Monday, Nov. 19, 2018

Significant Things to Ask Yourself When Buying Travel Insurance in the UK

Written By:

|

September 9, 2017

|

Posted In:

Significant Things to Ask Yourself When Buying Travel Insurance in the UK

Significant Things to Ask Yourself When Buying Travel Insurance in the UK

This is a burning question that each traveler has to answer. Unfortunately, many travelers do not even bother. But why is it important? Travel insurance in the UK essentially covers your risks. Some airlines impose a travel insurance to their passengers and some don’t. However, you must know that these imposed insurance costs do not cover the actual value of what is in your luggage, or what you think your limb is worth.

 

A travel insurance policy covers a significant amount of your losses for a fraction of the price. These policies can cover emergency costs should you get into an accident; they also cover death benefits, disability benefits, lost luggage and its value, and many more.

Do You Really Need Travel Insurance?

Now, the only answer here is that it depends on your risk appetite for travelling. A travel insurance policy offers a wide range of safety net for anything wrong that can happen while you are away. Whenever you travel, you need to shell out a huge sum of money. You have to pay for your airfare and hotel accommodations. Many airlines and hotels do not offer a 100% refund if you cancel.

 

Now, things can go wrong. Someone in the family can get sick and you need to cancel. That is money down the drain right there. Or you travel and somebody robs you. Or probably the plane crashes and you die. All these incidents end up with a cost.

 

And if you are not insured, you simply have to pay these costs out of your pocket. A travel insurance policy mitigates these risks and transfers the financial burden to the insurance company, not you.

Do You Need Single Trip or An Annual Policy?

It makes sense to buy an annual policy if you travel often. This applies mostly to businessmen or corporate executives who need to visit different business sites several times a year. For vacationers, this can only apply if you travel more than three times per year. Today, cruises have become cheaper and it allowed many people to travel several times a year without breaking the bank. So it makes sense to buy an annual policy if you belong to this group.

For a single travel insurance policy, you get the benefit of paying lower premium than an annual policy. You are also covered specifically on that single trip and you can enjoy the benefit of getting higher maximum coverage.

 

 

 

 

Share This Article

Related News

An Overview of Personal Finance
Finance Homework Help
APEC Finance and Development Program

About Author

admin

Leave A Reply

Leave a Reply

Your email address will not be published. Required fields are marked *