Travel insurance claim

gazcook

Should I put in a travel insurance claim?

I lost £250 when wallet was stolen in Rome

Insurance policy has a maximum payout on cash of £150, plus an excess charge of £100 - that means I would only get £50 back.

My question is: Is the claim worth making or will my premium rise when I take out my next annual travel insurance policy (meaning it would be better not to claim in this instance)?

Thanks

Garry

dzug1

gazcook wrote: »

Should I put in a travel insurance claim?

I lost £250 when wallet was stolen in Rome

Insurance policy has a maximum payout on cash of £150, plus an excess charge of £100 - that means I would only get £50 back.

My question is: Is the claim worth making or will my premium rise when I take out my next annual travel insurance policy (meaning it would be better not to claim in this instance)?

Thanks

Garry

Travel insurance doesn't generally take much account of claims - even if it does £50 is a huge increase - more than a year's policy with some providers

gazcook

I don't think the insuance premium will go up by £50 but if it goes up from £30 to, say £40, then after five years I will be out of pocket every time I get new insurance - do you know what I mean?

pvt

I interpret this differently.

You lost £250. There is a £100 excess, that has to be deducted, thus they should pay £150, which is within (same as) their limit. So they should pay you £150.

Based on your interpretation, they would never have to pay out more than £50. That doesn't sound right to me.

agrinnall

pvt wrote: »

I interpret this differently.

You lost £250. There is a £100 excess, that has to be deducted, thus they should pay £150, which is within (same as) their limit. So they should pay you £150.

Based on your interpretation, they would never have to pay out more than £50. That doesn't sound right to me.

This is exactly what I thought (and pvt has kindly saved me the trouble of typing it:)).

gazcook

Yes this is right - they would never have to pay more than £50 for lost or stolen cash.

This is not good and something to lookout for next time I take out insurance.

Butthe questiosn still stands:

If I make a claim with my premium rise, thus cancelling out the £50 payment in a few years.

bingbong1978

gazcook wrote: »

Yes this is right - they would never have to pay more than £50 for lost or stolen cash.

This is not good and something to lookout for next time I take out insurance.

Butthe questiosn still stands:

If I make a claim with my premium rise, thus cancelling out the £50 payment in a few years.

OP, if you are making a claim where your loss exceeds the policy limit then you deduct the excess from the original sum THEN apply the limit.

So in your case,

£250 - £100 excess = £150 payout

Another example

£500 - £100 excess = £400, then apply limit of £150 = £150 payout.