Many travellers wonder if it is worth getting travel insurance, we even ask ourselves the same question. The main question about travel insurance is, is it worth it or not? Well, hopefully, we can help you with this decision.
Travel insurance is not compulsory, unlike car insurance. When we are not travelling, I work full time in the insurance industry and have dealt with travel insurance claims in the past.
Our advice would be to definitely get travel insurance, for the main reason that it is a piece of mind knowing that you are covered for many eventualities. Travel insurance will cover you for many things from cancellation of your holiday and reimbursing you for the majority if not all of the cost of your travel, to cover for loss or damages to your personal items. There are some conditions or exclusion which you may not be covered for, so we would highly recommend checking what the exclusions are and read the T’s&C’s. Many exclusions will be for things like pre-existing medical condition which you have not declared or covered for, or if you put the expensive items in your main luggage, (insurance company normally word this as expensive items which are out of your sight) and your luggage goes missing or the item is stolen then this isn’t covered. We would again say check all of the exclusions, terms and condition etc. Some insurance companies will offer short travel insurance, for example up to 1-month cover, or you can get 1-year travel insurance. This covers you for 1 year but with up to 30 days multiple travels within that year.
You can get travel insurance through many banks now, or the travel insurance can be offered to you through the travel agency. There is normally a premium to pay for the insurance, but with anything, there is normally a fee to pay. If you do have a pre-existing medical condition, then this will need to be declared and you may have to pay an increase in that insurance premium. Some insurance companies may not cover you for your pre-existing medical condition, so this would be a good idea to check out.
If you get travel insurance through your bank, the advantage is that it is likely you will get additional benefits but with a smaller cost to pay. We know through Lloyds bank, the fee is approximately £19 a month, but you get travel insurance through AXA Insurance and break down assistance, mobile phone insurance and many more. With HSBC there is a fee and offers many benefits. So for a reasonable fee for a bank but with the additional extras. Many banks will provide different additional options with the fee so it would be advisable to shop around for the bank which provides the better options for your individual needs. Please note, to get these additional options you do need to bank with that respective bank, you can’t ask for these options if you are not intending to have a bank account with them.
There are of course some pro’s and con’s with getting travel insurance, and here are our pro’s and cons:
• If you need to claim on the insurance, they will pay out, minus your excess amount
• If you are sick or injured whilst abroad then the insurance company will arrange for medical treatment to be administered to you
• You can get travel insurance for up to 1 month or 1 year
• Most banks provide the insurance depending on the bank account you hold
• Most travel companies can offer travel insurance
• Peace of mind
• There may be exclusions that may not cover you for some eventualities
• If you have a pre-existing medical condition which the insurance company may not cover you for or require a higher premium to pay
• How often are you going to claim and is it worth paying the premiums or for the bank account for the additional benefits?
There are definitely more pros than cons in terms of getting travel insurance.
We personally would highly recommend researching before you buy, and would recommend getting travel insurance to protect you. We have our travel insurance through our bank in which we have only ever had to claim once. This was for when we damaged our mobile phone whilst in Sri Lanka, we returned back home, completed all the paperwork and we got paid out for the damage to our phone without a problem. There are many different insurance companies out there, so definitely shop around.
Travel insurance is an advantage and there to protect you!
Should you need any help or advice on travel insurance, then please contact us.
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