This is a product you are unlikely to want to leave home without. Travel insurance, says the Citizens’ Advice Bureau is cover you might want to make sure that you have if you are planning a trip away from home.
The insurance is readily obtained through a quick and easy application. In terms of the risks it covers and the possible expenses you may face without this simple form of protection, you are likely to find the premiums quite affordable.
Who might this product be suitable for?
Travel insurance is clearly for travellers, but travellers come in every shape and hue, with a whole host of reasons for taking to the skies, the seas, or overland. Whatever the nature of the holiday, you are likely to find a travel insurance package specifically designed for you:
Standard travel insurance – there is a standard package, for instance, likely to cover the majority of holidays on a single, one-off basis;
Multi-trip travel insurance – an annual policy that covers you if you take several breaks throughout the year;
Long stay travel insurance – if your travels are likely to take you away from home for longer than the standard maximum of around 60 days, you might want to take up a long stay travel plan;
Winter sports travel insurance – just as the name suggests, this is a form of cover for the more adventurously inclined winter sports enthusiasts;
Cruise insurance – it is all in the name once again for this form of travel insurance that is specially designed for anyone going on a cruise;
Backpackers insurance – designed to cater for the wide ranging needs of the backpacker or gap year traveller, this form of cover may be offered at various different levels of protection to suit the pockets of individuals.
These are just a selection of the different types of travel insurance you may encounter – the key message is that, whatever you plan to be doing in the course of your travels, there is likely to be a form of cover made just for you.
What does it typically cover?
Although there may be a range of variations on the single theme of travel, and the particular risks of each type of holiday addressed by each one, the single most important element of any travel insurance is almost certainly going to be cover for medical and healthcare emergencies.
And for very good reason. The UK government advises that the cost of dealing with any kind of medical emergency abroad may prove very expensive, especially if your treatment requires getting you back home for further treatment, recovery or convalescence – between £35,000 and £45,000, for instance, just in the cost of an air ambulance from the eastern seaboard of the United States.
For reasons such as this, the core to your travel insurance is the provision of emergency medical treatment and care.
Although this is likely to be the single most important element of travel insurance, there are others too:
if your travel arrangements are cancelled or your holiday cut short for reasons entirely beyond your control, the insurance may compensate you;
similarly, if you are forced to miss a connection or are unreasonably delayed through no fault of your own;
important items such as your passport, money and baggage in general is also insured against theft, loss or damage; and
indemnity is typically provided for any injury or property damage you may cause to someone else.
Is there anything I need to know?
For any single trip you might want to ensure that you have the appropriate insurance to cover the duration you are going to be away from home.
You might also want to know, however that there is also multi-trip travel insurance, which is valid for the entire year and covers as many separate journeys on holiday or on business that you may need to make.
Not only is this likely to give frequent travellers the peace of mind in knowing that they remain safely covered throughout the year, but is also likely to work out to be cheaper cover on a trip by trip basis.
Travel insurance may not be a legal requirement, but if you are embarking on a holiday or business trip it is likely to make a great deal of sense to arrange such protection.