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Tuesday, August 16, 2022

Consumers warned not to skimp on travel insurance when going abroad

Holiday makers have been warned not to put themselves at huge expense by skimping on the travel insurance policy they buy.

People Insurance experts said that by trying to save €10 or €20 on travel insurance, some consumers are buying cover below the base level required by the policy for any use in the event of a claim.

People Insurance, which operates through credit unions, said many people were choosing “affordable” multi-travel policies, which cost only €25 to cover foreign trips.

But such policies are unlikely to cover a holiday maker for the most basic of claims, said People Chief Executive Paul Walsh.

For just €15 more, travelers can get a policy that will provide them with a more comprehensive cover.

He said: “You absolutely can’t blame people for trying to save money where possible.

“But where this cost reduction renders a policy virtually unusable, or is less than what you need in the event of a claim, it means that the consumer has not only wasted the €25 he paid for the policy, They can also find themselves very expensive should the bill be something before the trip or abroad.”

The insurer said that a key feature of a good policy is the trip cancellation cover.

Mr Walsh said: “This does not mean that you are covered for any and all events that could cancel your trip, so it is important to assess what this means on your policy.”

He added that an affordable policy may not cover delays and missed departures—a basic feature of standard policies.

He advised the consumers to beware of overdosing on the policy.

This is the amount that is deducted from each claim before a claim is paid.

The extra amount and the amount paid by the insurer for a lost item can be very close on many policies, resulting in people getting little back in the event of a claim.

Mr. Walsh said it’s important to make sure you can afford the additional limit you’ve set because you’ll need to cover it in the event of a claim.

He recommended that policyholders ensure that they know the extent to which doctors and hospital fees will be covered.

He said honesty is paramount when it comes to disclosing pre-existing medical conditions to the insurer.

Otherwise, the policyholder runs the risk of the policy being invalidated in the event of a claim.

And passengers were asked to check that any luggage they would carry was covered, especially if they were bringing expensive items such as jewellery, laptops and smartphones.

Mr. Walsh said the age of the policyholder often affects buyer behavior.

“We find that the older the policyholder, the more likely he or she is to have comprehensive cover.

“Perhaps they’ve learned from experience that it’s worth ‘buying once and buying well’.”

Mr Walsh said people should spend an additional €10 to €20 to make sure they have the right level of cover they need.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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