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ABI launches consumer guide for Travel Insurance

The Association of British Insurers (ABI) has released a consumer guide to help the estimated 15 million people who will go abroad this year to choose the right travel insurance policy.

Despite the fact that the average cost of a one week holiday for a family of 4 is £14881 and that Britons will on average spend more than double the cost of a single trip travel insurance policy on magazines and sweets at the airport2 , a large proportion will still travel without travel insurance.

The guide explains that travel insurance is there to cover a range of different areas:

  • Cancellation of your trip
  • Medical Expenses and repatriation
  • Lost and stolen possessions

High quality travel insurance products such as Able2Travel include a wider range of cover such as:

  • Financial failure of airlines or other parts of your holiday
  • Missed Departure Cover
  • Personal Liability

If you opt for Able2Travel Double Cover, the policy limits for each section are doubled and each section has its excess removed. The following sections are also added to the covers.

  • Catastrophe Cover
  • Business Personnel Replacement

Rochelle Turner, Head of Research at Which? Travel stated: 'Buying Travel Insurance can be really complicated', she went on to say 'Which? Travel research shows that, in the last year, 10 per cent of people were disappointed to find out they couldn't make a claim against the policy they had purchased. The work the ABI have been doing will help in the move to clarify what insurance does and doesn't cover so people are better informed and can buy policies that are right for their travel needs.'

Jonathan Buttery, managing director of Able2Travel supported this by saying 'Ensuring you have the appropriate travel insurance is particularly important if you have a pre-existing medical condition as many cheap policies, or those packaged with bank accounts etc., may not provide emergency medical cover.'

He continued, 'A specialist product like Able2Travel may be a little more expensive but it provides the reassurance of cover for pre-existing medical conditions, should you need emergency medical treatment while on holiday. If you don't have cover and anything untoward should happen while you're away, you will be liable for any costs incurred: the cost of an air ambulance from Spain or routine medical treatment in the USA could run into many thousands of pounds'

The ABI recommends that travellers think about the following things when purchasing travel insurance:

  1. Cost - The cheapest travel insurance policy is not always the best as they often provide the least cover
  2. Disclosure of Medical Conditions - Travellers must disclose their medical conditions to insurers to confirm if their policy will cover emergency treatment that may be needed abroad
  3. Act Responsibly - Insurers do not cover any incidents that are related to drink or drugs. Equally insurers will not cover leaving possessions unattended.

Click here to download a copy of the ABI guide.

1source: Churchill insurance, based on £372 expenditure on travel and accommodation per person per week
2 research commissioned by the FCO and carried out by Redshift research in June 2010, sample 1000 people

Author: Adam