Choosing the right travel insurance
Andrew Hensley, Operations Director at Ward Wilson Associates discuses the difference the right travel insurance can make to CAs.
As you start to count down the days to that winter holiday, you may choose to search online or venture onto the high street to see what the best insurance options are for you. Or perhaps you're just about to book a trip with a travel agent and they offer the insurance as a bolt on.
Be careful. Generally you will always be offered travel insurance as an additional option, but be sure that the cover offered meets your needs and isn't just allowing you to tick that box so you know you have some type of cover. Chartered accountants may find they have special circumstances which are required to be covered by their insurance and standard cover might not be enough. If a client requires urgent assistance of an audit case runs over, you could find that your travel insurance won't cover the cost of cancelling your holiday.
Cover levels offered may vary and be lower than your realise and yet surprisingly, more expensive. When you review the insurance documents, take the time to check the policy cover to make sure it meets your needs and the needs of your holiday choice. Research suggests that up to 50% of those who purchase travel insurance do not check the policy to fully understand what is covered and not covered.
Alongside medical expense claims, the UK statistics suggests, that cancellation claims are the next largest types of claims and have increased due to airlines or agents not refunding due to the consumers request to cancel, due to unforeseen circumstances such as illness or emergency cancellations.
Many high street travel insurance providers are often limited to £500 per person in the cancellation of a holiday: a trip for a family for two weeks to Disneyland Florida could be in the region of £5,000, therefore leaving a huge shortfall based on this cover limit.
If you travel several times a year, for example for client meetings, it would be worth considering purchasing an annual multi-trip based policy as not only will this potentially save you money against purchasing various single trip policies, you will also have continued protection should you need to cancel a trip.
Ward Wilson Associates are working with ICAS to provide access to exclusive travel insurance solutions especially for ICAS members. If you would like to find our more visit icas.com, call Andrew Hensley on 01279 874677 or visit the WWA website.