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7 Travel Insurance Essentials

 No thumbnail specified Before you go away on your next holiday abroad, make sure that you have checked these seven essentials on your travel insurance.

One of the pleasures of being retired is the additional freedom we have to travel and the extra flexibility available to us in terms of when we chose to travel.  It obviously makes sense to avoid school holiday periods and it can also be cheaper to travel mid-week.  However, if you are going to make several trips each year, especially if you go abroad, it will make sense to have an annual travel policy rather than take out a single trip policy each time you go away.  An annual policy is almost certain to be more cost effective if you go away on holiday more than twice in any twelve month period.

Not many people in our age bracket are into really extreme sports, but many of us might be skiing or gliding or scuba diving or something similar that increases our risk profile for insurance companies. If you are going to take part in any activity that might be considered slightly more risky than sunbathing, then you need to be sure you're covered. You will also have to pay a bit extra.  Equally, make sure you're not paying for extreme sports cover if you don't actually need it.

In these days of airline strikes and volcanic ash we need to be sure we're covered in the event of cancellation or curtailment. Many policies don't cover you unless you have actually checked in for your flight, so make sure that you read the small print.

98% of 'lost' luggage finds its way back to you in faitly short order.   If your bags just missed the flight they might be back with you in a matter of hours.  If they go on a jolly to the opposite side of the world, it might take a couple of days. It's therefore debatable as to whether you need to be covered for permanent loss of your bags over and above any compensation that you might get from the airline.  One thing you must make sure of is to take your cash, jewelry and other valuables in your cabin baggage.  Such items are rarely covered by the lost luggage section of your travel policy.  Also be sure to keep any essential medication with you.

If you really want to take the family heirlooms with you on holiday or you want to take a lot of cash (rarely needed in these days of cash machines) or you have lots of expensive photographic equipment for example, you can have them covered by your travel policy.  However, make sure that valuable items are not covered by your home insurance.

The cost of medical treatment abroad can be horrendous.  A relatively minor operation in America can easily cost $25,000.  Most travel policies will cover you for medical emergencies to a reasonable level - somewhere between £2 million and £10 million.  This should be adequate, but chack to make sure that it's no less than £2 million.

If you are taken ill while abroad, you might have to be repatriated back home, perhaps even by emergency air ambulance.  Check that you are covered for all eventualities that might lead to a swift return home.  This will often involve the need to pay for new flights and you are unlikely to get a refund from your hotel once you have checked in.  Repatriation cover is normally standard with most policies, but it's worth checking the detail.

Slightly off topic, but also worth mentioning is if you go away for an extended period check your home insurance. Some policies won't cover you if you're home is left empty for a long time. Also make sure your travel policy covers you for unusually long holidays.

Enjoy your holidays and relax, safe in the knowledge that you're covered for all eventualities.

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