How Much Travel Insurance do You Need?
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.