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5 Tips on Getting the Best Travel Insurance

It's holiday time again and what is on your holiday shopping list?  Sun Cream...tick, aftersun...tick, new flip flops...tick, Travel Insurance....erm...  It is usually one of the last things that is ticked off the holiday tick list and usually is an afterthought - 'do I really need it?'  Well, the answer is, you should get Travel Insurance because most countries around the world do not have the NHS system we have and aren't all that accommodating to holiday makers clogging their A&E queues.  Oh, and typically, healthcare abroad isn't free so get your Travel Insurance arranged, and to help you along the way, here are a few tips for you...

Tip 1 - Do you already have Travel Insurance?

The first thing to do is to check with your bank account.  Some current accounts actually have the travel insurance included as an additional benefit, so it is worth checking with your bank first as there is no point paying twice.

Also, it might be a benefit of your Home Insurance policy so it is 100% worth a call to your provider and see if you are already covered on there.

Tip 2 - Understand what you are actually insuring

As with any insurance, there is typically a basic level of cover and you can bolt things onto it.  For example, if you are going on a skiing holiday, a standard Travel Insurance Policy will not usually cover your ski equipment so you might need to add it on.  Also check where you are going on holiday is covered.  That all inclusive luxury holiday to Tehran might not be covered or you might need to pay an extra premium to get it covered. 

Make sure the whole length of your trip is covered from the moment you leave to the moment you get back and also that it covers the people you want to cover, it is just you? The whole family?  It is important you get these facts straight before you pay and set the policy up.

Tip 3 - Check for Exclusions

Typically, many insurance policies will not cover you should an injury happen while under the influence of drink or drugs.  Similarly, you might not be covered if you were injured on a non-official excursion (you can check with hotel on this one).

Other things to look at are Acts of War and Natural Disasters.  Think Earthquakes, Hurricanes (if you are travelling to the Caribbean, and Southern America) and other natural disasters.

Also, make sure that any medical conditions you already have are known to the insurance company.  The last thing you want it to need medical help when overseas and your Travel Insurance policy not cover you purely because you forgot to tell them.

Tip 4 - Car, Motorbike & Moped Hire

This is something that you will want to check if you intend on getting out and about yourself and you are going to hire a vehicle.  Yes, the vehicle will already be insured from the hire company, but remember it is you that needs to be insured if you are injured in an accident while driving a car or riding a motorbike.

Tip 5 - Check 'Single Article Limit'

Today, more than ever we travel with more 'loose items'.  Our mobile phone, mobile tablet, smart watch, normal watch, wallet & various chargers so ensuring all these items is covered is essential.  To do that, make sure that the policy Single Article Limit, eg the maximum vale the policy will cover for one single article covers what you are taking.  If your tablet is worth £500 and the single article limit is £250, your tablet isn't fully covered.

So there you go, a few tips on what to look for when you are arranging your Travel Insurance.  Remember, get the cover that you need, not merely the cheapest cover you find.  When buying any insurance, it is the 'what if' question at you need to ask.  'What if the kids get sick', 'What if there is a hurricane' - the costs of dealing with these while overseas will be significantly more than the cost of the life insurance so think sensibly and look into the options.

As always, if you want further guidance, please do not hesitate to contact us, Fortem Financial Education on 01256 345630 or info@fortemfinancialeducation.co.uk

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