What do you need to think about if you do go for an excess?
When you buy travel insurance, the excess is one area where it’s worth reading the small print. Make sure you check the details before you buy.
Most importantly, check how often the excess will be charged. It might be:
- per person: no matter how many claims an individual makes, they only pay the excess once
- per incident: if you claimed for having your hand bag stolen and for a flight delay, you’d pay the excess on each claim
- per policy section: if your handbag was stolen with your phone and £200 in it, you’d claim under the cash section and the personal belongings section of your policy – and pay the excess twice
As you can imagine, this makes a huge difference to the amount you could claim back. Remember, too, that group travel insurance policies usually charge excess per person, not just once for the whole group.
While the cost of the excess needs to be weighed against the cost of the claim, in the case of medical emergencies the benefits of travel insurance (even with an excess) are clear. The average cost of falling ill while abroad is £1,296. Extreme situations can stretch to tens or hundreds of thousands, so even with a £200 excess, travel insurance is very worthwhile.