Beware of travel insurance that is too cheap – Is your kit covered?
Holidaymakers have been warned that some travel insurance policies may cost very cheap but they should not be fooled by this.
Defaqto, an independent financial research company, discovered 30 separate single trip policies charging 10 pounds or less for one week of travel to Europe, with one charging only 5.49 pounds for each person.
In its report entitled, ‘Travel Insurance in the UK – Cheaper is rarely’, which is based on the 986 travel insurance policies’ analysis, Defaqto warns travellers to be aware of buying insurance based on the price alone.
“The insurance industry and the government must to do more to ensure that all consumers are aware that when it comes to travel insurance, cheapest is not always best,” said Brian Brown, the report’s author and head of insight of Defaqto.
According to him, areas of such concern included the lack of understanding on how the baggage cover works as well as a requirement for the insurers to get original receipts even for minor claims.
“Consumers are being let down by the insurance industry which has made travel insurance policies jargon-heavy to the point that the only thing they can easily compare is price,” Brown added.
“This, compounded with increased competition, means that too many people are now travelling abroad with inadequate cover.”
“With the continued growth of overseas travel to increasingly exotic places, more people are likely to end up on the wrong side of an insurance claim.”
Based on the estimates of Defaqto, about 10 million overseas visits each year are uninsured.
Defaqto believes that lots of holidaymakers mistakenly believe that European health insurance certificate takes away the need for travel insurance.
Yeah I got caught. Full trip insurance cost me £25 but then found I wasn’t even covered to water ski!
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I wish people wouldn’t use answers to link to their own website. First of all: In the UK there are many aggregator’ websites comparing car insurance premiums: they charge the insurer for any policy placed with them so that the insurer gets no cost advantage and the customer finds they have bought a policy through a middleman (the website) that will be of no benefit to them should they need help. To a lesser extent buying through an insurance company online is similar. They don’t pay a broker or middleman but they certainly pay a lot more to advertise on TV and in the press. If you have a problem with their service then who will you call to help you?If you buy through an insurance broker (i.e. someone who is an agent for many companies) then not only do they do the running around for you at renewal, they also act on your behalf should you have any queries in the adminstration of your policy or if you need to make a claim.Think of the difference in prices as an annual fee that the broker charges for this service, then imagine you asked a lawyer or an accountant to look after your legal or financial matters. Which professional is offering the best value for money?
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When I sit down with families, I examine their entire fiinncaal situation. I look at their current debts, examine their life insurance policy, check out their retirement plan and other long term plans. Then I make recommendations and move money around. With majority of my clients, not one of them pay a cent more than what they are currently spending. I don’t know your situation, maybe you don’t have to pay a cent more either (of course, this depends on which company you go with.
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It is mostly a osrepnal decision. I prefer a large company with a local office staffed by a professional agent who I can speak with face to face in case I have a claim or a question. I dislike playing phone tag with a mindless voice on the telephone or a computer robot. Often those e insurance quotes are low balled to get your business and then later the rates will be raised. You don’t necessarily have to visit each agent. use the phone, get quotes, then choose the best one for you (not necessarily the cheapest quote)
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I don’t know what type of insurance options you have in your area but out here in Canada we have BCAA (British Columbia Automobile Association) and they also offer medical insurance for trips. You might want to look into something like that from your area. Some travel agencies might offer a decent plan as well. Just make sure you ask them specifically if you will be covered in BC. BCAA is who I go to when I travel to the US because the US doesn’t accept our policies.I hope you have a great trip. I just got back from Whistler today and we had some great boarding, it snowed the whole time but visibility was great.
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“Yet another important part is that if you’re senior, holiday insurance meant for pensioners can be something that’s essential to really think about. The greater aged that you are, the higher at stake you’re when getting something negative happen to you while in most foreign countries. Discover really paid by several comprehensive insurance policies, you’ll have quite a few serious issues. Thanks for revealing your suggestions about this website.”