Choosing the right travel insurance
As Europe sits in the deepest recession for decades, now more than ever it is important to make every pound count and cut back on unnecessary spending. But some things you just cannot justify going without - and travel insurance is definitely one of them.
If you think it is bad having to pay 30 for something you are unlikely to have to use, try paying foreign hospital bills running into thousands of pounds. If you get into difficulties overseas, you might be in for a very tough time. Things like liability for accidents are also an issue, say if you lose control of a vehicle and someone is hurt.
But that doesn't mean you can't minimise the cost of travel cover. We in the UK spend more on travel each year than anyone else in Europe, and as you would expect there are an appropriately large number of insurance options available.
Picking the most appropriate cover package will save you money - and more importantly, paying much less in the event of an accident abroad. When shopping for your travel insurance, you might want to consider some of the following options:
Single Trip Travel Insurance. Most likely, are you going to travel abroad more than once in the coming year? This is a question we all should be asking ourselves before we choose a policy, as it is the easiest way of saving money. as you would expect, single trip cover is more economical than a yearly or multi-trip package but would work out more expensive should you buy two single trip policies within a year. But that doesn't mean this type of policy can't go a very long way. Practically, you can probably stay away for up to six months.
Annual Travel Insurance. If you are likely to travel overseas more than once in a year, this kind of coverage is most economical, especially if you travel often. There is usually no limit on the number of journeys you can go on, however the length of any single journey may be shorter than the length under a specific Single Trip policy. For example, Go Travel Insurance's Annual Policy allows for any one trip to be up to 31 days long.
Specialist Travel Insurance. This is a varied and often very specific section in the market. Examples of specific packages would be backpackers insurance, wedding insurance (yes, some people do want to go to the other side of the world for their big day), or sports insurance (such as golf). The particular needs and risks associated with specific activities has been assessed by the insurer in order to construct a comprehensive policy.
The first priority should always be to ensure the cover you buy is suitable and extensive enough for your needs. After that, there are many ways and different options that can save you money, or that represent better value. Shop around, do a bit of research, and you might be surprised at what you find.
If you think it is bad having to pay 30 for something you are unlikely to have to use, try paying foreign hospital bills running into thousands of pounds. If you get into difficulties overseas, you might be in for a very tough time. Things like liability for accidents are also an issue, say if you lose control of a vehicle and someone is hurt.
But that doesn't mean you can't minimise the cost of travel cover. We in the UK spend more on travel each year than anyone else in Europe, and as you would expect there are an appropriately large number of insurance options available.
Picking the most appropriate cover package will save you money - and more importantly, paying much less in the event of an accident abroad. When shopping for your travel insurance, you might want to consider some of the following options:
Single Trip Travel Insurance. Most likely, are you going to travel abroad more than once in the coming year? This is a question we all should be asking ourselves before we choose a policy, as it is the easiest way of saving money. as you would expect, single trip cover is more economical than a yearly or multi-trip package but would work out more expensive should you buy two single trip policies within a year. But that doesn't mean this type of policy can't go a very long way. Practically, you can probably stay away for up to six months.
Annual Travel Insurance. If you are likely to travel overseas more than once in a year, this kind of coverage is most economical, especially if you travel often. There is usually no limit on the number of journeys you can go on, however the length of any single journey may be shorter than the length under a specific Single Trip policy. For example, Go Travel Insurance's Annual Policy allows for any one trip to be up to 31 days long.
Specialist Travel Insurance. This is a varied and often very specific section in the market. Examples of specific packages would be backpackers insurance, wedding insurance (yes, some people do want to go to the other side of the world for their big day), or sports insurance (such as golf). The particular needs and risks associated with specific activities has been assessed by the insurer in order to construct a comprehensive policy.
The first priority should always be to ensure the cover you buy is suitable and extensive enough for your needs. After that, there are many ways and different options that can save you money, or that represent better value. Shop around, do a bit of research, and you might be surprised at what you find.
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