How to choose right travel insurance for your holiday and budget

By , October 3, 2011 3:57 pm
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Whether you are looking on a price comparison site or going direct, you will often be presented with a range of prices and cover options when you get a quote for travel insurance over 65.
To get the right travel insurance for your holiday you should look at the cover provided as well as the price of the policies on offer. Even when you are buying direct, it is quite standard to be given the choice between 3 or 4 different levels of travel insurance cover, so how you decide which one is right for your holiday?

Here are some of the aspects to consider when looking for travel insurance over 65:

The level of cancellation cover:
If you’ve just booked a holiday of a lifetime to the Australia, flying first class and staying in luxury accommodation, then you are going to need a different level of cancellation cover than if you’ve booked a self-catering holiday in France. Cancellation cover can vary enormously on travel insurance policies, from £500 per person up to £5000 or more per person, you also sometimes have the option to exclude it all together.
In order to decide how much cancellation cover you need, you should consider the cost of your holiday and how much you would need to claim back if you needed to cancel. You need to make sure that you have enough cover to reflect the cost of your holiday, but at the same time you don’t want to pay for a level of cover that you really don’t need.

The level of baggage and personal possessions:
A very similar point to the one above, think about what you will be taking away on holiday with you, and choose your level of travel insurance accordingly. If you don’t take much away with you, then you don’t need as much cover. It also a very good idea to check the terms and conditions of the policy to see what the single article limit or valuables limit is.

What would the excess payment be if you need to make a claim?
The excess is the amount that you will generally have to pay towards the cost of a claim. Rather like your home or car insurance, you can bring down the cost of your travel insurance buy choosing a policy with a higher excess. You also often have the opportunity to pay an extra premium so that you wouldn’t need to pay any excess in the event of a claim.
Think about how much you can afford to pay in the event of a claim, and choose your travel insurance accordingly.

Is there cover available for volcanic ash or insolvency?
Another thing to consider are the optional extras. Have you booked your holiday independently, do you need insolvency cover or natural catastrophe (volcanic ash) cover? If you have booked a package holiday, the chances are that these extra options might not be necessary, but if you book elements of your holiday separately from different suppliers you might not get the same level of financial protection and may want to consider adding extra cover to your travel insurance.

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