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Travel insurance: What is it and is it worth it?

5 minutes

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Going on holiday is meant to be relaxing, or exciting, but it can often end up being a stressful experience. Making sure you’ve got travel insurance will give you one less thing to worry about and keep your trip stress-free.

Our travel insurance policies range from single trip insurance, covering you for a specific one-off trip, to annual travel insurance policies, where you’re covered for as many trips as you like for a whole year. Let's take a look at which one might be best for you.

Why is travel insurance important?

Organising a holiday is no easy feat. Coordinating flights, accommodation, activities and everything in between can be a headache and the last thing you want is another hidden cost to cover. Travel insurance could save you a lot of money and reduces the added stress if things do go wrong, so you can concentrate on making the most of your holiday and enjoying your well-deserved break. Travel insurance covers you for:

If you’re considering travel insurance, it’s worth having a look and familiarising yourself with the options. There are a few types of travel insurance, the main two being single trip insurance and annual travel insurance. To make it easy to choose, we’ve explained the differences between the two.

 

What is single trip travel insurance?

In 2023, UK residents took an average of 1.4 overseas holidays, so if you don’t go on holiday very much, single trip insurance is probably the best option. Single trip insurance covers you for just one trip, depending on:

  • How long your trip is
  • Where you’re travelling to
  • Any pre-existing medical conditions you may have
  • Your age

At LV= we always recommend you take out travel insurance when you go on holiday. This way if something goes wrong like the holiday is cut short, or activities are cancelled, you won’t be stuck with a hefty bill. You’ll also have access to a 24-hour helpline, no matter where you are in the world.

What should I consider before getting single trip travel insurance?

A single trip policy can be a lot cheaper than annual travel insurance if you’re a ‘once a year’ holidaymaker. There are a couple of things to consider before signing up. For example, your age will determine the amount of cover you can get:

Single trip cover is based on fixed dates meaning if you extend your trip, you may not be fully covered. Likewise, if you leave it to the last minute, you might not be protected if your flight’s cancelled.

What is Annual trip travel insurance?

If you find yourself travelling the world a little more than once a year, an annual travel policy may be the best option for you. The main reason is it could work out to be cheaper and more convenient than taking out a single trip policy each time you travel.

As with single trip insurance, your annual policy will vary depending on factors like locations, pre-existing medical conditions and age. You’ll need to think about how well protected you want to be, some points to consider are:

There’s no limit to the number of holidays you’ll be covered for each year but some do have a limit on the number of days.

What should I consider before getting annual travel insurance?

There are lots of factors to consider with an annual travel policy, including the regions you’re travelling to. In 2023, Europe was the most popular overseas destination visited by Brits, which made up for 77% of the total visits abroad. If you’re travelling around Europe to countries such as Italy, or somewhere else around the globe, it’s important you select insurance that covers you for the places you want to travel.

Some other things to consider:

Top tip: if you go on an extended trip, you may not have full cover. Check your policy to see how many days you can be away and still be protected.

Can I cover anyone else?

Most people tend to travel with friends or family. LV= offers family and group policies to keep you covered if you go away with a partner, a family or your little ones.

Our group options provide cover for up to 10 people. This is a good option for large families and gives you peace of mind in case anything goes wrong.

If you’re off on your first holiday of the year and you have single insurance, or you’re on your third and you have annual insurance, make sure you purchase your insurance as soon as you can, so you’re covered for any departure changes. Travel insurance is probably the last thing on your mind but it’s always better to be safe than sorry.
Don’t forget to read your terms and conditions to know exactly what your Single or Annual insurance will cover.
This article contains links to other sites, and we're not responsible for the contents of any of these websites.

Check out LV= travel insurance to make sure you’re covered for your upcoming vacation.


This article contains links to other sites, and we're not responsible for the contents of any of these websites.