Logo

Get travel insurance ASAP or it can be disastrous: when to get it, how to choose, pre-existing conditions & more

en

January 09, 2025

TLDR: Martin discusses travel insurance, legality of cats vs dogs, energy bill increases, LISAs for retirement, no-fault car insurance claims, and car hire abroad.

1Ask AI

In the latest episode of the Martin Lewis Podcast, Martin delved into the critical topic of travel insurance, especially as January marks a peak time for holiday bookings. He emphasized the importance of securing travel insurance immediately after booking your holiday to avoid potentially disastrous situations.

Importance of Early Travel Insurance

  • Book ASAP (A-S-A-B): Once you secure your holiday, immediately obtain travel insurance. Waiting too long can limit your coverage, especially regarding unforeseen medical issues.
  • Case Studies: Martin shared experiences from listeners who faced dire circumstances, such as being diagnosed with serious illnesses shortly before their trips, resulting in financial loss due to non-refundable bookings.

Choosing the Right Insurance Policy

Single Trip vs. Annual Policies

  • Single Trip Insurance: Best for those traveling once in a year. This covers the specific dates of travel and anything that might prevent you from going.
  • Annual Travel Insurance: Ideal for frequent travelers, offering coverage for multiple trips within a year, saving both time and money.

When to Buy

  • For both policy types, the coverage begins as soon as you purchase the insurance, protecting you against cancellations due to medical emergencies or other unforeseen events, even before the trip date.

Dealing with Pre-Existing Conditions

Martin addressed the challenges many face when obtaining travel insurance with pre-existing medical conditions:

  • Step-by-Step Guide:
    1. Compare Policies: Use online comparison tools to get an initial sense of available options.
    2. Specialist Medical Sites: If standard policies yield high quotes, consult sites specializing in medical travel insurance.
    3. Charities and Support Groups: Engage with organizations related to your condition; they might recommend favorable insurers.
    4. Insurance Brokers: As a last resort, seek out brokers who can tailor policies suited to your circumstances.

Travel Insurance Coverage Parameters

Key Aspects to Consider

  • Exclusions: Many travelers assume that all situations are covered, but it's crucial to understand the specific exclusions related to mental health or chronic conditions.
  • Cancelation Policies: If your trip gets canceled due to illness, it’s vital to know whether your insurance covers such scenarios, as not all policies do.

Additional Insurance Considerations

Car Rental Insurance

  • Standalone Policies: Martin advises securing car rental insurance independently rather than purchasing at the rental desk, where prices can be inflated.
  • Credit Card Requirements: Ensure you have a credit card for any deposit required at the rental desk, as most companies won’t accept debit cards.

Tips for Financial Resolution

Martin shared insights into managing finances effectively:

  • Balance Transfer Cards: Utilize balance transfer options to consolidate debts at lower interest rates. Compare offers considering fees and duration to maximize savings.
  • Reporting Decay: Emphasize checking your tax obligations and completing pending returns to avoid fines and interests.

Conclusion

Travel insurance is an essential, yet often overlooked aspect of holiday planning. By booking as soon as you make your travel arrangements, understanding different policy types, and knowing how to navigate pre-existing condition challenges, you can safeguard your financial investment and enjoy peace of mind during your travels. These proactive steps not only protect against unexpected health issues but also enhance overall travel safety.

Was this summary helpful?

Recent Episodes

Car Insurance Prices DROPPING… a perverse warning | Base rate cut help

Car Insurance Prices DROPPING… a perverse warning | Base rate cut help

The Martin Lewis Podcast

Martin explains why you should still shop around for the best deal, even if your car insurance renewal is lower than last year. Plus reaction to the interest rates cut, the latest on April's energy cap price change and you tell us what your job has taught you about money. To get in touch with the podcast email martinlewispodcast@bbc.co.uk.

February 06, 2025

Holiday hacks: cheapest way to spend abroad, car hire, insurance, 18 days off for 9 days leave, passports, GHIC…

Holiday hacks: cheapest way to spend abroad, car hire, insurance, 18 days off for 9 days leave, passports, GHIC…

The Martin Lewis Podcast

Martin shares holiday tips, including ways to save on foreign transactions and annual leave maximization. He also discusses how children misunderstand money concepts, explains credit rating fundamentals, suggests techniques for reducing water bills, and offers a method to reduce energy standing charges by £100.

January 30, 2025

Banned: Mobile & broadband mid-contract inflation price hikes, yet many’ll still pay more!

Banned: Mobile & broadband mid-contract inflation price hikes, yet many’ll still pay more!

The Martin Lewis Podcast

Martin and Adrian discuss rules against surprise price hikes mid-contract for broadband and mobile deals, provide tips on getting the best prices, and let listeners share budgeting advice.

January 23, 2025

Urgent: beat the energy bills rip off! Are joint accounts worth it, and what’s the best?

Urgent: beat the energy bills rip off! Are joint accounts worth it, and what’s the best?

The Martin Lewis Podcast

Martin shares energy-saving tips to lower utility bills and talks about joint accounts for managing household finances. Adrian gets quizzed on flight compensation schemes in Mastermind.

January 16, 2025

Related Episodes

5.3.19 How to handle buying travel insurance before a trip; Clark Stinks

5.3.19 How to handle buying travel insurance before a trip; Clark Stinks

The Clark Howard Podcast

Clark discusses shopping for travel insurance and assessing its need; Christa reads listener posts critical of Clark's advice this week.

May 03, 2019

7.1.20 Travel insurance problems; People are moving all across the country

7.1.20 Travel insurance problems; People are moving all across the country

The Clark Howard Podcast

The travel insurance industry had issues during the pandemic, and Clark provides advice on buying insurance moving forward as more people are relocating for opportunities or a better life due to remote work.

July 01, 2020

Mailbag: Dying On A Cruise Ship And Other Travel Insurance Costs

Mailbag: Dying On A Cruise Ship And Other Travel Insurance Costs

Bad With Money With Gabe Dunn

Gabe discusses travel insurance costs and John Gobbels from MedjetAssist; a listener shares about getting fired by an autism-focused company, starting the 'buy nothing' trend due to suitcase theft, and thoughts on drugstore chains selling 'the abortion pill'; Gabe is annoyed by Joe Biden eating ice cream while addressing genocide.

March 29, 2024

Best Bits: Holiday money plus passport, car hire and EHIC tips.

Best Bits: Holiday money plus passport, car hire and EHIC tips.

The Martin Lewis Podcast

Martin discusses tips on smart spending abroad, passport management, car hire, and EHICs/GHICs with Nick Eardley.

August 07, 2024

AI

Ask this episodeAI Anything

The Martin Lewis Podcast

Hi! You're chatting with The Martin Lewis Podcast AI.

I can answer your questions from this episode and play episode clips relevant to your question.

You can ask a direct question or get started with below questions -

Sign In to save message history