Is your travel insurance adequate?

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Millions of us each year whizz off on holiday abroad without travel insurance but, even if you are not guilty of this particular folly, are you certain that your travel policy is adequate for what you are taking away with you?

Financial limits on cover, the amount of the excess and what items and circumstances are excluded can differ wildly from policy to policy so it is always worth reading the small print and not simply opting for the cheapest you can find.

According to statistics provided by insurers Gocompare.com, the average holidaymaker packs almost £1,000 worth of belongings with almost a third of us taking more. In fact 18% of us take considerably more i.e. over £1,500 worth.

If disaster strikes and items are lost or stolen, many travellers can find themselves severely out of pocket, all because they failed to check their policy before stuffing their suitcases full of their most prized possessions.

In order to compile their report, Gocompare looked at over a thousand policies and found that the amount of cover provided for lost or stolen baggage can range from £200 to £10,000. The average cover works out at £1,500 but 7% of annual and 6% of single-trip policies do not offer a penny of cover for baggage.

A typical policy has an excess for baggage cover of £50 although it can be as much as £250. About a quarter have an excess of £100 upwards.

Similar variations exist for single item limits and cover for valuables such as electronic items or jewellery. Most policies have a limit of between £200 and £300 for a single item, whilst the pay-out for valuables is usually limited to £100 to £450.

Finally, remember that having good insurance does not absolve you from taking care of your own belongings. Leaving your smartphone on your lounger while you have a dip in the pool is never a good idea and your insurance company will expect you to use a safe where one is provided.


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