A gap year could end up being very expensive
Planning a gap year requires a careful comparison among what the different travel insurance companies have to offer. According to recent research, current policies vary considerably in terms of costs and cover offered.
Travel insurance premiums can vary widely in the gap year travel insurance market, according to new research by Defaqto.
In a survey based on 111 policies on the market, figures show that future travellers planning their gap year need to search and compare meticulously when choosing their travel insurance company.
Travellers should keep in mind that 87% of policies surveyed apply excesses on a "per section" basis. This means the vast majority of gap year policies will apply a separate excess to each relevant section of the policy when a claim is made.
According to statistics, medical expenses and travel cancellation can vary from £35 to £150. Lost or stolen baggage varies from £35 to £100, while loss or theft of money and travel abandonment has an excess range scale from £0 to £100.
Furthermore, 53% of policies would not cover the cost of an emergency return back to the UK. Almost half (47%) of policies provide no contribution towards the cost of someone having to stay in hospital.
Travel money card, a way of saving money
In order to save some money in their travel insurance, future travellers need to pay special attention to the features of different policies and to consider all excesses when comparing policies.
It is also important that they understand how much it would cost them to make a claim with the different polices.