Almost half of millennials (46%) don’t take out travel insurance because they believe they don’t need it, while 38% were prepared to take the risk – and 22% simply forgot. Make no mistake though, not buying travel insurance could turn out to be a costly decision.
Medical bills
An accident or emergency abroad can end up costing thousands in medical bills. For example, the Foreign & Commonwealth Office says that:
- A stomach bug/infection treated in a Californian hospital with return flights could cost £100,000.
- A fall resulting in a broken hip and treatment in a Spanish hospital with return flights could cost £15,0002.
And contrary to what 7% of Britons believe3 , the UK government won’t simply cover these costs. Travelling without comprehensive insurance may leave you and your family liable to pay these bills, as well as the cost of getting you back home.
According to the Citizens Advice Bureau, the most comprehensive travel insurance policies will offer at least £2 million of medical cover. This level of cover normally includes the cost of an air ambulance to get you back to the UK if necessary4.
If you are travelling within Europe, it is a good idea to not only buy comprehensive travel insurance but to apply for a European Health Insurance Card (EHIC) as well. Introduced in 2004, the EHIC replaced the E111 form – and is free to obtain from the NHS website and valid for up to five years.
An EHIC allows state health treatment in member countries either for free or at reduced costs. It also includes care for any pre-existing medical conditions and maternity care although, crucially, not giving birth abroad.
Know the limits
Importantly, whilst the EHIC offers health care assistance, it is not a replacement for travel insurance. There are limitations to its cover5 and several exemptions, such as no cover for private medical treatment, lost or stolen property, mountain rescue at ski resorts or being flown back to the UK.
So, while an EHIC can be extremely beneficial for UK holidaymakers in Europe, travel insurance that includes medical and repatriation cover is still a must.
Weigh up the costs
With single trip travel insurance policies starting under £106 and comprehensive annual policies available for around £607, the cost of travel insurance is a small price to pay for peace of mind.
Some current accounts even come with travel insurance included.
Wherever you source your travel insurance, it is important to remember that different policies carry different levels of cover. While it is a good idea to shop around for the best deal, the cheapest policy may not cover all your needs, so be sure to read the finer details.
1 https://abta.com/about-us/press/nearly-a-third-of-millennials-travelled-uninsured-last-year
2 https://www.gov.uk/guidance/foreign-travel-insurance
3 https://abta.com/about-us/press/nearly-a-third-of-millennials-travelled-uninsured-last-year
4 https://www.citizensadvice.org.uk/debt-and-money/insurance/types-of-insurance/travel-insurance1/accidents-and-illness-when-travelling-independently/
5 Full information about what’s covered by the EHIC is available on the NHS website
6 http://www.moneysupermarket.com/travel-insurance/single-trip/
7 https://abta.com/about-us/press/travelling-uninsured-on-the-rise-over-one-in-five-now-travel-overseas-witho