Travel Insurance – Why Buy?

When should you buy your travel insurance?

Planning your next summer holiday, ski trip or weekend break? It is always an exciting time as the mind starts to wander with thoughts of faraway destinations and new adventures. And while it is always great to sit back once you have booked your holiday, it is crucial to consider the benefits of purchasing travel insurance before putting the credit card away. However, many of us leave arranging our travel insurance until a week before we travel and, in this scenario, we run the risk of having to cancel our holiday at our own expense because of an unforeseen circumstance. By purchasing your travel insurance as soon as you book your holiday, you are covering all bases, and this is why many choose an annual multi trip policy giving them cover all year round, no matter how many times they travel.

Not only can travel insurance provide valuable protection and peace of mind, but the cost of not having insurance can be significant. According to statistics from the Association of British Insurers, the average travel insurance claim value in 2022 was £571 for those aged 36-40, with the figure rising to £1,950 for travellers aged 71-75!*  It is important to ask yourself how you would cope in a foreign country if you faced with such a bill for medical treatment. Similarly, you may find yourself in a situation where you need to cancel or cut short your holiday which would mean that you find yourself out of pocket with costs running into the thousands of pounds.

What does travel insurance cover?

It is worth bearing in mind that travel insurance doesn’t just cover injury, cancellation or trip curtailment, it also protects your personal belongings from loss or theft. Some policies come with the option to add cover for lost luggage which allows you to make a claim if your bags cannot be located when you arrive at your destination airport.

These days there are a wide range of policies to meet the diverse needs and budget of each traveller. From single to annual multi-trip, individual or family cover, European or worldwide destinations, not forgetting cruise or winter sports cover. And while the cost of travel insurance varies depending on factors such as the duration of your trip, your destination, and your age, you need to weigh this up against the financial implications of not having cover coupled with the stress and anxiety of fearing the worst while on your trip, which of course should be the very time that you are most relaxed.

Cornmarket recommendation

In conclusion, our advice is to not take risks when it comes to your travel plans. The cost of not having insurance can be significant, with potentially devastating financial and emotional consequences. Taking that extra bit of time to research your options and choose a policy that best fits your needs and budget is time well spent.

*Source: https://www.abi.org.uk/news/news-articles/2023/7/pack-your-travel-insurance-this-summer-and-remember-your-trip-for-the-right-reasons/

For an online quote visit  cornmarketinsurance.co.uk/travel-insurance/