One of the many benefits of travel insurance is having cancellation cover, and if you’re offered a policy that does not include it, think carefully before you purchase. Not having any cover for cancellation can leave you high and dry with no way to recover unsused travel expenses if you can’t go!
For those of you who have booked a last minute break, you may feel there is little or no risk of you having to cancelling your trip, and if this is the case, buying a travel insurance policy that excludes cancellation cover can indeed reduce your premium. But for those of us who plan our holidays in advance, it’s a good idea to have it. Here’s why:
Providing you are not aware of any known circumstances that could cause you to cancel at the time of taking out your policy, then unforeseen circumstances like the ones mentioned above are grounds to make a cancellation claim. Of course terms and condition will vary from policy to policy so make sure you check the small print.
If you want value for money, then buy your travel insurance as soon as you have put down a deposit or paid for your holiday. This way you can take full advantage of the cancellation benefit and have protection right up until the moment you're due to depart. Think of it like this…. for every minute you don’t have cancellation cover in place, your money is at risk!
This really depends on how much your trip is costing. When comparing policies check that the Cancellation Cover limit is enough to cover the cost of your trip, including flights, accommodation and pre paid excursions. And, always check the excess. This is the amount you have to pay if you make a claim. It’s worth knowing if you under insure, you may only get a percentage of your holiday costs back and not the full cancellation limit!
It’s important that you declare all of your pre-existing medical conditions and anything you take prescribed medication for at the time of applying for travel insurance. You may have to pay an additional premium to have your conditions covered but by doing so, means you will be entitled to claim should your existing medical conditions be the reason you have to cancel. If your travelling companions are insured on the same travel insurance policy, they too can be covered for your pre-existing medical conditions and also look to claim for irrecoverable and unused travel expenses.
Unfortunately, most travel insurance policies will not cover you to cancel or cut a holiday short due to non-travelling relatives who become unwell because of pre existing medical conditions.