Research by insurance comparison service Go.Compare has shown that many travellers overpay for travel insurance every year, either because they are unaware of existing cover or because they choose an unsuitable type of policy. Travel insurance expert at Go.Compare Rhys Jones has set out seven practical tips to help cut costs while still maintaining the necessary level of protection.
According to Go.Compare, holders of certain packaged bank accounts may already have an annual travel policy included as a built-in benefit, yet still go on to buy separate cover. In such cases, the amount wasted on unnecessary annual European cover can run to tens of pounds a year, and even more for policies that include worldwide travel.
The first tip from the expert is to check carefully, before buying a new policy, what services are already included with your existing bank account or credit card. If travel insurance is already provided, a separate policy may be unnecessary.
The second recommendation concerns timing. Jones advises buying insurance on the day you book your trip, rather than just before you travel. Most policies include cancellation cover from the moment the policy starts, so delaying the purchase means you have no protection if the trip falls through because of illness or other unforeseen circumstances.
The third tip is to weigh up which works out cheaper: separate policies for each trip or a single annual multi-trip policy. Go.Compare statistics indicate that for those who travel three or more times a year, annual cover often costs less than several single-trip policies, particularly for journeys outside Europe.
The fourth way to save is to increase your voluntary excess (your own contribution towards any claim). A higher excess usually reduces the cost of the policy, especially for annual cover. At the same time, the expert stresses that the level of excess chosen must be affordable for the traveller in the event of making a claim.
The fifth recommendation relates to trips to Europe. Travellers are advised to apply for and carry a valid Global Health Insurance Card (GHIC), which provides access to emergency state healthcare in a number of European countries and can reduce insurers’ treatment costs. However, this card is not a substitute for comprehensive travel insurance, as it does not cover private clinics, repatriation or other expenses.
The sixth tip is to check the official advice and warnings from the Foreign, Commonwealth and Development Office (FCDO) before travelling. Going to regions that are subject to FCDO advisories can completely invalidate your insurance policy, so it is important to keep an eye on updates even at the planning stage.
The seventh recommendation is always to declare all existing medical conditions honestly when taking out a policy. Withholding information can be grounds for refusing a claim, whereas searching for specialist policies after full disclosure often produces reasonably priced options.
In conclusion, Rhys Jones notes that choosing a policy carefully, checking for any existing cover and completing the medical questionnaire accurately can both reduce the cost of insurance and protect the value of your upcoming trip. Go.Compare reminds users that its service allows them to compare the terms of different travel policies and choose the most suitable option.