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June 21, 2019

Is Bespoke Travel Insurance Better than Add-On Current Account?

When planning travel, especially if it is for just a short break, our travel insurance often gets overlooked. It is important to protect ourselves and our loved ones when travelling, and if disaster strikes and an emergency happens when you are travelling abroad, it can give you great peace of mind to know that there is support there for you and that you have a number to call.

Many current accounts offered by banks on the high street, as well as online banks, will have travel insurance bundled in as part of a ‘premium’ package along with other benefits like a low-fee overdraft facility or a small amount of cash back on debit card transactions. The level of insurance offered by these policies is often very basic and will usually only give insurance to the account holder and not their family or travelling companions.

Fortunately, the travel insurance market is extremely competitive at the moment, with accredited insurance companies competing for business online and driving prices down as consumers search for the best deal. Leisure travel has boomed in the last decade, with low-cost airlines and cheap rental properties making continental breaks incredibly cheap, and insurance companies are working harder than ever to get as many customers as possible with policies that offer great value for money.

Here are a few reasons why you should consider buying a bespoke single trip insurance policy the next time you take a trip abroad, instead of relying on a policy supplied with your current account that may not give you the coverage you or your loved ones need.

One Size Doesn’t Fit All

Policies that are added to current accounts will often only cover the account holder and not their families or companions. Many families find they don’t have enough travel insurance only when it is too late and end up having to cover costs out of their own pockets. Make sure you check that your policy covers not just you, but also your family and loved ones.

Trust the Specialists

The type of insurance added on to a current account can often be very basic and often doesn’t have enough cover for very expensive medical bills. When you are looking for travel insurance for your next holiday you should check what level of coverage a specialist company can offer. Companies like Staysure offer policies with no upper age limit and can even cover you for pre-existing conditions, so it is definitely worth shopping around.

Additionally, the cost of medical bills can often soar quickly, especially if a long hospital stay is required. It is important to make sure the cap on medical costs isn’t too low for the country you are travelling to, and companies that specialise in travel insurance will often have comprehensive policies that will cover unlimited medical costs, ensuring you and loved ones get the best care.

Don’t Get Caught Out by Hidden Costs

Some policies that are add-ons to a current account will have very limited coverage for things like delayed travel and repatriation costs. Some may pay for the cost of a replacement flight, but not the accommodation you may need while waiting for your new flight home. Many people find themselves sleeping in an airport for just this reason, as their travel insurance didn’t cover the cost of a hotel in the event of a delay or cancellation.

Taking a trip abroad can be incredibly rewarding and refreshing, but if the worst happens, the trip can suddenly become an extremely stressful experience. Having a strong travel insurance policy from a reputable company that specialises in single trip insurance can offer you the peace of mind you need to enjoy your trip, and the support you need if an accident happens.

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