Don’t rush into buying any old travel insurance for your hols this festive season. It could end up costing you more than you bargained for.
It’s all too tempting to buy your travel insurance from either your tour operator, bank or through a no-frills airline website. It’s so easy to click that button and off you go. But next time think twice before you do. You not only risk paying way over the odds for your travel insurance but you could also be buying a policy that doesn’t provide adequate cover.
Most airlines, banks and travel agents can charge you anything up to a whopping 40 percent commission on your travel insurance. The policy itself is usually a one size fits all and doesn’t take into account your individual insurance needs. The simple solution is to buy your travel insurance direct from the insurer. You won’t be forking out for pointless commission that adds no value to your cover either.
Consider the following points before you rush into buying your travel insurance
- Buy annual cover. If you’re going to be taking more than 2 to 3 trips a year then it would be advisable to take out annual cover. Single trip cover can work out to be more costly in the long run.
- Buy bulk. Take out family or group packages. Most insurance companies offer a discounted rate so it works out cheaper than buying individual policies.
- Buy online. You get better deals when you buy direct from the insurance company.
- Pay in monthly installments. Some insurance companies don’t charge you interest on monthly installments.
- Sports Activities. If you’re planning on hand-gliding or skiing during your holiday make sure you’re covered. Not all policies cover these types of activities as part of their standard package.
- Read the small print. This is boring but important. Know what you are and what you’re not covered for.
- Adequate cover. Make sure the standard insurance package covers things like flight cancellations whether they’re caused by ash clouds or strikes. Not all insurers offer these in their standard package.