Travel insurance: Renewing your travel insurance
Anyone who has bought annual travel insurance will be faced with a yearly dilemma – do I stay with my current provider or do I switch to a new one?
We explain what you need to consider at renewal time and what steps to take to grab yourself a travel insurance bargain.
What do I need to think about at renewal time?
The first thing to think about is the amount of trips you might take in the next 12 months. You may not need annual travel cover if you are only having one or two holidays, so a couple of single-trip policies, which obviously don’t need to be renewed each year, might be your best option.
If you do want annual cover, it is important to think about any personal circumstances that may have changed in the past 12 months. If you have developed any medical conditions, for example, make sure you tell your provider, whether you decide to renew or opt for a new policy. Any conditions your provider is unaware of will not be covered.
This is even more important if you have travel cover as part of a packaged bank account. You are much less likely to review your cover every year so make sure you keep in regular contact with your provider, even if it is not at renewal, to declare a change in your circumstances.
What is auto renewal and how does it work?
Like car and home insurers, some travel insurance providers have auto-renewal clauses in their policies (this will only be the case for annual policies, single-trip policies won't automatically renew). This means that, unless you tell your provider you don’t want to renew, your cover will roll over automatically at the end of the policy.
You should be told about the renewal of your policy before it rolls into the next year. The notice is usually sent in the post at least 21 days before the start of your new policy. The notice should outline the full details of your new policy, the premium and explain how to cancel if you change your mind.
Will I be charged a renewal fee?
Unlike car and home insurance policies, we are unaware of any annual travel insurance policies that charge renewal fees. However, make sure you check your policy carefully to ensure you are aware of all the fees and charges you may have to pay before you buy.
Can I cancel my policy if it rolls over without me wanting to?
You can cancel your policy but it may come at a cost. You'll have a 14-day cooling-off period once your policy has started and most insurers will let you cancel, only charging you for the cover you have used.
However, some providers will still charge a fee if you cancel in the first 14 days and the charges can be higher if you are outside the cooling-off period so make sure if you want to switch that you cancel your cover before it is renewed.
How can I find a cheap alternative?
Eleven months into your policy is a good time to start looking for new cover. Follow our full tips to finding cheap travel insurance to help you find the right policy at the right price.
Which? Limited (registered in England and Wales number 00677665) is an Introducer Appointed Representative of Which? Financial Services Limited (registered in England and Wales number 07239342). Which? Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which? Money Compare are trading names of Which? Financial Services Limited. Registered office: 2 Marylebone Road, London NW1 4DF.