The question on the financial communities mind at the moment and indeed expressed by companies such as MarketWatch is as follows: Does it pay to buy travel insurance?
Many people do not realise that they may already be covered for certain elements by their existing insurance policies, for example home insurance and life insurance. Certain credit card companies will also give free protection to their clients if they use the card whilst on holiday paying out in the event of accidental death for example.
This may be the case, but the problem is, you will still only be covered for certain areas and may be leaving wide holes in your total coverage. For the average family with 2 adults and 2 young children, an annual multi trip policy can be bought for as cheap as £49 according to moneysupermarket.com. It is vital to check how many trips are covered and the total allowance in day’s by this type of policy and choose if this suits your circumstances. For some, taking out a single trip policy for each holiday may be more beneficial.
The average policy will cover you for loss/theft of personal items, medical expenses, cancellation, personal liability and many other varying eventualities.
The lesson to be learned from this is, check your existing policies thoroughly before you commit to an extra policy to ensure you’re not doubling up. Don’t forget that cheap travel insurance may prove to be an invaluable asset as it is specifically set up to cover all aspects of travel and there may be areas you are lacking cover in. All insurance is there to cover unknown eventualities so it is better to be safe than sorry.
