Does my travel insurance cover my lifestyle?
Does my travel insurance cover my lifestyle? Three things NOT covered by travel insurance
‘To buy or not to buy?’ That’s the question people tend to ask about travel insurance before going on holiday. If you did opt for travel cover, you’re already in the minority, as just 40% of holiday-goers say they insure their holiday.1
But there’s another pressing question about their travel insurance that most people never ask: ‘does my travel insurance cover my lifestyle?’
Some holidays are too costly to cover
Travel insurance is there for you in worst-case holiday scenarios, e.g. if your holiday is cancelled. But many of the mainstream providers won’t cover holidays that exceed a certain cost. One of the most popular insurance comparison websites Compare the Market only features policies with cancellation cover up to £7,500.2 That means that if your holiday cost more than that and was cancelled for reasons beyond your control, you would only be reimbursed for the stated amount, potentially losing you a great deal of money. When coming to an insurance broker, we look at your individual needs, and recommend the most suitable cover for your arrangements.
Valuables that are too…valuable
Maybe you inherited a priceless watch that you never take off, or your engagement ring is highly valuable…and something happens to it on your trip. You then go to make a claim, and find that you’re only covered for a fraction of the total value. This is the reality that many holiday-goers are faced with when they discover their policy has a single item cover limit. This is the maximum the insurer will pay out if a covered valuable is lost or stolen. We recommend you take time to look at all of the limits within your policy, to make sure you are covered. Luckily, most high value policies should be sought from a specialist broker, such as ourselves. We understand that higher value assets need specialist insurance and we will always arrange cover that is appropriate. It’s also worth checking your policy documents or with us, as some values will need an up to date valuation.
Don’t forget about your online safety
Did you know that one in four international travellers who connect to a public Wi-Fi are hacked? While the figure is staggering, it’s actually not too surprising; the last thing we have on our mind while abroad is our online security. When you’re at a café or a bar, it’s normal to connect to the Wi-Fi and check your phone. But connecting to a public Wi-Fi can make your device accessible to opportunists who can hack your device and access your sensitive data – even after you’ve left the premises.3 So, make sure that you check that your insurance covers you for cyber incidents – because not all of them do. It’s also worth noting that many policies come with cyber cover embedded, if you know you’re going away and need to speak to us about cyber in particular, call us!
Forgotten something?
As well as double-checking you’ve packed everything before setting off, don’t forget about the most important possession of all: your home.
Find out how to keep your home safe and less appealing to thieves while you’re away in the next article of our summer edition.
1 UK Travel Insurance Statistics 2024 – Forbes Advisor UK
2 Compare Holiday Cancellation Insurance | Compare the Market
3 Here’s Why You Should Avoid Using Public Wi-Fi While Traveling Abroad (tripsavvy.com)