Are you paying too much for your travel insurance?

April 7, 2022

Unlike car insurance, for example, in which you’re legally required to have at least the minimum amount of cover (third-party only), travel insurance isn’t a legal requirement for travelling.

However, it’s definitely something you should have for your own peace of mind. Since the Covid-19 pandemic, people have become more worried about the possibility of needing to make a claim while travelling and many people are wondering whether it’s still possible to find cheap travel insurance.

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We’re here to show you that it is possible to find cheap holiday insurance quotes online, plus the best ways to compare travel insurance policies to find the best one for you.

What does travel insurance cover?

Travel insurance is designed to compensate you in the event that your holiday is cancelled before you even travel, if you’re injured or become ill while travelling or if something else goes wrong while you’re on holiday that would require a hefty cost.

A good travel insurance policy won’t necessarily be very cheap, but it’s usually a lot cheaper than having to fork out for an entirely new holiday if yours is cancelled and if you’re travelling to places where healthcare isn’t free, like America for example, it will certainly save you a lot of money if you need to receive medical treatment while you’re there.

The inclusions of a travel insurance policy differ depending on the provider, the type of policy you’ve taken out, where you’re travelling to and with whom and how long you’re travelling.

Most standard policies ask for a specific region of where you’re travelling to, such as North America or Europe, for example. Whereas some types of travel insurance providers ask you to provide details of every single country you plan to visit to ensure that you’ll be covered in each place.

Below, we’ve listed the inclusions of most “good” travel insurance policies so you know what you should be looking out for when comparing travel insurance quotes.

  • Medical costs - almost every type of travel insurance policy will offer you some level of cover for medical costs for any treatments you receive while on holiday. However, it’s imperative that you inform the insurance provider of any pre-existing medical conditions you have when applying for travel insurance as you will not be covered if you have to make a claim for treatment for a condition you have that you didn’t tell your insurer about.
  • Cancellation costs - this could include cover in the event that you have to cancel your trip before you’ve even travelled due to certain circumstances. It may also include cover if the airline or travel company you’re going on holiday with cancels your holiday, although not every provider will offer this.
  • Personal liability cover - this will cover you in the event that you injure someone or damage property while you’re on holiday.
  • Curtailment - if you need to cut your holiday short due to an emergency that requires you to go home, most travel insurance policies will cover you in this event.
  • Baggage and personal items - if your luggage is stolen, damaged or lost while you’re travelling, you should be able to make a claim on your travel insurance policy.

How much is travel insurance?

The cost of travel insurance depends on many factors, including:

  • The level of cover you want to take out
  • The travel insurance provider
  • How long you’re travelling for
  • Who you’re travelling with
  • Whether you have any pre-existing medical conditions
  • Where you’re travelling to
  • Whether you want to add any optional extras to your policy (such as extreme sports cover etc)

Once you’ve determined those factors, you can start searching for quotes from different providers.

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It’s worth noting that the cost of your travel insurance policy will likely be higher if you have a pre-existing medical condition, but it’s not always necessarily the case.

The length of your trip and where you’re travelling can also play a huge part in how much you pay for your travel insurance. For example, backpacker insurance that covers many countries and regions around the world will cost more than a policy for a single trip.

You should also remember that while travel insurance might seem like a very big expense, it’s important to not skimp out and choose the cheapest policy you find. It’s important to find a travel insurance policy that covers you for exactly what you need/want and even if it’s slightly more expensive, it’s worth looking at the level of coverage you get with the policy to see whether it’s worth paying more. Remember to also check the excess of any insurance policy as this is the amount you’ll have to pay towards any claim that you make on your policy.

Can I get Covid travel insurance?

The Covid pandemic over the last two years has made people very wary, especially when it comes to taking out travel insurance as many people have been burnt during the pandemic by companies refusing to offer refunds or not offering cancellation policies in line with Coronavirus.

Therefore, if you’re worried about Covid affecting your travels, you should look for a policy that offers full Covid cover. Most policies are still offering protection in the event that you need to cancel your trip due to you or a member of your family testing positive for Covid, but most policies won’t cover you for travel to a red-list country or if you get stuck in another country due to government-imposed lockdowns.

Where to find the cheapest travel insurance

Whether you’re looking for generic travel insurance or specific policies such as cruise insurance in the UK, if you feel like you’re paying too much for your travel insurance, it’s important to shop around and find the best quotes.

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