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Purchasing Value Travel Insurance In The Uk
It is now more important than ever before to select the appropriate form of cheap
holiday insurance (also known as travel insurance) when planning a trip anywhere outside the UK, whether one is travelling on business, or for pleasure.The travel industry as a whole has grown rapidly, and it is often cheaper to travel abroad rather than holiday at home. However, there area number of factors which need to be considered and understood when planning a journey outside the UK.
Personal health insurance is an absolute minimum requirement. Being ill, or having an accident requiring hospital treatment while abroad can be very expensive. In the USA, for example, a spell in hospital can easily result in a bill of $10,000 or more, and is clearly outside anyone's budget.
In a number of countries, the treatment of UK residents is 'free' at the point of service due to reciprocal arrangements made between national authorities. However, it is also true that there are far more countries where such agreements have never been made. Australia is a case in point: although it is an ex-colony, hospital treatment may still be free, but the ride to hospital in an ambulance is not!
Similar statistics govern the way all insurance companies work. They assume that they will only be required to pay out on a small percentage of all policies issued, with most policy holders returning home without needing to make a claim. Those who travel more frequently, whether for business or for pleasure, can save money by drawing up an Annual Travel Insurance policy for which they pay a significantly lower premium. There are similarities with the careful motorist's "No Claims" bonus.
The rapid growth of Low Cost, or 'no frills' airlines and other travel companies has had one unfortunate effect which has caused the creation of another form of Travel Insurance which protects and assists a traveller if the firm they have used to book their journey ceases trading or has to 'go into administration'. This is particularly important if the company fails while the insured party is abroad.
As long as the Tour Operator is a member of ABTA or another professional body, the traveller will usually be entitled to a full refund of the cost of any journeys booked but not undertaken, and repatriation without extra costs if the company fails while they are away from home. Depending on the wording of the contract, a traveller caught abroad may have to contribute 'up front' to the rescue package, and hope to claim the extra expenses back after they have returned home.
Historically, some of the early Insurance Companies were associated with the bigger Trade Unions and other professional bodies. Over the years, changes in legislation have meant that it is no longer required to be a Union Member in order to take out an Insurance policy with one of these, but it is still common practice to offer Union Members significant discounts. This means that, as an example, a university student who is a member of the NUS can transfer his or her 'allegiance' to another union which represents their chosen employment, such as the National Union of Teachers, and continue to enjoy such financial benefits.
Because of the volume of trade now carried out by use of the Internet, many companies now find that they no longer require expensive, difficult to maintain office buildings with fixed, immutable overheads which eat into their profits. Many have opted to re-invest funds saved in this field to develop policies which they can offer to 'niche markets' which were once overlooked as not especially profitable. Group Insurance is now available for Sports clubs and other larger organisations. This is of particular interest to Skiers and other Winter Sports enthusiasts, who are often more at risk of injury than many other groups.
Family Groups are also catered for, and reduced rates offered for children. Other groups for whom specialist policies have been designed include the Over 55s, anyone who wishes to travel while pregnant, and people suffering from long-term medical conditions, many of whom would have struggled to find anyone prepared to offer them insurance until very recently. University students who opt to take a Gap Year after qualifying and work as a volunteer in the Third World, or simply go Backpacking for twelve months before settling down can also enjoy the benefits of personally tailored cheap holiday insurance premiums.
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