Travel insurance – you may just need it!

July 13, 2023

Many of us will be heading away on summer holidays in the next few weeks and may be unsure about the need for travel insurance. Here are some of the most common questions we get asked, when it comes to taking out travel insurance.

Why should I get travel insurance?

Travel insurance protects you from a range of risks when you travel. You can buy cover for a single trip or a multi-trip policy (providing annual cover usually).

It can cover you in the event of:

• damaged or delayed luggage
• cancelled flights
• delayed or missed departure
• loss or theft of money or passport
• illness or injury
• repatriation expenses

You have certain EU air passenger rights regardless of travel insurance if you are travelling in or out of the EU. The Irish Aviation Authority (IAA) has more advice.

Should I just get the cheapest option?

Pay close attention to the terms and conditions of your policy. Here are some things you should consider when looking at what the policy covers;

• delayed or missed departures
• cancellation cover (for example for illness or to attend a funeral)
• all your planned activities, such as skiing
• full medical cover (many policies have a low maximum pay out)

Be sure to find out the excess on your policy. An insurance excess is the first amount of any claim that you’ll be required to pay. For example, if you have a claim for lost luggage of €300 and the excess on your policy is €100, the insurance company will only pay out €200, as you have to pay the first €100. The higher the excess is, the lower the premium tends to be.

Do I still need it if I have private health insurance?

Private health insurance may offer you some assistance for travel-related incidents. The level of cover depends on your health insurance provider and what policy you have. It’s important to remember that private health insurance won’t necessarily cover non-medical related expenses, such as lost luggage, extra hotel stays, meals or transport costs. If you are travelling within the EU make sure you get a European Health Insurance Card (EHIC). This provides you with free or reduced cost state healthcare in Europe. The EHIC card is not an alternative to travel insurance.

Should I disclose a medical condition?

Honesty is key when it comes to insurance. Many travel policies do not cover incidents related to a pre-existing condition unless they have been informed in advance and accept the risk. If you choose not to inform them you run the risk of your policy being deemed invalid if anything happens.

Does travel insurance cover all eventualities?

Travel insurance does not cover every possible scenario. General exclusions include if you’re arrested, have your belongings confiscated by customs, or are affected by war. Driving a car abroad is not covered either.

Ask your provider whether your travel insurance safeguards against strikes, protests, civil unrest, extreme weather events, natural disasters and lengthy airport security queues. You may need to take out disruption cover as an add-on to your policy.

You can get further information about travel insurance on our Money Hub.

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