As we approach the first major holiday break of the year, I am already hearing the age old question of “Is Travel Insurance Necessary?” The answer of course is a resounding “yes” but what is my justification for that reply.
Firstly, the full extent of the cover provided by travel policies is not always understood or appreciated and of course there is always the “it will never happen to me” approach. The fact is that with many areas of the policy cover, travelling is when we are most exposed to injury, illness or loss of property.
In the UK we are probably blissfully unaware of the real cost of medical attention and the costs that will be incurred if you are taken ill or injured whilst travelling aboard. Those travelling in Europe (and specified additional countries), often rely on the EU reciprocal arrangements but if they have not taken the correct measures this protection may not be available and the cost of repatriation, air ambulance and other specialist transport arrangements may not be available. Travel Insurance policies generally have a high level of cover for medical costs and this is provided for a very good reason. Is travel insurance necessary……definitely!
Imagine the impact on your family and your family and your personal finances if you had to fund medical treatment and repatriation costs from your own pocket. Even something as simple as a broken leg or arm would incur considerable costs plus of course sorting out return flights with suitable seating would fall to you rather than being organised for you.
Why else is travel insurance necessary?
Although the reason most people buy Travel Insurance is for medical cover there is generally a wide range of additional benefits provided, such as cancellation and curtailment, loss of belongings, temporary loss of belongings, loss of passport whilst travelling, legal expenses, personal accident cover and delay compensation.
Is travel insurance necessary to protect your valuables and gadgets?
Travel insurance policies do vary and you need to check the small print to see if your valuables and gadgets are covered and to what extent. Generally the limits are small so we would recommend if you have anything of value you cover them under your house contents insurance. Also see our article, how best to insure your gadgets?
Check your existing travel insurance
As a word of caution, it is the practice for many financial institutions to include within their package of benefits Travel Insurance. It is our experience that many travellers rely on this without checking the actual cover provided and investigating whether the policy is operative where there has been a pre-existing condition for any of the persons travelling that fall within the scope of the cover. The protection may not be or operate in the way that you think it should.
So, in this brief article, it is hoped that I have qualified why I firmly believe that my unreserved “YES” to the question is Travel Insurance Necessary? A small investment in a Travel Policy either for a specific trip or an annual cover with a reputable Insurer may well save you thousands of pounds and create peace of mind for you and your family.