Planning a gapyear? Compare the different travel insurance companies available
A gap year could end up being very expensive if you are 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.
Another way of saving money while you are abroad is to use a travel money card, which is like a prepaid card but has no charges for foreign transactions or for withdrawing cash abroad.
Shorter GayYears due to Money Problems
Money worried Brits are swapping a gap year for a shorter trip termed a ‘snap year’, new research reveals.
For 2.75 million the cost of a traditional gap year of travelling is too expensive in the current economic climate, causing many gapers to take a five week ‘snap year’ break over the next 12 months instead.
Endless months of long-haul travel are a thing of the past, according to new research from LV= travel insurance.
The number of Brits taking long trips like this has declined by 69 percent over the past five years, as over a fifth of the 2.75 million cutting their break short have been forced to limit the duration due to financial concerns.
“The findings show that with financial concerns at the forefront of Brits’ minds, long periods of overseas travel to far-flung destinations are no longer a feasible option for many people,” said John O’Roarke, LV= travel insurance managing director.
“Even for shorter breaks, planning the practicalities of a trip is essential, especially if you are hoping to cram multiple activities into a tight timescale.”
Less than one in ten of those taking a trip in the next year admit they are unable to go away for more than four months.
Traditionally gap years are known as a 12 month period of travel before or immediately after university. However, longer breaks are now commonly taken once young people have entered the job market, with higher-income over-50s taking advantage of retirement to fund gap years.
One in ten of those taking a short gap year intend on working during their break to fund their travels, while 27 percent are choosing to visit budget destinations where their pound will go further such as Thailand and India.
While almost a third will be staying with family and friends for part of the trip to save money on accommodation, and 11 percent are taking a train or coach to save money on flights.