It is estimated that over ten million Brits travel abroad each year without travel insurance. Whilst the number of actual claims is low at 4% (4 in 100 policies), the average medical expenses claim in 2017 was nearly £1,300 with one claim for over £750,000. Could you afford to take the risk? We think not and here are six reasons you should purchase travel insurance.
1. Don’t rely on a European Health Insurance Card.
Many consumers travel to Europe and believe they don’t need travel insurance because there are carrying a European Health Insurance Card. The EHIC is designed to allow UK nationals to receive the same level of treatment as if they were a citizen of that country. Don’t think that automatically makes treatment free. In countries like Germany the costs of doctor visits and medicines are reduced to 10%, however in other European countries like Spain the costs are anywhere between the costs are higher. The other factor to consider is, the cost of repatriation maybe with a nurse or special flight. This is definitely not covered and should be the main reason for travel insurance.
2. Cover yourself against illness or Injury.
Nobody travels abroad with the intention of having an accident or falling ill, however it does happen and the cost can potential ruin the rest of your life, if you don’t have travel insurance and can’t afford to pay. The increase in the number of Go Fund Me pages, trying to raise funds for the cost of treatment abroad, or to get back to the UK, tells its own story.
3. What if you have to cancel your holiday?
Similarly to number 2, no-one books a holiday with the intention of cancelling it, before you get there. But all sorts of reasons can cause cancellation. Death or illness to you, your travelling companion, close relative, or business colleague. Jury service, giving evidence, flood or burglary of your house. Take travel insurance and you will have peace of mind.
4. The cost of Travel Insurance has never been cheaper.
There are over 200 different travel insurance providers, all competing for your business. The comparative cost of travel insurance has never been lower. Cover can be found for as low as 22 pence per day. If you can afford to spend several thousand pounds on a vacation, there is no excuse not to purchase travel insurance to protect it.
5. Getting Travel Insurance is quick and easy to do.
Before the advent of the internet, you had to phone up or visit a broker and complete insurance documentation manually. Today a travel insurance quote can be obtained in seconds. (We don’t recommend this). It is possible to get a quote, complete the online questionnaire and pay online for travel insurance in about 3 minutes. Spending an hour to research your requirements and find the most suitable travel policy isn’t a great deal of time from your life. We bet you spent a lot longer deciding where you were going to go!
6. Climate Change, Catastrophe and Financial Failure.
The last decade has seen many business failures and bankruptcies, dramatic floods, tsunamis and hurricanes. Whilst it pays to be vigilant, no one knows when the next Financial or Climate catastrophe is going to happen. Buy a good quality travel insurance policy and with it comes the knowledge you are fully protected.