Foreign medical claims alone can cost tens of thousands of pounds and the average medical expenses claim paid out last year was over £1200. Yet, one in four travellers still don’t bother to take out travel insurance at all*.
Of those that take out cover, many will opt for the cheapest possible policy, which often means travelling with inadequate cover. If disaster strikes and you want to make a claim, you may have wished you’d taken more notice of the small print.
Research by thatsinsurance.com shows that whilst cost is cited as the main reason by travellers for not buying insurance for their trip, those that do, buy on price alone, without referring to the small print or ensuring they have the right sort of policy for their trip. Over three quarters admitted they purchased blind and didn’t even look at the policy documents or the options available.
Jonathan Upton,Research Director of thatsinsurance.com states that “consumers often use comparison sites, but don’t appreciate they are only seeing a small proportion of what’s actually available online. This is because comparison sites only deal with the companies they earn commission from. Additionally, comparison sites are heavily focused on price, listing cheapest policies first and not necessarily highlighting those that offer better cover”. “It’s also true that just taking the travel insurance option offered by your airline, tour company or even bank, won’t necessarily provide the cover you will need or be best value for money”.
Currently, to ensure the best deal available, consumers spend hours online researching and visiting numerous websites, something that just isn’t practical or cost effective.