Smart travellers know that the trick to having a successful holiday is to have a great travel insurance policy to back them up. The types of cover available to travellers today vary much more than what was previously available, with individuals of any age, location and almost any health condition being able to obtain coverage.
With that said, there are a number of myths which surround travel insurance and these can have a negative impact on your ability to receive the best policy for your needs. To help you obtain the best coverage possible, we have dispelled the most prevalent myths surrounding this industry today.
Myth: Travel Insurance Is Expensive
This could not be further from the truth. The travel insurance industry has become extremely competitive with many companies now offering policies for less than a couple of pounds each day for healthy individuals. Even those who may have pre-existing conditions can often find reasonably priced travel insurance which will cover their medical needs as well as any additional travel needs.
Myth: The Cost of My Travel Insurance Is Based upon the Cost of My Holiday
This is a complete myth and, in some cases, your policy could end up costing you more than your holiday itself. Below are some of the factors travel insurance companies take into account when providing you with a quote:
- Age;
- Current health (including pre-existing conditions);
- Activities during the holiday;
- Whether you are travelling as a single policyholder or as a family;
- How frequently you travel;
- Whether you have made any claims previously;
- The duration of your trip; and
- Repatriation costs.
Myth: the Greater the Distance, the More Expensive the Coverage
Distance is an insignificant consideration to travel companies when they are deciding how much your premium will cost you. The destination itself will be the biggest factor.
Most travellers know that if they travel to the United States, for example, that their travel medical insurance will cost more than if they were to travel to somewhere in Europe. This is not because the United States is across the pond, but rather because the cost of medical care in the country is quite high.
Depending on where you travel in Europe, you may also have a more or less expensive policy. For example, receiving treatment in Greece or Italy is not as expensive as a treatment in Spain. As such you would not need to pay as much for a policy which covers those destinations than if you were to visit Spain.
Myth: When Travelling within the UK I Don’t Need Travel Insurance
The well-known travel association ABTA conducted a poll which revealed that over half of travellers believed they did not need insurance while travelling throughout the UK. This is not incredibly surprising, as one would assume that their government health coverage would still apply – and it does.
The trick here is to purchase travel insurance which goes beyond any medical cover which you would not need. When the right insurance plan is selected, travellers can be reimbursed for:
- Lost luggage and belongings;
- Damaged items;
- Missed flights; and
- Cancelled vacations.
This type of coverage is significantly lower in expense than a policy which includes medical cover, and can save you hundreds of pounds should something go awry before or during your travels.
Myth: I Have a European Health Insurance Card, So I Don’t Need Insurance
Having a European Health Insurance Card (EHIC) is an absolute must for UK residents who will be travelling throughout Europe. It is free and will provide travellers with what can often be substantial medical coverage while they are abroad.
With that said, remember that this card is only valid in EEA countries, in Switzerland, and in a select few other countries which have health agreements with the UK. This type of insurance is only for medical coverage, and there may be some restrictions. For example, some countries will only cover you up to a certain limit, while others may demand that you partially pay for some services such as if you need to be transported in an ambulance.
Myth: My Credit Card Covers Me
We have all heard it time and time again, that our credit cards are covering us and it is unnecessary to purchase proper coverage. If this were true, the travel insurance industry simply would not exist. Contact your credit card company and find out exactly what is covered and what is not. Some may cover medical expenses while others will not. If you require any customised coverage (such as if you have a pre-existing condition or plan on partaking in what could be considered to be a dangerous activity), then travel insurance is worth considering.
Myth: My Pre-Existing Medical Condition Is “Cured” So I Don’t Need To Declare It
This is one of the most damaging myths of them all. If you have ever had a pre-existing medical condition, even if it is considered to be “cured” or in remission, this needs to be disclosed to your travel insurance company. Some of the most common pre-existing medical conditions include:
- Diabetes;
- High blood pressure;
- High cholesterol; and
- Asthma.
If you have suffered any major health conditions, such as cancer, in the past, this should be mentioned to your travel insurance company. Any serious conditions such as heart attacks should also be discussed to ensure that the policy you are considering will cover you completely should you face a health problem which may not even be related to your pre-existing condition.
Myth: I Have a Pre-Existing Condition So No One Will Insure Me
Purchasing travel insurance if you had a pre-existing condition may have been difficult in the past. But today some companies within the travel insurance industry have expanded their offerings and have made purchasing medical travel insurance for those with pre-existing medical conditions easy. Now Travel Insurance services, for example, is dedicated to providing coverage for individuals with a number of pre-existing medical conditions. They have streamlined the process so that you can receive the coverage you need when you need it.