Insuring your travel money

Getting Travel Insurance

• Travel insurance is an important thing to consider when travelling abroad.
• Comprehensive travel insurance packages will cover such incidents as injury, cancellation of transport, theft, lost luggage etc.
• Some policies offer insurance against money being stolen- on your person or in a hotel safety deposit box.
• Some policies offer an option to insure travel money, but the cover will not exceed £500.
• If you plan to mainly use cash when abroad, it would be wise to seek cover of this kind before travelling.
• With Travellers’ checks and other non-hard currency items, it’s less important to be insured, but vital that you know what to do if they’re stolen or misplaced.
• Some insurance companies offer a discount if you book online or give you a discounted commission rate on foreign exchange if you book your insurance with them.
• It’s worth looking shopping around to ensure you get the best deal on and insurance cover for your trip abroad.
• Be aware that sometimes getting insurance from your travel agent won’t ensure the best deal.
• Other options include banks who offer long-term travel insurance policies with similar cover to a travel agency at more affordable prices.
• When buying travel insurance from the same company as your home insurance, avoid ‘double-insuring’ some items, such as video cameras, which may already be covered by your existing policy.
• Remember that the key to getting the best possible deal is to shop around, know your rights and reading all contracts carefully before signing.