Travel Insurance

One of the most common forms of insurance product is travel insurance.

Wherever there is travel involved, there is invariably risk, and infact a range of risks, and therefore an insurance product to mitigate against those risks is a necessity.

Whether those problems are to do with flight cancellations, flight delays, luggage being lost, or even getting ill or injured abroad, then travel insurance may help. And note the word may here - there are a large range of different travel insurance products and a great deal of different things that they might or might not cover. Therefore it is essential to be accurate about the type of travel you are doing, finding out what can be covered and what can't be covered, then deciding what level of cover you want and what extras you want to pay for to mitigate against the various possible risks. In short, travel insurance is a pretty complicated product!

If you are undertaking particular activites, such as extreme sports, then that clearly needs to be flagged up because costs will be a lot higher as there is a much greater chance of you having an injury when skiing or snowboarding as to, say, walking along the beach. And indeed pricing and policy details will reflect this.

Similarly, different countries have different rates - typically European travel will cost less on a policy than one that covers you for travel anywhere in the world, and particular countries can have greater cost attached to be insured against as clearly travel to some countries has more risk associated than others - and wherever risk is assessed to be greater, the cost or premium of the insurance is going to be greater too.

Clearly on a practical note, the longer you travel for the more chance there is that something can go wrong - you are more likely to get ill or suffer a mishap of some kind if you are travelling for six months than if you are travelling for six days. So it is critical of course that you ensure that you get cover for the full duration of your trip and don't make any silly mistakes - remember to include the day that you travel and the day that you come back from travel in your insurance policy - because if you aren't covered then, well, you aren't covered!

There are so many things travel insurance can cover they cannot all be listed, but think about things such as financial loss due to the trip being cancelled, delays on departure or coming back, loss or theft of property when abroad, the requirement for medical treatment, liability costs if you damage something when abroad and legal expenses therein - and as mentioned above any specialist considerations if you are doing something risky such as an extreme sport.

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