Uninsured holidaymakers face £130m bill
If you’ve booked your winter holiday and can’t wait to don your skis, don’t forget about travel insurance amidst all the excitement.
According to research by AXA Insurance, 7 million Brits are preparing to book holidays in the coming weeks. Alarmingly, 90% of holidaymakers will either be uninsured or not have enough cover. This insurance black hole could leave travellers facing a bill in excess of £130 million.
Are you putting yourself at risk?
Many travellers make the mistake of simply assuming their insurance will cover them for all activities they participate in on holiday. While you may not consider a particular sport to be especially risky, there is a strong chance your insurance company will disagree.
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In many cases, an insurance company will be well within its right to refuse payouts to customers who participate in ‘extreme’ sports without disclosing the fact when buying the policy.
If you are planning on hitting the slopes make sure you inform your insurer when you book your policy so you will be covered in the event of an injury. Those who like a little adventure and plan to do some off-piste skiing should pay particular attention to this advice.
If you like to indulge in sports such as skiing, windsurfing to bungee jumping or heli skiing, you might want to consider specialist sport cover.
Although the premium may be higher, it could be worth the extra expenses – remember the cost of a major injury abroad could run into thousands.
What to watch out for
Most of us enjoy the occasional tipple when we’re on holiday but try not to overindulge especially if you’re planning to hit the slopes. If your insurance company discovers you have been skiing after drinking alcohol, it may invalidate your policy.
Perhaps you have a medical condition, have you thought of what could happen if your medication were lost and you need to have an emergency prescription filled?
If you have a serious medical condition, a number of high street insurers may refuse to offer you travel insurance. Rather than travel uninsured, you could consider a company that specialises in customers with pre-existing health problems.
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These insurers will be more sympathetic to your medical concerns and have a clearer understanding of the risk your condition represents when pricing your premiums. You could try contacting the Association of British Insurers if you are seeking a specialist provider or looking at websites that provide support for people with your condition.
Get appropriate cover
When booking your holiday, it could be a mistake to purchase insurance from your travel agent as premiums can be as much 50% higher.
However, you may also regret simply opting for the cheapest policy. Depending on your circumstances, looking for cover that is adequate for your needs is the intelligent and safe bet.
Obviously, cheaper policies will provide less cover than the more expensive options and save you money in the short term but you could be hit with a major expense if something goes wrong and you aren’t covered.
In addition to securing adequate coverage for your holiday, it’s prudent to purchase insurance for incidents such as cancelled or suspended flights, lost luggage or passport and repatriation following a medical emergency.
**This material is for information purposes only and should not be considered financial advice. We strongly encourage our readers not to rely solely on this content, but to seek independent advice when making financial decisions.**
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