Travel Insurance – What you need to know
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It’s the one thing we often leave to the last minute or forget to take care of altogether. Travel Insurance. We convince ourselves we’ll be OK without any, but then inevitably something happens and we rue the day we didn’t take out a policy. Whether it’s a canceled flight, stolen luggage or medical bill, without the appropriate cover your holiday could turn into a very expensive, not to mention stressful, ordeal.
And with so many affordable options available, there really is no excuse for not being covered. But which is the right one for you? If you’re not familiar with some of the industry language you may be a little confused as to what you’re actually paying for and subsequently, what is and isn’t covered. Below is a breakdown of some of the key terms and what they actually mean:
Single-trip travel insurance – This is for a single holiday or trip and covers the specific time you are traveling (with a maximum length of stay).
Annual/Multi-trip travel insurance – A good, cost-effective choice if you are planning more than one trip in a 12-month period. Like single trip cover, there will be a maximum length of stay per trip, typically between 30 and 45 days.
Long-stay travel insurance – As the name suggests, these policies cover any trips that are longer than the maximum permitted by annual and single trip policies.
Cover for Individuals and Groups:
Policies will normally give you the option of insuring an individual, a couple (two people traveling together) or a family.
You can also find specific policies for large groups (schools, clubs, etc.) if required.
If you’re traveling as a family, then combined family cover may be a more appropriate option as opposed to insuring each family member individually. It is often discounted so works out to be better valued. Some providers have no restrictions on how many children you’re traveling with, too.
Cover areas and options:
Because travel insurance can vary greatly across different providers, it’s essential to check the small print to ensure you have the cover you require. Medical expenses are normally included as standard but policies also help you with things such as lost baggage, cancellation, delays and personal liability (this covers you if you’re found to be legally liable for accidental injury to a third party or loss/damage to their possessions).
There are also specific policies available depending on the type of trip you’re taking, so if you’re playing golf or getting married abroad for example, there is cover available to deal with specifics that are relevant to these activities.
Hiring a car
Hiring a vehicle is a popular choice for a lot of holidaymakers and it’s important to know what your insurance options are. Most hire companies will offer standard insurance of the vehicle included in the cost, but be aware of the excess insurance product they will offer too. This is designed to cover the excess amount you will have to pay should the vehicle become damaged. Instead of getting this at the rental desk, buy it in advance from a specialist broker where the policy is cheaper and more comprehensive.