Is travel insurance really necessary when going on holiday?
Personal Loans Now explores all about travel insurance to help you decide whether it’s worth it for you or not.
- About Travel insurance
- Why should you bother with buying travel insurance?
- The best time to buy travel insurance
- Are all travel insurances the same?
- Purchasing several insurance policies
- Declaring medical conditions
- Conclusion – All you need to know about travel insurance
Travel insurance isn’t something that you want to forget when booking a holiday. In fact, it is as important as making sure that you have money. Some may say that it’s costly, but it does not need to be. It’s just about finding the right coverage for you and prevent being squeezed into upgrades that aren’t necessary. Travel insurance is taken out to pay for unforeseen events which might occur while you are on holiday. For example, you may require medical bills if you become sick, cancellation of flights and even lost/stolen bag. This will enable you not to require an instant cash loan to pay for these unforseen expenses.
If you are not sure about which insurance to take out, but you want to be sure that you are receiving the best policy for you, browse our FAQs below for advice:
Why Should I Bother to Buy Travel Insurance?
When you purchase insurance, it does not automatically mean that you are going to use it. However, coverage is there to pay for the unforeseen worst which may happen. Therefore, even if you decide to pay for insurance and you don’t end up using it, do not be disheartened. But it might help save 1,000s if something was to happen.
When is the Best Time to Buy Travel Insurance?
The main reason that people get travel insurance is to cover them for when they are away. Because of this, they tend to leave purchasing coverage until the last minute. A suggestion is, that whenever you book your holiday, purchase your insurance straight away. This won’t just cover you for while you are away, but the insurance will also cover you in the run-up to your holiday if you happen to need to cancel the holiday for whatever reason.
Are all Travel Insurances the Same?
One factor to keep in mind is that not all the travel policies will be the same, so it may take a while and some research to locate the best insurance coverage for your specific requirements. Make sure to consider where you are travelling to, what activities are you going to do, are will you be carrying large amounts of money or expensive possessions around with you? It can also be worth assessing different prices if you aren’t travelling alone, it may be cheaper to buy a couple’s policy, a family policy or an individual policy. The money that you save can help you to build up your emergency fund.
Going Away More than Once, Should I Purchase Several Insurance Policies?
If you are going away more than once a year, it may be worthwhile looking into annual policies. Not necessarily, but many times you’ll discover that if you go away often, it’ll work out cheaper to buy a yearly policy. This can help you to avoid having to apply for a personal loan to pay for these additional expenses. Always do the math because it could depend on where you are going, how long for and if you have any illnesses.
Make sure to double check that you aren’t already covered. Many bank accounts that bill you a monthly fee have added advantages like travel insurance included, which means that you won’t have to get it again. Nonetheless, make sure to read the terms and conditions to ensure that you have full coverage for your holiday.
Does travel insurance for elderly affect the Purchase Price?
Age does sadly impact the purchase price of travelling insurance, so if you’re elderly or there is an elderly individual travelling in the group, it might be better to receive a separate insurance coverage by a specialist insurer. The cause of this is because the old generation is regarded as a higher risk and results in the costs rise.
Medical Conditions increases Travel Insurance – Can I Simply not Declare it?
It’s crucial that if you do have medical conditions to declare them. If you wouldn’t announce them, it can make the initial expense cheaper. However, it may make it even more costly in the long term. If you’ve got medical conditions which you don’t announce and something unexpected happens on holiday your coverage can be made void for containing false information.
Conclusions About Travel Insurance
There are several factors that you need to know about travel insurance when finding a suitable policy. Make sure to take advantage of the savviest alternative. If you would like to be savvy, compare costs from a variety of places to be sure that you are receiving the best prices possible. Remember it’s a slim chance that you will submit a claim, and therefore don’t be tricked into upgrading with no good reason. To conclude, make sure to use comparison websites to find the best deals as this can help you to avoid having to take out a short term loan for bad credit to pay for this one-off expenses.
You can click here to read more tips to save on travel money.