One in four British holidaymakers do not take out travel insurance when they go on holiday, according to healthcare provider Benenden and as reported by the Guardian. Out of the 1,000 people surveyed, 10 per cent of them had previously needed medical treatment while they were abroad – a specific event covered by most travel insurance policies. But it’s not just going into hospital that travellers should worry about – other concerns include cancellation of flights, loss of luggage, the shortening of a holiday outside of your control, and so on.
Oyster Loan helps Brits find the money they need for their time abroad with our wide range of holiday loans (including holiday loans for bad credit applicants). Your week or two in the sun should be a time of fun and enjoyment free of stress and the team here believe that having the right insurance in place for your holiday is essential.
However, travel insurance can be very confusing so, in this article, we look at the types of coverage on offer by the many providers available here in the UK. When speaking with an insurance broker or using a travel insurance comparison site, make sure that you get the right cover you need by knowing what you want to insure yourself against before getting a quote.
What types of travel insurance are there?
Single trip and annual trips
You can take out insurance to cover you for one single trip or for every trip you make during the year. If you have multiple trips planned, you may make a significant saving by buying annual insurance over buying insurance for every single journey abroad.
Generally, most single trip and annual trip coverage includes baggage claims, medical expenses, cancellation, and repatriation. You generally get more flexibility on the personalisation of single trip insurance than with annual trips.
European and worldwide
The further away you travel, the more expensive your insurance will be. However, to simply things, most insurers offer coverage for European trips or coverage for trips outside Europe. Medical bills can escalate very quickly when abroad, particularly in countries with no reciprocal arrangements with the UK, so you should generally get yourself insured for at least £2m worth of medical expenses.
Solo or group holiday
If you are travelling abroad with friends or family, you can choose individual insurance policies for each holiday maker or you can choose a group policy. However, please be aware that it may be difficult to ensure those over the age of 65 on group policies and, if any of the travellers have pre-existing medical conditions, this may add significantly to the overall cost of your insurance.
On the subject of pre-existing medical conditions, you should always tell your insurer any conditions you have that currently requires treatment. This will help them price in the cost of any medication they need to pay for if you fall ill plus any other treatments you may require for other illnesses related to your condition.
Insurers will generally want to know about arthritis, IBS, asthma, heart conditions, if you’re awaiting surgery, patients with kidney conditions, cancer, mental health, diabetes, or you have had one or more strokes.
Personal belongings cover
Did you know that the average Brit takes £350 worth of jewellery on holiday, £400 worth of shoes and clothes, and £700 worth of electronic gadgets? The average value of the contents of your child’s suitcase adds up to around £550 on average.
Most policies provide you with cover loss or theft of personal belongings for a pre-determined amount. If what you are taking on holiday is worth more than the standard amount on your insurance policy, it makes sense to increase your level of coverage.
Personal liability cover
Personal liability cover is one of those areas that many people heading off for a holiday never think about however if you injure someone or cause damage to their property, you may be personally financially liable for it unless you have taken out personal liability coverage.
Legal cover pays for the cost of a solicitor to represent you in case you have to claim damages or compensation because of something that happened on your holiday caused by another person or a company (like your hotel).
Cruise cover provides financial compensation to you for the types of events that can occur on a cruising holiday. If you’re travelling a long way to catch your ship, cruise cover will transport you and your fellow travellers to meet the ship at a later point if, for whatever reason, you were unable to make your departure time because there was a traffic jam or if your car broke down.
Cruise cover also compensates you if you are confined to quarters for some or all of your trip by the ship’s medical officer (please tell your insurer of any pre-existing medical conditions) including for any excursions you could not take advantage of during your confinement.
Curtailment cover compensates you pro-rata against the cost of your holiday in the event that you or one of your travellers falls ill, something happens to your home which means you can’t live in it while it is being repairs, one of you is called up for jury service, you sustain an injury while on holiday, or if someone close to you dies.
Holiday loans UK
We believe that you should always factor travel insurance into your holiday plans. The chances are that nothing bad will happen while you’re away but, just in case it does, it’s better to be protected.
Oyster Loan isn’t a lender – we’re a broker. We match borrowers and lenders meaning that you get the very best holiday loan for you at the cheapest possible rates. To apply, all you have to do is fill out the application form on our website and, within a few seconds, we’ll come back to you with the loan offer that offers you the best value for money.
Our service is free and there’s no obligation to take out the loan we find for you. To start your application, please click here.