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Is Cheap Travel Insurance Good Value For Money?

Published by Roxanna Langstaff on 02/01/2013

With so many comparison websites and insurers who offer cheap Travel Insurance, we are always being asked ‘is cheap Travel Insurance good value?’ Get a good value annual policy or a good value single trip policy is always our advice.

Is cheap Holiday Insurance suitable?

As with so many things, if it’s too good to be true then it probably isn’t. The same is true of Travel Insurance. An extremely cheap Holiday Insurance policy may look appealing, after all none of us want to spend more money than we have to, however it is likely that it doesn’t provide the level of cover that you need, which means that if something goes wrong while you’re away then you could be left without any assistance or, at best, inadequate cover, when you most need it!

My Bank Account or Credit Card provides free Travel Insurance, does it offer good value?

Different accounts and cards offer different levels of cover, and what may suit one person and their holiday plans won’t be necessarily be suitable for another person.

In order to determine whether your policy provides you with good value (and gives you what you need) make sure to check that you policy gives provides cover for:

  • Any pre existing medical conditions that you have. This usually means that you had to declare any conditions when you first took out the policy. Have you kept them up-to-date with any further medical issues?
  • Any hazardous activities you may be participating in while you’re away. This may include activities that you don’t consider to be hazardous but that the Insurer deems to be more risky. Have you read all the small print in the policy?
  • Your holiday destination. For example some ‘free’ Holiday Insurance will only cover you for trips to Europe, if you’re going further afield this may not give you the protection and cover you require. Therefore does this give you good value for money?
  • The length of your holiday. You may think that because your bank provides annual Travel Insurance then this doesn’t matter, however if you are going away for an extended trip then it is unlikely that you will be covered. Maximum trip length varies by Insurer so be sure to check what you period of time you are covered for.
  • Repatriation and medical expenses. With ‘complimentary’ Holiday Insurance these important levels of cover can be very limited, if they are covered at all. In addition, residents of the Isle of Man and the Channel Islands need to make sure that their policy covers them for repatriation back to their home, not just back to the UK.
  • Any additional extras that you may need, such as winter sports, golf and business cover etc.

Top Tip: Make sure that you read your policy wording, noting any exclusions and warranties that apply.

How can I get good value for money?

The best way to get good value for money on your Travel Insurance is to get a policy tailored to you and your holiday plans, that way you’re only paying for what you need and if you do have to claim on your policy then you can be confident that you will be adequately covered.

That doesn’t mean that you should expect to pay a really high premium; offers really competitive prices for great levels of cover. Simply select whether you want single trip Insurance, Annual cover or winter sports Holiday Insurance and follow the onscreen quote system.

Kestrel Travel Insurance is a trading name of Kestrel Insurance Service Ltd. | Registered with the Isle of Man Financial Services Authority as an Insurance Intermediary in Respect of General Business. | Company Registration No. 42506. | Registered Address 50 Bucks Road, Douglas, Isle of Man, IM1 3AD | Copyright © Kestrel Insurance Services Ltd - 2012