A Guide To Finding The Right Holiday Insurance
Are you planning to travel abroad for less than three months or for longer? Unfortunately, you are not immune to health complications, an administrative hassle or even a vehicle accident. Holiday insurance is used to cover the risks associated with travelling abroad.
If you fall ill abroad, insurance will cover medical expenses. If your state requires repatriation, the insurer will cover the costs. Repatriation costs are considerable – approximately £27,000 on average.
In case of illness, your cancellation costs are reimbursed by the insurer. On the other hand, if your luggage and valuables are lost or stolen, the insurance will refund at least part of the total amount of your equipment.
In some cases, you will be forced to shorten your trip and return sooner than expected due to emergencies, such as death or illness in the family, insurance can reimburse you.
If by accident you cause personal injuries to a third party or damage someone’s equipment, you can count on your policy to cover the costs of any legal proceedings. This form of insurance is integrated with a pre-paid credit card or travel credit card, such as MasterCard and Visa.
For conventional bank cards, coverage is almost non-existent. If you plan to use this type of insurance, you must go with a premium card (Visa Premier and MasterCard Gold).
Reasons To Take Out Holiday Insurance
- Healthcare is expensive – a night in a public hospital in many parts of Europe costs between £900 and £2000.
- Peace of mind – travelling should be a pleasure, not a source of stress. If the unexpected happens, you are covered.
- Reassure your loved ones – think of your family or friends who are worried about you.
- Civil liability is essential in case you cause damage to third parties. If you send someone to the hospital, it can be extremely expensive.
- Mandatory requirements – for some visas and countries, you must have travel insurance.
Your UK social security will cover your medical expenses within the European Union (access to the public health system) if you use your European Health Insurance Card (EHIC). The process will be like the one you know in the United Kingdom.
Outside the European Union, everything is complicated and generally social security does not intervene unless there are agreements with a given country. A classic mutual life insurance policy will be useless if something happens to you abroad.
Planning For Your Trip
One of the easiest ways to plan for travel insurance is to consider it as part of your holiday budget. When planning your trip, consider a variety of factors, including flight times, airfares, insurance and accommodation costs. In addition, try to compare travel insurance to save money and take advantage of the maximum coverage.
If you go on a four-month trip to South East Asia in backpacker mode with a budget of £4,000, insurance will cost you around £200 or five percent of your total budget. On the other hand, if you travel around the world for one year with a budget of £15,000, insurance will cost approximately £600 or four percent of your total budget.
If you plan to take out travel insurance as an essential component of your budget, avoid adding it at the end of your preparation. In addition, you can expect to save a little more upstream.
It is important to note that there is no perfect holiday insurance, you should aim to identify a policy that suits your needs. Everyone has a different travel project, so it is vital to ask yourself the following questions:
- How long are you staying abroad?
- Which countries will you visit?
- How many people must be insured?
- What is your budget?
- What are some of the planned activities?
- Do you have a pre-existing medical condition?
- Do you want maximum protection?
By asking yourself these few questions, you can already begin to assess your needs. For instance, going to Congo or New Zealand will not present the same risk of falling ill. If you plan to engage in extreme sports, you increase the risk that something unexpected may happen to you. Some policies do not cover certain activities.
The Criteria For Choosing Your Travel Insurance
When choosing your holiday insurance, there are some criteria that you must consider. These include:
- Medical expenses at 100 percent of actual costs
- Medical transportation and repatriation of actual costs
- Repatriation of the body in the event of death at 100 percent of the expenses covered by the insurance
- Liability: at least £4,000,000 for personal injury and £75,000 for property damage
In the world of insurance, there is always plenty of asterisks, criteria and conditions. Before taking any travel insurance, take a closer look at the general conditions of the coverage and ensure the plan is the right choice for you.
Compare travel insurance offers featured online to find the best option that matches your specific coverage needs. If you have any question, call the insurer directly. You will have someone competent at the other end of the line to answer your questions.
Some of the formulas used by holiday insurance comparison tools allow you to filter the available options by costs, coverage and more. If you have decided to take out travel insurance, you must carefully pick the ideal option from the available offers. The cancellation cover will protect you in the event of illness, accident or other unforeseen events.
Buying a multi-risk option is the most comprehensive and safest choice. At the same time, it is important to check the additional coverage items that can offer you significant protection (early return, cancellation).
Holiday insurance provides a viable solution by reimbursing healthcare and repatriation costs. Online insurance comparisons sites help you avoid paying twice for the same coverage. Although often offered when buying a plane ticket or when paying for your stay, travel insurance is not mandatory.
Its condition is determined by the insurer and covers most unfortunate situations that could happen to you during your vacation.