Top tips for travel insurance

Many families, couples and groups of friends will be heading overseas this summer and along with the sun screen and bikini, travel insurance is something that they should definitely be investing in.

British holidaymakers file an average of £24 million worth of travel insurance claims for lost or stolen money while abroad each year.    

New research from Sainsburyís Finance found that one in four claims for lost or stolen money/possessions originate in Spain.

Spain is one of the most popular holiday destinations for British tourists and thatís where many fall victim to damaged property of loss of possessions.

The research found that for every £4 million worth of claims, there is an estimated £1 million that go unclaimed because holidaymakers are not covered by travel insurance.

If you are planning a get away from it all, whether itís a short European break or a long stay in Asia, it is advisable to buy the correct travel insurance before you depart.

Here are some top tips on how to get the most out of your travel insurance. 

When is the best time to buy travel insurance?

The travel association ABTA advises holidaymakers to ìalways purchase travel insurance at the time of your bookingî. This is because you safeguard yourself against any cancellations prior to the flight.

Compare travel insurance with MoneyExpert.

Get covered

It is vital to ensure the insurance that you take out covers the activities you plan to do. For example, hiring a moped or quad bike may need extra cover. If you are under the influence and injure yourself, most insurers will not pay out for medical expenses. Consider your situation; if you are travelling with a low budget airline where flights cost less than £50, it is not worth paying the excess claim. Many travel insures will charge a flat rate £50. You should check to see how extensive the medical cover, cancellation and personal liability cover is. 

Annual multi-trip cover

It is cheaper to buy an annual multi-trip travel insurance policy than take out insurance every time you leave the country. Travel insurance is not mandatory, but if you travel often it could be worth purchasing annual cover so that you are covered for a long period. If you travel overseas twice a year or more it could be worth considering.

Specialist insurance

There are many different insurance options available. There is family travel policies, which generally work out cheaper compared to price-per-person insurance. Those not going to university this year might be taking time out to travel. Specialist gap year insurance policies can cover anything from 3 months to 2 years, as well as covering you for working overseas. Winter sports insurance is often an additional feature, ideal for skiing and snowboarding enthusiasts.

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