High excess on travel insurance.

Excess travel insurance is the part of the travel insurance policy that you agree to pay. Once you pay for your policy, your travel insurance provider will cover the remaining cost up to the limit of your coverage. When submitting a claim that costs more than you payed for, the insurance company will cover you up to the maximum amount of coverage.

scenario, you should make a claim. According to the same study 70% of the travellers that could file a claim fail to do so. A total of £13.5 bilion of unclaimed compensation was declared in the studied period.

The reasons for failing to claim the travel insurance policy:

The most coomon reason why travellers refuse to claim their travel insurance policy even when faced with a covered situation is that the excess on travel insurance policies is higher than expected. According to Helen Warburton, the head ot Post Office travel services: “Holidaymakers really must wake up to cheap policies with very high excess levels. They may seem like a great deal at the time but if an excess is set at £250, it may make little or no financial sense to try and claim for things like lost luggage, flight delays, doctors’ expenses, lost cameras and more”.

The Post Office study also suggests that 23% of the travellers that could file a claim do not want to go through the hassle of doing so, while 15% are not even aware that they could make the claim. Travellers between the ages 25-44 are the most reluctant to submit a travel insurance claim.

There are many types of travel insurance, depending on the type of coverage needed and also regarding the excess levels of the policy. Also, excess applies to many different types of insurance, not just travel insurance.