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Pack heavy on travel insurance
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| Mountain biking (c) Rex |
If you want to bag the right travel insurance this summer, make sure you look at more than just the price tag - find out what fine print to look out for
The cost of travel insurance has fallen in recent years – it’s now possible to buy an annual policy for a family of four for as little as £50.
But holidaymakers heading abroad this summer are advised to look more closely at the terms and conditions before signing on the dotted line – as not all policies provider watertight cover.
And it isn’t just the cheap and cheerful policies where there are gaps in cover.
Many of the more expensive policies sold by high street banks, insurers and travel agents can also leave holidaymakers high and dry if disaster strikes.
So what should you be looking for? Insurance experts say there are three key components of any travel policy: medical cover; cancellation cover and lost or stolen possessions cover.
get protection
Medical Cover
This is undoubtedly the most important feature, ensuring that if you fall ill overseas all medical treatment will be covered in full, and if necessary the insurer will pick up the bill to fly you home.
Don’t assume a European Health Insurance Card will provide adequate cover when in the EU.
This will entitle you to state medical care abroad, but many European countries expect their citizens to contribute towards this treatment and state care may not be as extensive as in the UK.
It also won’t pay for emergency flights home. This can be hugely expensive: an air taxi from northern France will cost up to £3,000 while repatriation from the US can cost up to £35,000.
Check your travel policy provides a minimum of £1m of cover. Some pricier plans boast up to £10m of cover.
But Richard Mason of Moneysupermarket.com questions whether customers should pay extra for this additional cover: “To my knowledge no insurer has ever paid out more than £1m on a single medical claim, even in the States.”
