Travel insurance protects you financially if your trip away doesn’t go as planned, this can include things such as delayed or cancelled flights, missing luggage, or getting injured or sick while you’re away
The summer has arrived and millions of Brits will be heading off on holiday
Travel insurance protects you financially if your trip away doesn’t go as planned. This can include things such as delayed or cancelled flights, missing luggage, or getting injured or sick while you’re away. Your policy kicks in as soon as you’ve bought it so a common piece of advice – and one frequently shared by Money Saving Expert (MSE) founder Martin Lewis – is to get insurance as soon as you book your trip.
According to the MSE, there are several different types of travel insurance and they mostly differ in terms of the length of the policy, who’s covered by it, and where you’re covered. Single trip insurance covers you for one trip – so the moment you’ve bought it to the day you return.
Annual multi-trip cover allows you to make multiple trips, or have multiple holidays, in a 12-month period, all under the same travel insurance policy. There may be a cap on how long each individual trip can be Once you’ve chosen your plan, you will then need to decide who to cover.
This can cover a single person, a couple, or a family and this usually covers parents and children who live with them. Finally, you need to choose where you want your insurance to cover – so where in the world you are travelling to.
Different policies offer different levels of protection, and many have wildly different limits, so it’s important to check the terms and conditions for each deal. Travel insurance can also be expensive, particularly if you don’t do your research but there are ways to cut the costs.
How to cut travel insurance costs
Shop around for quotes
The best way to get a good deal is to get travel insurance quotes from as many providers as you can to find the cheapest option. Ideally, you should use a couple of different comparison sites and also speak to providers directly. However, you should not just opt for the cheapest option as it may not give you full coverage if you need to make a claim. Find a policy that offers all the cover you need, at the best price.
Save with an annual policy
If you are a jet setter then an annual policy may work out cheaper than buying individual ones for each of your trips. Annual policies will cover your travel over 12 months and a variety of locations. So if you are going away several times in a year, you should be able to save by getting annual coverage.
Only get the cover you need
You should always make sure your policy covers exactly what you need, and you are not paying for extras such as extreme or adventure sports cover if you are planning a relaxing beach holiday.
Avoid paying twice
You may already have travel insurance without knowing it, before buying insurance you should check that you do not already have cover as an added feature with a packaged current account or credit card. However, be wary that this travel insurance is likely only going to offer the basic level. If you are unable to upgrade the plan to suit your holiday then you may have to pay for separate cover.
