What is a travel insurance excess and waiver?

Most people are aware that buying a good travel insurance policy that suits their needs once they’ve booked their holiday is an essential part of their holiday planning. However, some people are daunted by the idea of taking out cover because there can be quite a lot of industry jargon to wade through. One of these terms that sounds confusing but is really quite simple is travel insurance excess.

Travel insurance excess

Much the same as a car insurance policy, a travel insurance policy will have an excess which is a payment you have agreed to pay within the policy terms and conditions should you make a claim. The excess applies to the individual person claiming and to each incident under each section of the policy where the claim is being made. The excess amounts are shown in the policy document.

If something should go wrong, travel insurance excess is the part of the claim that the policyholder will pay out of their own pocket before the insurer starts to pay out. The insurer will take away the amount of policy excess from a claim pay out, or collect the excess from the policyholder. It is a good idea to check the policy excess on your documents, so you know exactly how much you would have to pay in the event of a claim

Travel insurance excess waiver

Taking out a travel insurance excess waiver may mean you pay a little more in the first place for the cover, in the form of an add-on, but it also means that should something go wrong when you make your claim you will not be charged the excess.

Good travel cover is essential for peace of mind while travelling, but an excess waiver will ensure that you really don’t have anything to worry about at a time when things have gone a bit wrong.