If you’re about to leave the UK to go on the holiday of a lifetime, you’re undoubtedly looking forward to heading off and enjoying time away. However, as we all know, travel can be unpredictable and can quickly change your mood when faced with unexpected cancellations, lost luggage, or even a medical emergency abroad. Without the right coverage, the financial and emotional toll could turn a positive time into a negative one. Travel insurance provides peace of mind that in these unexpected situations, you can still get the help you need quickly.
As your travel habits change, if you have an annual policy, does your insurance still meet your needs? When renewing your policy, it’s the perfect opportunity to take a look and ensure you're fully covered for your upcoming trip. Before you hit 'renew,' below you will find some helpful tips to make sure you're getting the best protection possible.
Review Your Recent Travel Habits
One of the first questions to ask yourself is where have you been recently and what did you do? Did your previous insurance policy cover everything you need, or did it lack certain things that could’ve been helpful? Hindsight is a wonderful thing, and when it comes to your travel habits, you can look back on your experience of having an annual policy that covers you for multiple trips and decide if it was worth it.
Have you been travelling more frequently, or has your focus shifted to different types of trips? Perhaps you're now taking more weekend getaways or longer, more adventurous holidays. The type of travel you do directly affects the level of coverage you need. For example, if you’ve been travelling mainly within the EU, your current policy may be fine, but if you're planning trips further afield, you may need more comprehensive worldwide coverage.
Reflecting on your recent travels will help you determine if your existing policy still suits your lifestyle or if it’s time to explore new options that better align with your future travel plans. Perhaps you’re now taking fewer trips per year, if so, you may want to consider single-trip insurance instead for each holiday, although this can be more expensive if you are going away more than once.
Assess Coverage vs. Future Travel Plans
As well as reviewing the last year, your travel insurance needs to align with your future travel plans. Are you sticking to familiar destinations within Europe such as seeing family in Spain or France, or are you planning more exotic trips outside the EU to explore the world a bit more?
Different destinations come with different risks and requirements, so your insurance should reflect that. For example, travelling to countries with higher medical costs such as the USA or regions prone to natural disasters may require more comprehensive medical coverage or cancellation protection.
Consider the activities you’ll be doing on your upcoming trips too. If you plan to try adventure sports like skiing, diving, or hiking, make sure your current policy includes coverage for those activities, as many basic plans don’t. If you're taking a cruise or a multi-country trip, check if your insurance covers those specific types of travel.
Aligning your coverage with your upcoming trips ensures you’re protected for the type of travel you actually plan to do. It's always better to adjust your insurance now before auto-renewing rather than realise mid-trip that you don’t have the right coverage for an emergency or an unexpected event.
Check for Policy Changes
It’s best not to assume that your existing policy terms will remain exactly the same. Insurance providers often update their policies, and what was covered last year may no longer be exactly the same this time around. It’s essential to carefully review the terms and conditions before renewing to spot any changes that could impact your coverage.
For instance, some providers might adjust coverage limits on medical expenses or reduce the compensation for lost luggage. Exclusions can also change, with certain destinations or activities no longer covered, especially if they’re deemed high-risk.
Additionally, any new personal circumstances, such as a medical condition that has developed since you first took out the policy, could affect your renewal options or premiums. Providers such as Staysure offer specific medical travel insurance that will cover most pre-existing conditions, but other companies may not, so if you’ve had any changes in condition since you first took out your annual cover, it’s best to let the provider know before renewing.
Take the time to thoroughly read through the updated policy documents your provider sends you on renewal, and don’t hesitate to contact them if anything is unclear. Staying on top of any policy changes will ensure there are no gaps in your coverage when you need it most.
Compare Renewal Price vs. New Policies
While renewing your existing travel insurance may seem convenient and the easiest thing to do, especially as you won’t have to fill out a brand new policy from scratch, like all insurance, it’s worth comparing the renewal price with new policies on the market. Insurers often raise premiums upon renewal, even if your travel habits haven’t changed. Shopping around allows you to see if you can get better coverage at a more competitive price, particularly if you’re looking for specific add-ons like adventure sports or medical cover.
You may want to check if your current provider offers any loyalty discounts or incentives for renewing, but don’t let that be the only factor in your decision as these aren’t always available. Comparing quotes from different insurers can help you find better value without compromising on coverage.
With just a bit of research, you could end up saving money while securing more tailored protection for your upcoming travels. Remember though that if you are using a comparison website, not all insurance providers will be on them, so you may miss out on a better deal with a specialist provider. Find a few different providers and review each as well as what you find on comparison sites.
Take the Time to Make an Informed Decision
Of course, don’t rush into anything. Usually you’ll get your renewal reminder a few weeks in advance of the renewal date, giving you plenty of time to look at the renewal and compare other options. It’s your opportunity to ensure your coverage matches your current travel needs.
Doing so will give you peace of mind that you’re fully protected, no matter where your next adventure takes you. If you need impartial advice before renewing your annual policy, websites such as Money Helper and Citizens Advice are always useful.
