Travelling with insurance
Travel insurance providers paid out £365 million last year, according to the latest findings from The Association of British Insurers (ABI). The results issued June 2016 found that travel insurance companies shell out the equivalent of £1 million every day to help cover the costs of medical treatment abroad, cancelled trips, or other travel mishaps.
Perhaps unsurprisingly, the primary cost of claims was for emergency medical treatment, with insurers paying out over £196 million to cover medical expenses and repatriation. More than 166,000 travellers claimed for medical treatment, as accidents can easily happen abroad and it’s often expensive to get care.
Cancellation was another common reason given by individuals for claiming against travel insurance last year. Insurers paid out £128 million to 160,000 individuals and families to cover the cost of cancelling their holiday – either because they could no longer go or from because their provider cancelled their travel or accommodation. Furthermore, 87,000 people claimed to cover the cost of lost baggage and money whilst travelling – costing insurers over £16 million.
Interestingly though, ABTA has found that more than one in five people (22%) still travel uninsured. That’s despite the fact that our average European single travel insurance policy costs just £19.09 and an annual policy costs £49.30**, while the average medical expenses claim was more than £1,200, and average cancellation claim £800 last year. Could you afford to pay if anything happened to you or your loved ones while you were abroad?
With so many potential pitfalls, it’s clear to see the protection that travel insurance can provide for you and your family and the value for money it can offer. There are many options on offer to meet your needs so it’s a good idea to shop around to find the right policy for you. It could give you the peace of mind to really enjoy your holiday so why not start comparing now?
** Based on comparethemarket.com travel data between March 2015 and February 2016.