It’s that time of year again – the days are getting longer and the evenings are getting brighter. Summer is approaching and you may be planning a getaway to the sun, a short weekend city break, perhaps travelling for the entire summer or even taking a year out.
Whatever your plans, it’s important to remember that at the top of your holiday checklist should be your travel insurance. Here, we provide advice on what to look out for and the different types of options available when purchasing.
Why purchase travel insurance?
Travel insurance can give you peace of mind that you are protected in the event of something going wrong. It is designed to: cover your emergency medical expenses abroad; protect your personal belongings in the case of theft, loss or damage;and cover the cost of your trip if cancelled due to unexpected ill health, an accident or a bereavement.
Check to see what your policy covers
• Emergency medical expenses cover
This is one of the most important things to consider when purchasing travel insurance. If you become ill or are involved in an accident abroad, costs can rapidly build up. Ambulance costs, hospital treatment and the expense of returning home, if medically necessary, are just some of the benefits of having emergency medical expenses cover in place.
Your travel insurance provider will supply you with contact details for its medical emergency assistance service at the time of purchase. It will also request that you contact this service as soon as possible, should you require medical emergency assistance, so that it can liaise with your hospital or assist with organising repatriation to Ireland, if required.
• Cancellation cover
Cancellation cover provides cover for your flights and accommodation in the event that you are unable to travel for specific ‘insured’ reasons. One such reason could be ‘unforeseen emergencies’ such as illness, injury or death of a travel companion or relative.
Some people falsely believe that travel insurance provides cover if they cancel a holiday due to business obligations, decide not to travel or if the airline goes out of business. Unfortunately, travel insurance may not provide protection in these circumstances.
• Personal effects and baggage cover
Another important consideration when travelling abroad is baggage. Insurers provide cover for loss, damage and theft of your baggage and personal effects. In the event of a claim for theft or loss of your baggage or personal effects while abroad, you will be required to report this to the police in that country and produce a police report to your insurer on your return.
What are my travel insurance options?
The travel insurance marketplace is very competitive and there are many different providers to choose from. When you come to purchase travel insurance you will typically be offered either a single trip, annual multi-trip policy or extended stay cover. The majority of policies can be purchased online in a matter of minutes.
You decide on the level of cover you require, depending on the type of trip you are taking and the length of your stay. Be sure to weigh up all your options before deciding on the best level of cover for you.
Check the small print, it’s a tedious job but it’s very important that you read the small print on your travel insurance so you are aware of what is and isn’t covered. If you are planning activities such as bungee jumping, white-water rafting, parasailing, mountain trekking, bicycle touring etc, check that these activities aren’t excluded in your travel insurance policy.
Certain activities can be added to your policy at an extra cost. It is also important to take note of any excesses on your policy that you may be required to pay. You must declare any information that could lead to a claim, especially any pre-existing medical conditions.
Cornmarket is offering 10%* off travel insurance for any new policy bought before June 30, 2014. To avail of this discount, visit www.cornmarket.ie/travel-insurance and enter the promotion code: FGH73iJK. Happy travels!
Ivan Ahern, Director, Cornmarket Group Financial Services Ltd.
*Insurance/offer subject to underwriting criteria, terms and conditions. 10% discount is only available online at www.cornmarket.ie off the current AIG Europe Limited travel insurance premium available through Cornmarket. Offer is only available to new customers taking out a new travel insurance policy through Cornmarket & underwritten by AIG Europe Limited. Discount must be requested at quotation stage by entering promotion code FGH73iJK and cannot be issued retrospectively. Only one promotion code can be used with each eligible proposal. Cornmarket Travel Insurance is underwritten by AIG Europe Limited. AIG Europe Limited is authorised by the Prudential Regulation Authority of the United Kingdom, and is regulated by the Central Bank of Ireland for conduct of business rules. Cornmarket Group Financial Services Ltd. is regulated by the Central Bank of Ireland.
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