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7 holiday purchases that cost more than travel insurance
Why getting covered is unlikely to break your holiday budget
The average cost of a single-trip travel policy to Europe is £43.50 for a family of four, or £20.30 for a couple.
That's according to insurance site NimbleFins, which collected data by analysing hundreds of travel insurance products earlier this year.
The quote includes £1,000 cancellation cover, with the couple in question being aged 30 with no pre-existing health conditions.
Like car insurance, travel insurance could save you thousands of pounds if something goes wrong. But travel insurance is not legally required.
So is cutting out cover worth it?
Here we examine how much travel insurance will set you back, what it protects – and what you could cut out instead.
7 holiday purchases that could cost more than your travel insurance
You might think that dropping travel insurance would leave you with more money for your holiday. But we've found that the savings won't stretch very far:
- Two entries to the paid-for lounge at Stansted Airport - £71.98
- Duty-free Elizabeth Arden perfume - £20.55
- Two Carlsbergs and two pizzas on an EasyJet flight - £21.00
- Disneyland Paris hotel breakfast for two kids - £51.54
- Three-hour bike rental for two in Barcelona - £25.80
- Two Colosseum guided tour tickets - £60
- Deckchair rental in the Algarve - £34.40
Admittedly, your Colosseum tour might be a lifechanging experience (your airline beers less so).
But if you end up having to get major hospital treatment abroad, without insurance, the costs certainly will change your life.
There's a reason the maximum you can claim for medical costs in travel insurance is generally in the millions of pounds, and there are plenty of situations where your Ehic or Ghic won't cover the costs.
We're not saying you should cut out all the little luxuries – but it's worth drawing up a holiday budget and putting money aside for your insurance policy. Our guide 30 ways to save on holiday can help you do that.
How are travel insurance costs calculated?
Similar to life insurance, your age and health are taken into consideration, as they increase the likelihood of you needing to make a claim.
When taking out a policy you'll need to disclose:
- your age
- any pre-existing medical conditions
- the length of your trip
- the destination
- what type of cover you need.
Once this is calculated, your insurer will provide you with a travel insurance quote, which you can then compare with other providers before making a decision.
One area where travel insurance really can break your holiday budget is if you have pre-existing medical conditions. Our guide to medical conditions travel insurance explains how to compare mainstream and specialist providers to get an affordable quote.
Some banks, holiday companies and pension schemes provide holiday insurance as an add-on, but don't feel pressured to take out that policy without researching other providers.
To help you make the right choice, we've rated hundreds of policies, scrutinising more than 60 areas of cover in each one. Find out which policies and providers in our analysis we rated the best travel insurance provider.
Types of holiday insurance
Before taking out an insurance policy, it's worth checking you're taking out the right one.
There are a few types of insurance policy that help cover holidaymakers for different circumstances.
You can opt for single-trip or multi-trip (annual) depending on how often you plan to go away this year. If you're taking three or more trips abroad, multi-trip is likely to be cheaper.
Single, couple, group or family insurance are useful for those planning to travel with others; although if anyone has any medical conditions it could be cheaper to opt for a single policy regardless.
And, if you have certain activities planned, such as backpacking, winter sports, business or a cruise, you can find specific policies that will cover your unique circumstances.
- Find out more: Golf travel insurance explained
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