tips and suggestions about your travel insurance:

Specialist providers

· there are all manner of companies likely to be offering you travel insurance – from your travel agent, to airlines, to online booking services;

· the level of cover offered – what risks are included and what excluded – may differ widely and it may be very difficult evaluating which represent good value for money;

· instead of taking a chance on cover that gives only basic, generic cover for your travel, therefore, consider arranging your insurance through a specialist provider, who may tailor the cover to suit the type of holiday you are taking – for example, winter sports, skiing, cruise, backpacking or other activity-centred holidays;

· as the Money Saving Expert suggests, the cheapest travel insurance on offer might not offer the cover you need for your particular type of holiday, yet spending money on standard insurance from a travel agent might prove costly – your objective is likely to be good value for money rather than simply the cost;

No time like the present

· the time to purchase your travel insurance is the time you are actually making any booking;

· an important element of your insurance is likely to be cover against the risk of cancellation – through illness or some other reason beyond your control – and compensation for any money you lose as a result is available only if you already have the cover;

How far, how long and how often

· when arranging your travel insurance, it is also important to ensure that the cover is relevant to the particular part or parts of the world in which you may be travelling;

· related to that consideration is the length of the holiday you are planning – if it is an extended visit to relatives or friends a long way from home, or if you are on a round the world cruise, you might need long stay insurance (which provides cover for longer than the 60 day or so maximum likely to be offered by standard insurance policies);

· the frequency of travel may also be an important consideration – if you regularly travel abroad, for instance, it is almost certain to be more economical on a trip by trip basis to arrange annual travel insurance, which keeps you covered throughout the year, irrespective of the number of times you choose to travel;

Medical conditions

· whenever you are arranging travel insurance, you are going to be asked to declare any pre-existing medical conditions;

· you might be tempted to be less than honest in your answers – to avoid your application being rejected or having to pay more for the cover;

· any such temptation needs to be strictly avoided, however, since your insurer may reject any claim you subsequently make if pre-existing conditions have not been declared.

As may be seen, it is important not to leave travel insurance as a last minute afterthought, but to give it careful consideration and get the cover you need at a competitive price.