Has Coronavirus Hghlighted the Importance of Travel Insurance?
Added: (Tue Jun 16 2020)
Pressbox (Press Release) -
• Searches online for ‘Travel Insurance’ peaked by 50% since the middle of Febuary 2020.
• Pre Cornavirus outbreak 15% of Brits didn’t buy travel insurance.
The travel insurance market is a seasonal industry with its peaks across the year mirroring the public's holidaying habits. Year on year this pattern remains unchanged until now. In light of the developing issues surrounding the outbreak and spread of Coronavirus, more Brits are taking travel insurance and its necessity seriously. Be that to cover them medically when they’re abroad or if their trip is canceled, the public are waking up to the need for a higher level of cover.
Before the coronavirus outbreak had hit our shores, Compare by Review ran a survey on the travel insurance buying habits of Brits with some shocking revelations.
Richard Brenkley CMO of CBR explained, “There seem to be three main areas of concern highlighted in this report; buying bespoke, timing and withholding medical information. Each of these areas can result in extortionate bills and unfortunate outcomes if the worst were to happen. At Compare by Review we want to not only help people make the best and most informed choice based on value and service, but we want to educate and inform the public in a clear and concise manner so that we can eradicate badly chosen and rushed decisions that can make a large impact on your finances”
Travel insurance is as crucial to your pre-holiday prep as buying your sun cream, so why are millions of British holidaymakers facing costly financial risk when it comes to their travel insurance plans?
Whether it’s lack of time, lack of knowledge or the optimistic ‘it won't happen to me’ thought process, less than 50% of those surveyed are spending the time to purchase a bespoke travel insurance policy. More shockingly is that of the 71.7 million visits overseas over 10 million of those trips were taken uninsured, putting those individuals at serious medical and financial risk.
Medical cover is the number one reason why those who do take out a policy, make sure they have the best possible cover that suits their needs.
James’s story: “I booked my travel insurance to cover my five-month ski season. Unfortunately, I snapped my ACL in my knee snowboarding. As I had full cover everything was taken care of via my own personal contact at Swindon who was on the phone whenever I needed them to help. After my initial assessment and care, they organised an ambulance to pick me up from my resort and take me to the airport where I had my own private plane waiting to take me back to the UK. They even provided a hamper filled with food and snacks! I then had a taxi pick me up directly from the plane, showed my passport to customs and I was sent straight to hospital for surgery”
Timing is also a crucial factor to buying travel insurance. Considering the recent Thomas Cook fallout and the Corona Virus pandemic, many Brits aren't aware of the benefits of buying their insurance as soon as their holiday is booked. Most travel insurance policies have a level of cancellation cover to cover any changes and cancellations made by the policy holder or the carrier in extreme circumstances such as a holiday company going bust or injury.
Natasha’s story; “We were invited to a friend's destination wedding for the following year. Flights to this destination were limited so the whole wedding party booked their flights through Thomas Cook as soon as they were released. It didn't even occur to us that we should book our travel insurance as it was booked so far in advance-I now know this would have been the best reason to buy our insurance. As soon as we heard the news that Thomas Cook had ceased trading, we realised that we wouldn't be covered for any expenses. It means that the whole wedding party is out of pocket”
Unfortunately, over 15% of holidaymakers leave buying their policy until the very last minute, with a staggering 5% buying it once they reach their destination. These tardy insurers are not only leaving themselves open financially, but they’re risking buying hastily chosen insurance, which is either over their needs, or their more importantly under buying for their specific needs.
With medical attention being at the forefront of all travel insurance policies, it’s worrying to hear that 15% of British holidaymakers withhold information about pre-existing medical conditions. Withholding such crucial information can invalidate the policy holder’s product resulting in millions in wasted and invalidated insurance and sky-high medical bills.
With the price of medical treatment abroad reaching into the thousands and in the US into the hundreds of thousands, policyholders must ask themselves, can I risk telling a white lie when it comes to my health?
*ENDS*
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