The Best Travel Insurance for the Best Price

Travel Insurance Explained. The Best Travel Insurance for the Best Price.

        

Do you have home insurance? Do you have car insurance...then why would you not have Travel Insurance? But the statistics show that nearly a quarter of all holidaymakers travel abroad, without Travel Insurance. Many blame cost, siting it as a cost cutting tactic, however if the worst were to occur you could end up in hot water financially if you're without cover, making your cost cutting tactic a costly one. This article will explain the best way to secure cheap Travel Insurance without the stress.

Shop around

In the past it was common practice to purchase your Travel Insurance directly from your travel agent, due to this the competition between providers were low, meaning the prices were high; causing some holidaymakers to view Travel Insurance as a costly and unnecessary add on; leaving thousands of people unprotected. However things have changed for the better, with the increased popularity of the internet there are now hundreds of online companies all willing to provide cheap Travel Insurance. Even better you can know use comparison websites to help you with you research to secure the bet deal.

Single-v's-Annual

One of the first decisions you will have to make when taking out Travel Insurance is whether you want to take out single or annual cover, a good way to do this is think about all the travel plans you have in the pipeline for the next 12 months, if you think you are likely to travel abroad on more than two occasions during this time period it will probably work out easier and cheaper to take out annual cover.

Single trip insurance is specifically tailored for the purpose of protecting you for that trip,the type of holiday, length of time you are away and the country you are travelling to will all have an influence on the cost of your policy. For example cover for a one-week ski holiday to France will be considerably higher in cost than a two-week beach holiday in Spain, this is because you are more likely to encounter and injury on a ski holiday than a beach holiday.

On the other end of the spectrum are annual Travel Insurance policies, these are designed to protect you on all your international travels from the date your policy is taken out for a full year no matter how many times you travel and to what destinations you travel to. This means if you frequently travel annual Travel Insurance can prove to be an extremely flexible, affordable and simple way to ensure you are covered no matter what your plans are.

Joint cover

On average it can work out cheaper to take out a joint policy rather than an individual one, so whether you are travelling as a couple, a family or even just with friends get quotes for both types of policies and see which one saves you the most cash. Another advantage of a joint policy other than expense is that all those travelling are covered to the same level, this is important as if you both need to claim but one of you have a larger payout than the other it can mean you have to dig deep to fill the difference.

Honesty

Honesty is always the best policy with insurers as if they find out that you provided them with incorrect information they are perfectly within their rights to cancel your cover. So, while declaring a pre-existing condition may increase your policy premium slightly, should you need to make a claim it will be worthwhile.

This also applies when informing your insurance provider what you plan to do on your holiday, statistically you are far most likely to make a medical or luggage claim on a winter sports and adventure holiday so it's even more crucial to make sure you are protected. Most Travel Insurance providers offer specifically designed packages for these types of trips; if you are planning this sort of trip it may prove more cost effective to take out a more specialized policy that can provide you with greater peace of mind.

Level of cover

When selecting a Travel Insurance policy you should make ensure that the cover provided is adequate but also that you are not paying for cover unnecessarily. If you are taking valuable assets such as jewelry you should make sure if you plan to take any valuables with you such as jewelery or a camera it is important to make sure you will get the full value should you need to claim, bare in mind some policies have single item limits, that enforce a maximum value for a claim.

Excess

With any type of insurance there is usually a excess to pay if you need to submit a claim, they excesses can be voluntary or compulsory so you should always check this with you Travel Insurance provider before your departure. Excesses can vary in cost and it's important that you ensure you have the funds to pay the excess should you need to claim.

Luggage

Most Travel Insurance policies will offer protection for luggage and will give you the funds to replace lost or stolen bags. It's a good idea to work out the value of your case and its contents before taking out a policy, that way you can choose a policy, which offers sufficient funds to cover your belongings. It's also important to check the single item limit and arrange extra cover for any valuables that exceed this. Although most items in your case will be covered, there are some items such as money or passports that are not, this can be problematic and is also worth checking. It is also advisable to check whether you are eligible for compensation should your bags be delayed or sent to the wrong destination.

A little bit extra

Statistically you are far most likely to make a medical or luggage claim on a winter sports and adventure holiday so it's even more crucial to make sure you are protected. Most Travel Insurance providers offer specifically designed packages for these types of trips; if you are planning this sort of trip it may prove more cost effective to take out a more specialized policy that can provide you with greater peace of mind.

All Travel Insurance providers base there fees on statistical risk calculations, statistically the older your are the more likely you are to need to claim, therefore if you fall into this bracket you pose a greater risk in the view of the policy provider. Most policies will cover you up to the age of 65, if you are over this age you may need approach a specialist company to provide your cover.

        


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