The convenience of a travel insurance policy rolled into a package bank account, where the payment comes out automatically on a monthly basis may be appealing for many. But for some, the cover just isn’t suitable. When it comes to travel insurance, there isn’t a one size fits all. Cover limits, duration, destination, medical conditions and activities (just to name a few) will differ greatly between individual travel insurance providers and what is the perfect policy for one person will be entirely inadequate for another.
Recently we have seen a rise in recommendations for travel insurance policies provided by banks through package bank accounts. Account holders usually pay a fee per month to receive rolling travel insurance cover. The concern, however, is people with these policies may not check the terms and conditions (usually referred to as the policy wording) and assume they are covered for all eventualities – which is often not the case.
Common exclusions that people are required to pay an additional premium for include existing medical conditions, certain activities, force majeure cover and covid cover. Cover limits can also cause issues when it comes to making a claim. Cancellation, personal possessions and trip disruption will all have a limit you can claim up to and if the cost of your holiday, for example, exceeds that limit you will be left out of pocket.
The biggest concern, however, is regarding medical cover. Often, travel insurance providers will not cover any medical treatment related to an existing condition unless it has been declared on the policy and cover has been agreed by the provider prior to travel. People with a rolling Bank travel insurance policy may not remember to, firstly, declare their medical conditions or update them if there are any changes. Whilst the there is some medical cover in Europe for GHIC holders, in the United States and other parts of the world medical costs can quickly reach the tens of thousands, even for the simplest of procedures. More complex conditions are likely to not be covered by a standard policy either as they usually require a more specialist insurer.
It is important to remember, travel insurance is there to protect you should the worst happen. Spending some time researching a policy that is suitable for your needs and contains the cover you expect is essential and means that should you need to make a claim you will be satisfied with the outcome.
As always, if you have any questions regarding your travel insurance or the cover you should be looking out for please do not hesitate to get in touch and a member of our team will gladly assist you.