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The majority of budget insurance providers can only afford to keep the price of their insurance low because they offer a tiny amount for a cover limit, with high excesses for those making a claim.
Research performed by Which? found that the majority of budget insurance companies only offered an average of £200 for lost or stolen cash, and £300 for lost valuables. That’s less than the cost of a tablet or phone these days!
According to Which? the average total value of the contents of a suitcase adds up to £1550, meaning that when shopping for travel insurance you’ll need to bear in mind that you’ll need a limit that is above that amount. During the course of their research they discovered that most budget insurance only has a limit of £100! Which? also found that limits of £100 were also applied to valuables, which usually incorporates items like jewellery, watches and musical instruments.
It’s vital you always read the small print when buying insurance. The research found that several budget insurance companies required the customer to cover an excess of £250 when the limit was £750! That means you have to pay a third of the cost upfront!
When looking for insurance, bear in mind.