Travel insurance is a type of insurance policy that is designed to financially protect individuals should something untoward happen whilst they are on holiday such as theft of personal belongings or an accident which requires medical attention. Although travellers visiting the EU may think that they will get by with just using an EHIC (European Health Insurance Card), EHICs only provide a limited amount of cover. They do not insure your belongings and they do not necessarily over all of your medical expenses.
Travel insurance is usually broken down into two varieties: single trip travel insurance and multi-trip travel insurance. As its name suggests, travel insurance is designed to provide a traveller with insurance for a single trip.
If you do not travel regularly throughout the year, this policy will work out the most economical option for you. On the other hand, if you travel frequently throughout the year, you are best off choosing multi-trip travel cover. This type of cover is typically bought annually and will work out more economical if you plan on going on holiday abroad more than twice a year.
|Company||Online Discount||Maximum Medical Expenses||Maximum Baggage Valuable Cover||Includes Winter Sports||Maximum Trip Length|
|Virgin Money||0%||Unlimited||£600||Yes||548 Days|
|Insure & Go||0%||Unlimited||£600||Yes||548 Days|
As well as offering multi-trip and single trip options, you will find that insurance providers will also offer a number of specialist travel insurance policies. Specialist insurance policies will provide you with cover which is specific to the nature of your trip, making it more appropriate than a generalised insurance policy.
Winter Sports Travel Insurance
If you plan on practicing a risky sport while on holiday abroad, it is vital that you take out winter sports insurance. Winter sports insurance not only covers you should you have an accident, but it also pays out for a whole range of eventualities such as theft of sporting equipment or piste closure.
If you plan on travelling for an extended period of time, you should opt for a backpackers’ insurance policy as these can provide you with cover up to 18 months at a time.
Business Travel Insurance
Also known as corporate travel insurance, this type of insurance is important if you are going on a business trip as regular travel insurance does not cover corporate travel. These types of policies tend to have more benefits and higher cover limit which is important if you are taking important equipment with you.
Worldwide Travel Insurance
Unfortunately, medical expenses can be very expensive if you are travelling outside of the EU. As a result, travel insurance brokers have put together special worldwide policies which factor in these higher expenses and therefore boast higher cover limits.