Product category:
General insurance
News Release from: Insurancewide.com Services | Subject: Insurance
Edited by the Insidemoneytalk Editorial
Team on 29 June 2007
Insurancewide.com welcomes FSA travel
insurance regulation
Insurancewide.com, the UK's original and now most comprehensive online insurance comparison service, today welcomed the FSA plans to regulate the sale of travel insurance by travel agents.
"This regulation has been a long time coming and it is very good news for unsuspecting travel insurance customers Although the new rules don't come into force until 2009, we hope the news provides an incentive for this year's holidaymakers to think harder before they buy
This article was originally published on Insidemoneytalk on 29 Mar 2007 at 8.00am (UK)
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There's little point in buying a policy if you haven't first decided what you need it to cover you for.
Is it luggage loss, delays or illness and accidents you most need financial protection from? Too many holiday makers never ask these questions before they buy.
"The golden rule is to buy the policy that is most relevant to your needs.
Opting for a particular policy just because it's the cheapest around or has a great special offer could land you in hot water when you come to make a claim and realise you're not covered." Top travel insurance tips.
You do not have to buy insurance at the time of purchase.
By shopping around online you are likely to find a better deal than that offered by your travel agent.
Be aware that cheaper policies often contain a number of hard-to-spot exclusions.
You could find yourself facing hefty bills if you are under-insured.
Check that you are covered for adventurous activities such as jet skiing, rock climbing, bungee jumping or paragliding.
And if you are planning on hitting the slopes, make sure you have dedicated winter sports cover.
To keep costs down, some polices will exclude baggage cover.
You may find that your home contents insurance policy, if you have 'all risk' or 'personal belongings' cover, will cover your belongings when they are out of the home.
Most travel insurance policies will have medical exemptions.
Check your policy if you suffer from pre-existing medical conditions as your policy could be invalidated.
It's important to understand the cancellation terms of your travel insurance policy.
Check to see if your insurer will pay up if you are delayed due to bad weather, air strike delays or bad weather.
Claims procedures vary between insurers so it pays to understand what your insurer requires from you if you have to make a claim.
Providing them with incorrect information could result in them refusing to settle a claim.
When searching for a suitable travel insurance policy it is important to remember to compare policies on a like for like basis and check that all the cover limits are sufficient for your and your family's needs.
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