Summer is the peak season to flee our homes for a couple of weeks in search of sun loungers, warm climates and adventures. Whether you are sailing around the Mediterranean or staying in the UK, travel insurance really is an essential (along with the sun cream).
A travel insurance policy covers a variety of perils, some of which would be covered under a comprehensive Home Insurance policy eg. loss of your personal possessions. Most comprehensive home insurance policies offer high end cover at competitive prices. Some of the High Net Worth (HNW) home insurers even include it as standard. Having travel cover on a home insurance policy removes the complication of ‘who covers what when I’m abroad?’ as there is only the one insurer and one point of contact.
It is however, the medical and personal accident cover that a travel policy includes that makes it an essential for any trip be it in the UK or abroad. Loss of items on holiday may be distressing but injuring yourself or becoming ill while abroad is significantly more problematic and your must have the correct cover in place to protect yourself. It is important that you disclose any pre-existing medical conditions to your insurer as they may affect your cover.
If you plan on taking more than one or two trips in a given policy year or want the flexibility to have that last minute getaway at a moments notice then an annual policy will more than likely save you a few pounds, not to mention saving you the administration of setting a new policy up for each individual trip. Be sure to include additional covers such as ‘Winter Sports’ or ‘Extended Activities’ if you plan on going skiing or skydiving.
Many people take out travel insurance just before they fly but this is a mistake. By doing this, you miss out on another key cover of a travel insurance policy – the cancellation cover. You should always take out a travel policy when you book the trip as in the event that you are unable to travel the insurers will pay out up to the stated limit (usually £5,000) for any irrecoverable losses of deposits, instalments and balances paid or contracted to be paid.
- Read your home insurance policy, check what it covers away from home
- Disclose any pre-existing medical conditions to your insurer
- Take out relevant cover for your trip
- Buy before you fly!
Enjoy your travels!