GWR: Finance & Insurance

Buying travel insurance several times a year for a variety of single trips can be time consuming and expensive. If you are a regular traveller, it could be a good investment to consider purchasing a reliable multi-trip travel insurance policy.
 
Holidaymakers in the UK tend to take out insurance policies each time they go on a single trip. With more people having multiple trips away, travel insurance companies are offering multi-trip insurance. The advantage of having a multi-trip travel insurance policy is that you are covered for a whole year and are always ready to go.

Multi-trip insurance is cost effective for UK residents who travel both inside the UK and abroad at least three times a year. Taking three trips on multi-trip travel insurance costs less than taking travel insurance for two single trips.

Having multi-trip travel insurance means you are covered for an unlimited number of trips in any given twelve-month period. Most travel insurance policies only allow each trip to be 30 days or less but, for those wishing to travel 31 days or more, it is easy to alter your multi-trip travel insurance to accommodate the extra days.

This type of travel insurance is ideal for people who travel unexpectedly or who enjoy spontaneous, last minute travel deals. Having this type of travel insurance means you are always covered and can simply head out of the door to your next destination worry free!

Travel insurance is essential for all holidaymakers. It is there to provide cover should the traveller suffer any misfortune whilst away.

Travel insurance covers a whole variety of problems that might affect a traveller or holidaymaker. One such problem can arise when he or she requires a doctor or a trip to a hospital.  One of the problems of seeking medical help outside of the UK is that it has to be paid for. So any travel insurance should include medical and health cover. For holidays in Europe the cover should be for £1 million, and it should be £2 million for trips elsewhere.

Another mishap that is always likely to hit travellers is lost or stolen property. Holidaymakers can insure against this as part of their travel insurance. This will include loss of luggage, cash, credit cards and travel documents.

It is always advisable that any travel insurance includes cover for personal liability. This will cover the traveller if he or she is sued for causing injury or loss to someone else.

Those who make several trips abroad each year can save on the cost of their travel insurance. One way is to take out an annual policy which will cover all trips during the 12 month period. However, the insurance policy may put a limitation on the length of individual trips but it does save the time and the trouble of having to arrange new cover for each and every journey abroad.

Taking out travel insurance has never been as important as it is today, when the costs associated with taking holidays abroad are rising all the time. The sad fact is that if you are not covered by the right type of insurance, and are then taken ill whilst holidaying abroad, the result can be a financial disaster from which you never recover.

The golden rule when considering travel insurance should always be to expect the unexpected. Even if you are in excellent health, things can go wrong without warning.

There are many different types of travel insurance policy available, and the first choice you will usually need to make is between single-trip and annual cover. The former policy option gives cover only for the duration of the specified holiday or break. Annual travel insurance, also called multi-trip insurance, will cover you throughout the whole year. This is usually the better deal as you can make big savings over the single-trip variety. If you make only the one trip with single-trip insurance it won’t be much cheaper than taking out cover for the entire year.

It is also more convenient to take out cover for the year, especially for people who have enough paperwork on their hands and are liable to forget when their insurance policies expire and need renewing. If your trips take you to places inside and outside the EU, or you need different types of cover for different circumstances throughout the year, a simple phone call is usually all it takes to adjust the policy to suit your needs.

Many travellers decide against arranging travel insurance when they go on holiday.  One common reason for not getting insured is that of cost, but in reality a week-long holiday abroad can cost a mere £25.  Travel insurance should never cost you a large sum of money and by far the best way to find a comprehensive policy within your budget is by comparing policies online. 

The misconception that travel insurance can be expensive stems from the practice of travel agents charging you more for your travel insurance when you book your holiday.  Most of these travel agents will charge as much as five times more than what you need to pay than if you purchase the insurance directly from a reputable insurance company.  While the travel agent may advertise the insurance as being a free part of the overall holiday package, you are actually paying for it in higher travel and lodging fees.  When you book your holiday, ask the travel agent how much the trip would cost without the insurance.  You may be surprised at the difference in price. 

While you can choose to contact a number of insurance companies directly to compare prices, a quicker and more reliable method is to use comparison websites.  There are many reputable companies that offer insurance via the internet, and by looking at the entire marketplace, you will be able to pinpoint an ideal policy within your budget.  Always read the fine print and understand the terms of the insurance before committing to anything, to ensure that you are covered in the event of falling ill or having an accident while abroad.

Travel insurance insures you against medical expenses and loss of belongings, such as your luggage or your passport, while you are on holiday.  Additionally, travel insurance can insure you against any damage you inadvertently cause to a third party, such as damage to a hotel room or to a car when driving.  Bills abroad, particularly medical bills, can end up costing a fortune.  This article provides information about why it’s important to buy travel insurance before you travel abroad.

The cost of medical care can vary widely from country to country.  If you suffer a hip fracture in the USA, the medical bill is likely to be in excess of £22,000.  Having a heart attack in Spain could cost you £35,000 in medical bills.  Even if you expect neither of these types of injuries to occur, consider what would happen if you were to be involved in a car accident, or you slip and break a bone.  In order to be able to pay for the medical costs of those accidents, it is likely that you will need medical insurance.

In addition to potential medical bills, consider what would happen if the airport lost your suitcase and a number of expensive clothes and items that were inside it, or if your camera or laptop were stolen.  Without adequate travel insurance, none of these items would be covered and you would have to replace the items out of your own expense.

Many people like to spend their time backpacking in exotic locations throughout the world.  Travellers of this sort will need adequate travel insurance in place to protect themselves from medical costs, as well as to protect their belongings.

Backpacker’s travel insurance is sometimes called long stay insurance, student travel insurance or gap-year travel insurance.  Whatever it’s named, these policies are designed for the traveller that is going to be away from home for a long period of time.  As such, it usually covers a person for between three and 18 months.  It can also provide cover for those temporarily working overseas. 

When purchasing backpacker’s travel insurance, it’s important to know exactly what you’re getting and exactly what you need.  Before you buy the insurance, it’s a good idea to already have an itinerary of where you’re going, because different destinations and various activities will affect the cost of the insurance and the policy you require.  Remember also that if you travel outside of Europe, your European Heath Card will not cover you for medical expenses.

It’s important to think about your personal possessions and whether you will have a safe place to store them throughout your trip.  Consider the fact that you may be travelling through countries or regions where there is a high rate of crime.  You may therefore need a policy that covers your belongings as well.

Most holidaymakers and people who travel abroad regularly agree that it is vitally important to take out some form of travel insurance to protect themselves if the worst happens.  However, a large number tend to take out the cheapest possible policy, when getting more comprehensive cover only costs a few pounds more.  The question is particularly relevant today, as many travel insurance providers have several different options available at varying prices, ranging from a basic policy to a more comprehensive one.  Many people are understandably confused by how much travel insurance they actually need.

Almost all experts within the industry believe that it is worth paying that bit extra to buy cover beyond what you think you need.  But what does that mean in terms of actual figures?

The most important thing to look for in a travel insurance policy is medical expenses cover.  Whilst it is very unlikely, if you suffer a serious illness, injury or worse fall into a coma while on holiday, you could find yourself facing medical bills for hundreds of thousands of pounds.  It is therefore essential that you take out cover for at least £500,000 and preferably £1 million.

The other key elements should include cover for cash that is lost or stolen, cancellation insurance and baggage insurance.  A policy that covers cash up to around £500, cancellation insurance of at least £2,000, depending on the cost of the trip and baggage insurance for a bare minimum £1,000 is fairly universally recommended.