Low cost travel insurance is available – you just have to know what is necessary and what is optional for your circumstances. Here are some considerations to bear in mind when you are checking the draft policies you are offered.

Level of cover

It is easy to get too worried about the level of cover you need. For example, for private health or public liability insurance, do you really need tens of millions of pounds worth of cover? Or would a couple of million pounds for health be adequate? You may wish to consider whether or not your destination is in Europe when making your decision. Choosing an insurer that offers an appropriate amount of cover can save you money on the cost of your policy. Why pay for cover that you don’t need?

Excess

An excess is an amount below which an insurer will not pay out for a claim. So if an excess on a policy is high, you may find that you are unable to make a claim for a small loss. In particular, if you think you might need to make a claim for lost seats on a low cost flight due to missing a connection, you might seek a policy with a low excess.

Single or multi trip?

You may find that a multi trip insurance (annual insurance) policy is better value for money than a series of single trip policies, if you travel regularly. You might also be able to spread the cost of the premium by direct debit in monthly instalments, if cash flow is an issue. However, when you are deciding between the two options, make sure that any multi trip policy being offered covers an extensive enough area. Otherwise, if you have to purchase an “extension” to cover a far flung destination you plan to visit later on in the year, you might negate any savings you have made.

Are you a member of a group?

Low cost travel insurance is often targeted at particular groups. For example, family policies assume that the travellers will not engage in very risky activities, and offer block cover for a family group. Likewise, cover aimed specifically at older people might offer advantageous terms and conditions at certain mainstream locations.

Give full information

It is important to give full information at the time that you purchase your low cost travel insurance. For example, if you are going on an extreme sports adventure break and have failed to mention this, you could encounter problems when making a claim for medical treatment for a broken leg sustained as a result of your adventures!

Good service

Just because you are buying what could be perceived as being low cost travel insurance, it does not mean that you should accept low service. Judge a provider on how friendly and helpful their staff are when you are purchasing the cover, and what level of support is available to you in the event of a claim.

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