Thursday, 9 October 2014

What is Travel Insurance?

With foreign holidays and international business trips becoming more frequent, travel insurance has become a necessity. Yet, many of us do not understand what travel insurance actually is.  Travel insurance can be divided into two main categories:
  • Trip Cancellation Insurance
  • Travel Medical Insurance
Trip cancellation insurance consists of:
  • Trip Cancellation - If you cancel your trip prior to departure, you will be able to claim back your deposit or entire holiday cost
  • Trip Interruption - If you need to return home before your scheduled departure, the policy will help you pay for flights and any other arrangements.
  • Emergency Medical Expenses - Your travel insurance package will pay for your medical costs whilst abroad
  • Emergency medical Evacuation - The travel insurance policy will arrange and pay for transport to the nearest medical facility. Some policies will also pay for your flight home if special arrangements are needed
  • Repatriation of Remains - If you do unfortunately pass away while on your travels, your travel insurance policy will pay to have your remains brought back
  • Baggage - Most travel insurance policies will cover lost luggage, damaged luggage and late luggage.
  • Accidental Death & Dismemberment - The policy would pay out if you died in an accident or post two limbs in the accident
  • Miscellaneous - Some policies will also cover extra items such as delayed flights, emergency cash transfer and ID theft.

Travel Medical Insurance
This type of travel insurance focuses mainly on medical benefits. This type of policy will specialise in medical fees, evacuations and other medical emergencies. Cancelled or delayed trips will not be covered.

Travel Insurance Excess
Both types of policies will most likely have some form of excess. The size of the excess will depend on the specifics of the claim and the cost of the premium. Please remember to double check and query your excess with the provider before you take up the insurance.

Wednesday, 1 October 2014

Mansard - Thinking Insurance

Different types of car insurance

There are three main types of motor insurance products; they offer different levels of cover for your vehicle. In most cases third parties are not affected by which level of cover you have. The three main products are:
1.       Third Party

2.       Third Party Fire & Theft

3.       Fully Comprehensive
When shopping for car insurance quotes it is a good idea to check the premiums for all three types, but before selecting the quote make sure you are comfortable with the level of cover. Drivers of expensive cars tend to choose fully comprehensive. New and young drivers often choose Third Party as it is the cheapest option.
ThirdParty Car Insurance
If you choose third party car insurance you will most likely pay less for your premium, but the level of cover is minimal. If you were to have an accident and it was your fault then your insurance provider would only pay out for loss to other vehicle, you vehicle repair costs will not be covered. If the other driver is at fault then it does not make a difference what level of cover you have. 
Third Party Fire & Theft Car Insurance
As above but with the additional peace of mind that if your vehicle was stolen or burned it would be covered. So, your road risk cover is still the same as third party only cover. This level of cover is more popular than third party only. Be advised that there will be some level of excess applied if you were to make a claim – check your policy for exact details.
Full Comprehensive Car Insurance
This level of cover includes the first two levels plus, if you were to have an accident and it was your fault your car repair costs would be covered. This level of cover is the most expensive but it offers full protection in the event of an accident. Again, there will be excess amounts applied to any claim so check your policy wordings.