Listen to The Money Vault - The ultimate travel insurance checklist
In this episode of The Money Vault, we provide a comprehensive guide on travel insurance. With summer holidays approaching, we outline exactly what to look for in a policy, including the essential features, optimal coverage amounts, and the most common myths that leave holidaymakers financially exposed. We also provide tailored suggestions for different types of travellers, from budget backpackers to large families, ensuring you know exactly where to look for the right cover.
We also provide an update explaining how packaged bank accounts have improved, with some offering travel insurance with generous upper age limits and zero excess.
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The Money Vault - The ultimate travel insurance checklist
Summary:
In this episode, we explain the essentials of travel insurance. We detail why it is a non-negotiable expense, outline the exact levels of coverage you should aim for, and debunk common myths surrounding the European Health Insurance Card (EHIC). We also highlight specific insurance providers that suit different travel styles. Finally, we provide an update on policy excesses and explore how the latest packaged bank accounts are offering some of the best travel insurance deals on the market.
Key insights
- Buy immediately - You must purchase your travel insurance as soon as you book your holiday. This ensures you are protected against unexpected events, like illness or industrial strikes, that occur before your departure date.
- EHIC is not enough - The EHIC or GHIC only gives you access to state-provided healthcare in EU countries. It will not cover repatriation or private medical emergencies, meaning comprehensive travel insurance is essential.
- Know your limits - When comparing policies, aim for at least £2 million in medical cover worldwide, £2,000 for cancellation, and £1,500 for baggage. Always adjust the policy excess to fit your budget.
- Declare medical conditions - Always declare pre-existing medical conditions upfront to avoid future claims being rejected. Specialist directories, such as those provided by MoneyHelper, can assist in finding suitable coverage.
- Revisit packaged bank accounts - The market for packaged bank accounts has improved significantly. Accounts from providers like Co-op now offer travel insurance with zero excess, coverage up to age 79, and bank-switching incentives that help offset the monthly fees.
Resources
Links referred to in the podcast:
- Sign up to our weekly newsletter
- Defaqto: Independent rating agency for checking the quality of financial products.
- MoneyHelper: Directory for finding specialist travel insurance providers for pre-existing medical conditions.
- Payingtoomuch.com: A comparison site specialising in travel insurance for people with pre-existing conditions.
- Our picks for the best travel insurance policies.
- Co-op packaged bank account includes Travel Insurance with zero excess
- The best packaged bank accounts and the latest bank switching incentives
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