Why does my travel Insurance cost more than my Holiday?
Why does my travel Insurance cost more than my Holiday
?Having worked in the Travel Insurance industry for many years I have often heard the phrase "that's more than my holiday" when I tell someone the price of their insurance. There seems to bea general misunderstanding of why Travel Insurance is so important. A standard travel insurance policy would include cover for cancellation, emergency medical cover, hospital benefit, personal accident, baggage, money, delayed departure, missed departure and legal expenses. The two most commonly used sections of a travel insurance policy are cancellation/curtailment cover and emergency medical expenses cover. Let's take a look at these policy benefits individually to see what they actually cover.
Cancellation and Curtailment cover
In most cases you plan and book your holiday in advance, to give you something to look forward to! At the time of booking your trip you would normally purchase your travel insurance as this would provide cancellation cover if you were unable to travel due to a covered event which would normally be if you where ill and unable to travel, had a accident or passed away before your trip, the insurance would then reimburse you for the cost of the holiday up to the policy limit. Do consider that you may have booked your holiday some time in advance and cover would apply from the time of taking out your policy.
Emergency Medical Expenses & Repatriation
This is the most important reason why you need your travel insurance. Emergency medical expenses is usually the biggest and most significant part of a travel insurance policy as it will cover for any emergency medical treatment required whilst you are on your holiday. It's very difficult for UK residents to envisage how much medical treatment is abroad as we are fortunate to have the NHS and never have to think about how much it costs to treat a broken leg or a heart attack.
To give you an indication here are some estimates of the cost of treatment abroad which have been provided by our claims assistance company.
1 night stay on a Spanish/Turkish hospital ward = 600
1 night stay on a Spanish/Turkey ICU = 1500
Air Ambulance from Spain = 20,000 / Canaries 25,000
Please consider if you are travelling further afield like the USA the costs will be
1 night stay on an ICU in USA = 5000+
CABG in USA = 20,000 - 50,000 CABG =heart bypass
Air Ambulance from USA = 60,000 - 70,000
As you can see there could be some serious cost's involved.
You need to bear in mind, that 99% of people will pay their premium for their travel insurance and have a great holiday and not require their travel insurance, however no-one wants to be in the 1% that has a medical emergency, which results in the claim of more than 100, 000 you would then be grateful for paying your travel insurance premium. Christmas Celebrations Around The World Air Zimbabwe Christmas Fares to Zimbabwe How to Find a Fabulous Holiday Gift Idea for Grandma Rodrigues Island, a dream destination for your holidays Many Things Are Wrong With American Housing That Make Going "Green" Prohibitive Yoga Meditation And Golden Triangle: Make Your Tour To India Easy And Memorable Choose High Quality Earplugs For Various Leisure Activities The 2010 Holiday Green Gift Guide How To Get Low Cost Travel Insurance What Makes Bonnie Jean Dresses The Best? Travel To Caribbean Countries And Beautiful Beaches Shore Tour To Alexandria From Alexandria Port Guided Tours Are Recommended For Your Rio Visit