Travel Insurance is a competitive market in the UK, there are hundreds of companies offering cover and it is very easy to buy online, without giving your purchase a second thought.
To most customers, price is the most important factor, but you might be surprised to know there is a huge difference in the cover and the price between policies. For example, two weeks in France for a family of four can cost anywhere between £9.00 and £130 depending on which Insurer you choose.
Holiday Insurance is one of those “necessary evils”, that people tend not to know much about and yet is probably one of the most extensive and complex insurance policies that you can buy.
The sad truth is, that you only find out whether a policy is any good when you need to make a claim. By then it can be too late. Especially as in some foreign countries, it is very easy to rack up medical bills in the hundreds of thousands. If your policy is not right, it could leave you in a serious financial mess, the consequences of which could ruin your life!
Michael Schumacher, probably one of the most famous racing drivers the world has ever seen, spent six months in a coma after a skiing accident on the 29th December 2013. From initial reports it appeared to be a simple skiing accident, one that I am sure is repeated every year on slopes around the world.
Sadly for Michael he hit his head on a large rock and it caused severe injuries to his head and brain. He was rushed to a nearby hospital and was immediately operated on by a specialist brain surgeon. He spent over six months in a coma and it was unsure whether he would survive. His recovery has been very slow and kept under wraps by his family and management team. What we do know is that the medical costs have been estimated at over £10 million. What we don’t know is if he had travel insurance. Michael is of course in a position financially to fund those costs himself. Something that not many of us could afford to do.
So if you plan on a skiing holiday this year and have a policy with only £2 million or even £5 million medical expenses cover, you should be asking yourself is this really enough?