Sun, sea and sangrias. Two weeks away – whether it’s lying by the pool, exploring a new city or embarking on a great adventure – you just can’t beat it. If something does go wrong when abroad, though, home can seem very far away and your nice break could turn into a nightmare if you haven’t sorted travel insurance.

Many people think because they have health insurance, they will be fine but what if the holiday you paid €2,000 for gets cancelled due to a travel agent going bust? Or if your bag goes missing and you have to fork out for a week long wardrobe and toiletries? Even simple things like your money getting stolen. None of this is covered by health insurance, so an extra few euro on travel insurance is an essential spend.

Cost Comparison

Hopefully, you won’t need to call upon it, so you want to spend the least on it while getting the most security. Irish Country Living has saved you the bother of perusing the different websites by comparing prices across 10 providers. Quotes were obtained for the McCarthy family of two adults and two teenagers.

For the third year running, AA Ireland worked out as one of the best insurers for this family with their Annual Essential package costing €45.99 if the family decides to stay within Europe, or €68.39 if they opt to go further afield such as the States. Rates are up very slightly on last year, which were priced at €43.59 and €67.59 respectively.

Multitrip.com also came in with a competitive quote of €49.99 for European cover, while their worldwide cover at €59.99 is cheaper than AA Ireland. Laya also worked out well at €58.33 and €77.76 respectively.

At nearly double the price of AA Ireland, An Post came in at €87.64 for European cover, while worldwide cover would cost €131.59. Interestingly, when you access the An Post website, you are re-directed to AIG Insurance. However, if you access AIG directly, you will find the exact same insurance for nearly €9 cheaper for European cover and €13 cheaper for worldwide – even though the cover and excesses were exactly the same.

Watch the Small Print

When reviewing insurance of any sort, be a smart consumer and don’t just look at the price of the policy. What are you getting for your money?

For example, Multitrip.com may be a few euro dearer than AA Ireland for their European cover but, if something goes wrong abroad, they have medical cover up to €20m, whereas most other companies cover up to €5m.

Other variables include the cost of lost baggage. For many, this is a wardrobe disaster, but AXA will cover up to €3,000 in this event, while most others will cover €2,000. Be aware that they all charge an excess for this claim though so, for example, while Aviva will cover you up to €1,500, their €90 excess means you will get €1,410.

Excesses really start to be a nuisance if you are claiming for money lost. For example, 123.ie will only cover you for €250 and, as they charge an excess of €75, the most you will get back is €175. For this situation, AA Ireland and Multitrip.com offer the most competitive options, each covering €500 with a €75 excess.

Also watch out for cancellation fees. This is especially important if you are booking a once in a lifetime holiday, such as a honeymoon. If, for example, your honeymoon is €6,000, having travel insurance with 123.ie that only covers €1,500 isn’t much good.

In this situation, you need to be looking at companies such as AXA which covers you up to €7,000 or Insureandgo.com which covers up to €6,000.

Policy Changes

Although car insurance has had massive hikes, consumers aren’t seeing these kind of spikes with travel insurance. Rates have stayed pretty stable, but if you are thinking of opting for the same company as last year, have another look at your policy.

In our review, we found Aviva now charges an excess of €90 on its medical cover while, in the past, it was €75. Personal property of up to €2,000 was covered before, whereas now it is €1,500. Also Blue Insurance’s cancellation has gone from €4,000 to €2,500.

However, some changes are in favour of the consumer. You are now covered up to €500 for lost money with Aviva, while in the past it was €250.

Also Blue Insurance covered up to €5m in medical cover before, while now it is €10m, the best rate in our review. It is worth noting that the excess on this is €85, but if you are over 65 years, you will be charged €125. The ageism alone might put you off.

Get it Sorted

Finally, whatever company you choose for your travel insurance is up to you, but you should sort it straight away. If you book your holiday now and are heading away in August, and only decide to take it out the day before, you will not be covered if the travel agent goes bust the week before. To be covered for cancellation, you need to book your travel insurance as soon as you book your holiday.

Also, if you do forget about your travel insurance as the plane takes off, booking it when you are abroad will cost you far more. Get this insurance nuisance out of the way so you can concentrate on more important things for your holidays – such as what bikini to pack and which book you plan to enjoy. CL

Next Week: Car rental while abroad and what you need to watch out for.