Here are 8 tips from Regent Insurance Travel and Personal Accident Manager, Louise Cockroft, that will help you make informed decisions when it comes to taking out travel insurance that help you avoid common travel insurance pitfalls.
The premiums charged on a policy sold by a travel agent or airline should be the same as those charged by a broker as they are selling exactly the same products. However, it is not a bad idea to check this in any case.
The benefit of buying a policy from a broker however is that are insurance professionals that can provide you with tailored insurance solutions that are designed to meet your unique travel needs.
You need to make sure you balance the cost of a policy and the level of excess it will require you to pay in the event of a claim. A relatively 'cheap' policy could mean a large excess and a more expensive policy, although it may demand lower excess, might not be worthwhile.
This type of cover will often only provide for emergency medical expenses, excludes pre-existing medical conditions and may not cover travel inconveniences like baggage loss, travel delays or cancellations. Make sure you read what is covered by your credit card and whether you need to buy any add-ons to make sure you are fully insured for your holiday.
Always look to see what is covered under your home insurance or credit card insurance policies so that you don't insure certain possessions twice. Travel insurance policies have single item limits and therefore more expensive items would better covered under an All Risk policy.
If you travel several times in a year, annual cover is well worth your consideration. Performing a simple price comparison between, say, three single trip policies and one that has you covered for the entire year could result in some worthwhile cost savings.
Even if you are planning to take a few risks on your holiday, don't do the same with your insurance. Read the fine print of your policy and make sure the activities you intend to partake in are covered. Oftentimes activities like skiing, diving or mountain climbing will be excluded and require additional cover.
Some regional or worldwide policies may exclude some countries that you might assume to be included in your policy. Read over the fine print instead of accidentally travelling uncovered.
It is critical that you tell the truth about any pre-existing medical conditions you or family members falling under the policy have. Although honesty might cost you a little more at the onset, it is completely worth it if an incident occurs and the medical expenses are covered.
It is also important to note that under pre-existing conditions cover only in-hospital expenses are covered and there is a 48 hour hospitalisation excess. This means that no expenses will be paid, unless the insured is hospitalised for a minimum period of 48 hours.
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