This is where travel insurance comes in, should the unexpected occur; such as an accident or injury, loss of luggage, cancellation, etc, you can claim on your policy and receive financial recompense.
So if you are planning on travelling to the USA from the UK on your next holiday, how can you get the most out of your policy whilst saving some money in the process? Below are some top tips to help you do just that:
Do you already have cover?
When it comes to considering travel insurance, first make sure you aren't already covered. It's quite common these days for some bank accounts and credit cards to give account holders free travel cover. Check to see if you are eligible for free cover and compare the limits and excesses with standalone travel insurance to make sure you're not missing out on anything.
Shop around
It's a good idea to shop around when you're looking for any insurance product to make sure you get the best deal, with the best fit features for your personal circumstances.
Price comparison websites such as moneysupermarket.com can help you to compare a number of insurers with one quick quote to help you find a cheaper policy with the features you need.
Minimum cover levels
When you're searching through prospective policies it's important to look for those with adequate levels of cover in the key areas. As a rough guide you should aim to get the following with a policy; £3-4 million medical cover, £1 million personal liability cover, £3-400 cancellation cover, £1,500 baggage cover and cover for your spending money in the region of between £250-£500.
Don't choose on price alone
It's natural to want to find the cheapest policy when it comes to sourcing travel insurance but you should be careful not to make your decision purely based on price alone.
If you choose a policy for its cheap price, you could be missing out on valuable cover in key areas; instead you should aim to find a policy that gives you adequate cover in the areas you need most at an affordable price.
Which policy is best for you?
If you only plan to travel once or twice a year then a single trip policy taken out just before your trip should prove to be most cost effective. If you will travel 2 or more times per year then a multi-trip or annual policy may be the most cost effective option.
Likewise, if you are travelling with your family, look out for a family policy as you may find that kids under 18 get free cover.
Watch out for excesses
One thing that could end up costing you more in the long run is policy excesses. Should you need to make a claim under your travel insurance policy, its quite usual for you to have to pay an excess. For example, if you lost £200 in holiday money and needed to claim, you might find that you would need to pay a £50 excess in order for the company to pay out. On cheaper policies the excesses tend to be higher, so it might not be worth claiming on smaller amounts. Aim to find a travel insurance policy with either no excesses or minimal excess amounts.
