Last Updated on: 27th October 2024, 09:18 am
This half term, around 3.8 million people are expected to head overseas. But have families stopped to assess the worth of what they’re taking with them for their children?
On average, families bring along £3,911.79 worth of children’s items for a one-week trip abroad. However, most standard travel insurance policies cover only up to £2,000, meaning parents could face a shortfall of £1,911.79 to replace lost, damaged, or stolen belongings.
If 1.9 million of these travellers are children, then over £3.6 billion worth of their items may be travelling without sufficient insurance protection.
Ahead of the half-term holiday, Gigasure is advising travellers to carefully review their insurance coverage to ensure they’re protected for all their belongings. Without the right cover, travellers could be left financially responsible for replacing lost or stolen items.
Gary Murphy, Gigasure’s Head of Travel, stated: “Travel insurance tends to be something we buy to tick a box, but generally individuals don’t tend to pay too much attention to the detail. That is, until they need to make a claim. Should the worst happen, and your belongings become lost or stolen while travelling, the discrepancy between what the value of those items will cost to replace, and what the insurer will be able to pay out could be quite a difference.
“As we go through life, the value of the items we travel with tends to go up. Even more so when travelling with children. If you look at the replacement costs for buggies, car seats and other paraphernalia they need, along with their toys and gadgets including games consoles and iPads, then the cost of the belongings we have with us rises exponentially.
“It is also important to remember that if the worst does happen to your belongings, most standard policies will take into consideration the age of your items. This means that if your pram, which you have had for the last year and a half, is lost whilst you are away, a deduction will be made based on its age, only giving you back a percentage of what you paid for it.”
Many mistakenly believe their belongings are already covered by other policies, such as home insurance or a bank’s tech insurance package. However, these often do not extend cover for items taken on trips.
Adding extra baggage and personal item cover to travel insurance can help bridge the gap in case of losses. Gigasure encourages customers to read their policy wording thoroughly and ensure adequate coverage before they travel. Flexible travel insurance allows families to tailor policies to their specific requirements.
Gigasure offers these top tips to safeguard belongings on holiday:
- Secure valuables in your hotel’s safety deposit box. Phones, laptops, consoles, and iPads are best stored securely rather than left unattended in rooms or by the pool. Carry multiple payment methods (like a card) in case your phone is lost.
- Carry valuable items on your person while flying rather than placing them in checked luggage, which may not be fully covered. Limit the tech you bring, and consider a gadget policy extension.
- Consider travelling with a budget-friendly pram. Insurance policies often limit coverage for individual items to £500 or less. Some prams may exceed this value, and depreciation deductions could mean lower claim payouts.
- Remember, people are more important than possessions. Ensure your insurance covers any pre-existing medical conditions and aligns with healthcare standards for your destination. Teach children what to do if they become separated from you.
- Review your travel insurance policy for adequacy. Choose a cover level that reflects your belongings’ worth. If you want new-for-old replacement, consider extending your home insurance to cover items while away.
