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Do I need travel insurance?

If you’re going abroad, travel insurance is an absolute essential. It’s not a legal requirement but you could be facing a huge financial loss if you travel without it. Research conducted by Compare by Review found that 15% of Brits don’t buy insurance when they travel abroad. Having a quality travel insurance policy is as key as having your sun lotion and swimmers packed and ready in time before your holiday begins. Of 71.7 million visits overseas by UK residents in 2018, over 10 million of those trips were taken uninsured. The travel insurance industry paid out a whopping £400 million in 2018 to those travelling abroad.

• Cancellation – 167,000 claims, paid out £145 million, average claim £869
• Emergency treatment – 159,000 claims, paid out £201 million, average claim £1,368
• Lost Luggage – 79,000 claims, paid out £17 million, average claim £214

These uninsured holidaymakers are putting themselves at serious financial risk. When it comes to emergency medical treatment, costs can really spiral. It can cost as much as

• £233,000 medical bill for a 15-day hospital stay in the US following a stroke
• £118,000 to pay for surgery and hospitalisation in East Africa following treatment for a blocked windpipe caused by food
• £187,000 to cover a 33-day stay in a Las Vegas hospital, several outpatient appointments and a flight back to the UK following a heart attack

Whether you require a basic or specialist travel insurance cover, checking out the latest travel insurance ratings will support you in finding a reputable provider, guaranteeing you get the best value for money possible. At Compare By Review, you’re able to compare travel insurance companies that you can trust, whilst ensuring quality service for less.

How do I buy travel insurance?

You can buy holiday travel insurance directly from an insurance provider or you might find that you already have it included in another service you pay for. Of the 86% of people that buy travel insurance that we surveyed, 49% buy tailored travel insurance from a provider, whereas 35% of holidaymakers rely on cover through a separate service i.e their bank (19%). Interestingly, more and more people are now relying on travel insurance being included within other services they have, such as their home insurance or their bank accounts. These package accounts are an attractive and convenient way of bundling together various policies, however, it’s key to know exactly what these policies cover and if that cover suits your travel plans. In some cases, these additional extras end up costing you more compared to if you took some time to shop around and bought each element individually. In some cases the level of cover these ‘add ons’ include are intentionally high end and offer a level of cover you wouldn’t need. However, there have also been cases where the quality of cover provided through bank accounts has fallen short of what you’d expect. Ryan Howsam, Staysure chairman, said:

“Last year we commissioned a first of its kind industry report uncovering the pitfalls of banking travel insurance which found 3.3 million British holidaymakers over the age of 50 unknowingly travelling abroad without adequate cover when relying on policies offered as an incentive from their high street banks. Worryingly this type of ‘one size fits all’ product often doesn’t cover older travellers or those with pre-existing medical conditions – this is a small print factor regularly missed by consumers. Anyone travelling should seek cover from a specialist insurer to purchase the right travel insurance that is tailored to their individual needs. Check that the policy is right for your age, covers your medical conditions and offers good levels of medical emergency limits which will protect you from the extortionate hospital bills that can rack up abroad if you’re taken ill.”

With all policies, you need to make sure that if the worst were to happen, it will pay out. You need to read the terms and conditions thoroughly before you buy a policy and ensure that you know exactly what is and isn’t covered before you travel. The most common reason for insurance claims not being paid out is due to the policyholder withholding information about pre-existing medical conditions. It’s key to be as transparent as possible, regardless of whether your account is with a specific insurance provider or part of a utility package.

What does travel insurance cover?

Taking out quality travel insurance is essential for short and long trips abroad as it gives you extra protection in the event of an emergency. Just in case your holiday doesn’t go to plan, it is sensible to ensure the travel insurance you purchase is suited for your needs. When it comes to choosing your travel insurance policy, different providers will offer various options so you’ll need to make sure it includes the right level of coverage to guarantee full protection while you’re away. To give you a basic guide of the standard policy features from travel insurance providers, we have provided some detail on what you can expect to be covered.

Can I get travel insurance that covers COVID?

There are travel insurance options available which include COVID cover but only on certain conditions. For example, if you cancel your trip before going due to testing positive, a close relative passes away as a result of COVID or you missed your departure while waiting for your test results, these are usually protected with your policy. Also, while you’re travelling, some providers may offer additional cover if you test positive upon arrival at your destination, need emergency medical treatment, are required to quarantine whilst on holiday or a close relative passes away from COVID at home. These are usually offered with premium level travel insurance, so it is important you check the terms and conditions properly before purchasing.