How to buy travel insurance that suits your individual needs?
The word holiday conjures images of exotic destinations complete with golden beaches, glorious sunshine, hours of relaxation and quality time with your partner. It should be a truly tranquil experience. It is probably the biggest investment you will make in a year and something that you will have been looking forward to for many months. The last thing that you would want is for your peace of mind to be shattered, but, in the event of untoward circumstances, it is great to know that you are covered for any eventuality. With adequate insurance in place, you can truly relax, knowing that your luggage, health and even the holiday itself are protected. Taking a trip without adequate insurance is a one-way ticket to worry and could end up ruining your precious holiday.
If you fall seriously ill abroad and need hospital treatment, the average cost is now £2,040, up 6.25% year on year, according to research by Sainsbury’s Finance.
Travel insurance: do you really need it for a European … (n.d.). Retrieved from http://www.guardian.co.uk/money/2010/sep/11/travel-insurance-european-holiday
If any of the following incidents occur, you will be glad that you have adequate cover.
- The airline decides to cancel your flight.
- Due to illness you need to cancel the trip.
- Your day pack with your passport and wallet are stolen. You need to obtain emergency cash and replace the passport.
- You have a medical emergency whilst on holiday.
- A terrorist incident occurs at your destination and you wish to cancel the trip.
Annual travel insurance can cover all these events, as well as a few of you have never considered.
Cover for medical emergencies is probably the most vital element here. Circumstances may conspire for you to miss your flight, or lose belongings, but this pales in comparison to concerns about your health. It is hard to imagine a worse situation than being stuck in a foreign country, unable to repatriate yourself and at the mercy of inadequate medical care.
The bills for certain medical emergencies, for example, an air ambulance transfer can be truly astronomical.
The most expensive country for inpatient treatment is the US, with the average hospital visit costing £6,000
Travel insurance: do you really need it for a European … (n.d.). Retrieved from http://www.guardian.co.uk/money/2010/sep/11/travel-insurance-european-holiday
If travelling in Europe a European Health Insurance Card (EHIC) will cover basic medical care, and is a requirement to validate most travel insurance. As a UK resident, the EHIC gives access to state provided medical care at a reduced cost, or sometimes for free, when travelling in EU countries. You will receive the same care as a resident of the country you are visiting. It will not cover costs for repatriations and routine monitoring of existing conditions. When engaging in dangerous sports, insurance becomes even more vital, as the likelihood of an accident is highly increased. A skiing holiday can become extremely expensive if you need rescuing from the top of the mountain.
As we become older our insurance needs change. Pensioners travel insurance can be more expensive as the risks a well involved are greater for the insurer. It is exciting to know that you can still scratch the travel itch and enjoy an active retirement. There is a host of reputable insurance brokers, like Columbus Direct, who can present a range of policies and advise on what is best for you.
Tags: inpatient treatment, Member state of the European Union, mind, cover, incident, worse situation, eu countries, Insurance
PPI complaints set to soar
February 20, 2007 by admin
Filed under News, News-Insurance
The number of complaints concerning payment protection insurance (PPI) could run into the tens of thousands.
According to financial research company Defaqto there may be a huge surge in complaints, but the firm warns that consumers may not be better off as a result.
A report by Defaqto highlights that lenders may increase rates and charges on money borrowed in order to make up for the loss of PPI income.
The firm also warns that bank charges may be imposed for some customers, spelling the end of free banking and, potentially, putting many consumers in a worse situation than they are currently in.
Defaqto is calling upon lenders to work hard to increase public confidence in the PPI market by becoming more open.
“Too many customers do not realise that they have the right to shop around for payment protection insurance,” said Brian Brown, head of insurance at Defaqto and author of the report.
“Therefore the industry must widen public understanding of PPI through greater transparency if the market is to be seen to be operating competitively and in the best interest of consumers.”
Mr Brown says that consumers should be made aware that they can get a loan from one bank, yet get PPI cover from another.
If you are considering taking out a loan it may be worthwhile getting PPI in order to protect yourself should your personal circumstances change and you are unable to keep up repayments.
The important thing to remember is that you are able to shop around for the policy that best suits your needs.
