How Much Travel Insurance Do I Need? – Forbes Advisor UK

If you’re looking forward to the holidays, the last thing you want is for something to go wrong and ruin your plans. but having the right kind of travel insurance will at least protect you if you do.

Travel insurance will ensure you don’t have to pay the bill if you get sick, have an accident or lose your luggage while you’re away, and will also protect you against cancellations before you leave.

Reading: How much travel insurance should i buy

but what level of travel coverage will you need? learn more with our guide.

How much coverage do I need?

Travel insurance policies vary in terms of what they offer. therefore, when comparing your options, it’s important to understand exactly what you’ll be covered for, if there are any limits on that coverage, and if there are any outright exclusions.

Here’s what a “good” travel insurance policy should look like, including the types of coverage it must provide and coverage limits:

Medical expenses: £2 million for Europe, £5 million worldwide

This will cover hospital treatment and medical bills should you become ill or have an accident during your absence. Depending on where you travel, health care costs can be extremely high, which means it’s vital that you have enough coverage to ensure you don’t have to fork over medical bills yourself.

You should also cover repatriation costs in case you need to return home for medical reasons.

Always be sure to tell your insurer about any pre-existing conditions. if you don’t, your claim may be denied.

cancellation, shortening and missed departure: £3,000

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Your policy should also cover you in the event you have to cancel or cut your vacation short for reasons such as illness, redundancy or bereavement.

A good policy should offer coverage of at least £3,000 and should pay for travel or accommodation expenses that you have paid for but cannot use or claim.

You should also cover the cost of additional accommodation and travel expenses if you miss your flight, ferry or train due to public transport delays, a vehicle accident or breakdown, a strike, industrial action or even adverse weather .

personal belongings and money: £1500

Personal belongings coverage will pay if your luggage or belongings are lost, stolen, damaged or destroyed.

Note that there will usually be a single item limit, which is the maximum amount you can claim per item. this is typically between £200 and £500, so any items worth more than this may need to be covered separately.

There are generally similar coverage limits for lost or stolen cash or traveler’s checks.

Personal liability cover: £1 million

This will be paid in the event you injure someone or damage their property while on vacation. Although not commonly claimed, it is a crucial part of your coverage.

coverage limits suggested by the consumer group, which one?

what about covid-19?

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since the covid-19 pandemic hit the uk in early 2020, travel insurance providers have been quick to change their policies. the best policies will cover your medical expenses in case you contract the virus while on vacation, as well as if you need to cancel your trip because you have contracted the virus or have been asked to self-isolate.

However, some policies will only cover you if you get sick with the virus while you’re away and won’t provide cancellation coverage. others won’t pay any claims related to covid-19, so be sure to check your policy carefully before agreeing to anything.

learn more about travel insurance for risks related to covid-19.

Do I need any additional coverage?

In addition to the coverage levels above, there are a number of optional extras you can choose from to make your coverage more comprehensive. some policies will include them as standard, but most will require you to pay a bit more.

These optional extras include:

  • Airline Scheduled Failure: This will be paid in the event your airline goes out of business.
  • End Provider Default: Protects you if a hotel, travel company, or airline goes bankrupt
  • legal expenses: pays legal fees for an incident that was not your fault
  • Coverage for natural catastrophes and terrorism: covers claims related to natural disasters such as volcanic eruptions and earthquakes, as well as those related to acts of terrorism
  • Sports and activities coverage: pays if you need to claim due to participation in a high-risk or winter sport, such as bungee jumping or skiing
  • Whether you need all of these features will depend in part on where you’re traveling and the type of activities you’ve booked, as well as how happy you are to pay a little more for more comprehensive coverage. it’s worth doing some comparison shopping to see how costs and coverage levels compare.

    What does my travel insurance not cover?

    All travel insurance policies are different, but as a general rule, you can expect to see the following exclusions in your policy documents:

    • medical treatment for pre-existing conditions
    • intentionally causing harm to yourself or another person
    • claims for being under the influence of alcohol or drugs
    • claims because you did not receive the necessary vaccinations for your trip
    • claims arising from travel to a destination advised against by the foreign and commonwealth office (fco) (for example, due to the covid-19 pandemic)
    • When should I take out travel insurance?

      Buying travel insurance as soon as you’ve booked your vacation will ensure you’re covered in the event you need to cancel your trip due to redundancy, illness or bereavement.

      many people leave buying coverage until the last minute, but doing so could leave you broke if you can’t leave.

      Please also note that travel insurance applies to both holidays within the UK and abroad.

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