Need travel insurance but for belongings only

66z

As I mentioned, I don't have family -- of course if I had one, I'd perhaps be seeing things differently to boot with.

But you have good points overall and I think I'm applying for both.

Aretnap

It's up to you of course.. but as a thought, it really makes more sense to insure against low risk but unaffordable events rather than high risk but affordable ones.

Example - over the course of my (hopefully) long life I reckon I'm probably going to end up losing/breaking/being robbed of two or three laptops, cameras or smartphones. All an insurance company is going to do is charge me premiums which add up to the cost of two or three of those items over my lifetime, plus a bit on top for admin costs, advertising and profit margins. If I can afford it I'd be better off earmarking some savings as a gadget replacement fund, replacing them myself as I go, and saving myself the insurer's costs and profit margins.

OTOH I'll probably never end up seriously injured in a foreign hospital, but if it did happen I'd be totally stuffed - broke, stranded in a foreign country, watching the meter ticking and hoping this isn't the sort of health system which is going to stop treating me when the unpaid bills pile up too high. My "oh b*gger, everything's gone pear shaped" fund is never going to be big enough to get me out of that mess, so the only way to guard against it is insurance. Or to get together with a load of other travellers and pay into an "oh b*gger" fund that whichever of us is the unlucky one can use... which amounts to much the same thing.

Same with other types of insurance. I don't pay my home insurance because I'm worried about broken windows or my car insurance because I'm worried about cracked bumpers - it's my house burning to the ground or a major car accident I'm protecting myself against, both of which might otherwise leave me destitute. Insurance is for unlikely disasters, not likely annoyances.

Anyway, whatever you decide have a safe and enjoyable trip. And if we did talk you into getting travel insurance, I hope it turns out to be a waste of money.

Credit-Crunched

Forgive my bluntness, but you are are looking to insure laptop, camera etc, worth a few thousand pounds...

Yet, you are not willing to insure your own well being? For a fraction of the cost of one of these items..

"Thanks -- but it's not about the affordability, it's more about the odds, which I think are way higher for me to get robbed.."

Insurance is all about odds.....however, there is always that small chance...

Imagine you get robbed in a remote highland area, shot in the leg, unable to move. Helicopter out, no specialist hospital close by, have to be airlifted out, 3 months in rehab, then flying back to UK, your leg is in a cast and the airline insists you travel in business class due to health and safety or not at all....

Not probable, but possible.

I thought the possibility of me breaking my leg walking the french alps was not probable, however a freak land slide put bed to that thought...

The above scenario was me, (minus the gun shot!)

Honestly, just pay the insurance, you will enjoy your trip a lot more.

cashbag

An acquaintance of a friend went off on a Caribbean cruise with no insurance. She was fit & healthy & not expecting accidents aboard ship! But she had a brain haemorrhage, got airlifted off the ship to a fairly basic hospital where she lay in a coma. Friends & family in UK appealed for funds & eventually raised the £70,000 for the flight back to UK (thanks to a philanthropic local businessman). She was flown home after 10 days with a medical team who had had to fly out to bring her home. Got her into a UK specialist unit & within 2 days she was dead because of the delay. Had she been repatriated as an emergency at once they reckon she would have survived. She left a family of young children. The insurance she saved was so she could buy a special dress!

InsideInsurance

66z wrote: »

Thanks -- but it's not about the affordability, it's more about the odds, which I think are way higher for me to get robbed.

And the odds are reflected in the premiums.

You'll find the cost of possessions insurance higher than that of medical cover despite the fact possessions cover is typical a couple of grand at tops but I have seen medical claims close to £1m from a middle age chap who had a major stroke whilst on a cruise ship.

The typical way of covering these things is with Home insurance and including Personal Possessions cover. Whilst I see you are looking at specialist products do check this too. The odds they use is a mixture of your personal odds but also the average odds of the "pool". As most people dont take their laptops overseas you'll find the price may be cheaper than a specialist product only insuring laptops overseas.

weejonnie

It is not just a question of odds.

Your expected loss due to all incidents = SUM(cost_of_incident X probability_of_incident) - so a low likelihood X large loss can still be substantial.

However it is more than that - you have to factor in what the large loss will do to your life - Having to pay £70,000 (should it happen) will probably put you in penury so you are risking a (admittedly small) risk of bankruptcy against paying a very affordable £25 or £30 for the insurance.

Obviously as a broker I am biased in favour of insurance - many businesses would not be around today had their owners not had insurance - either to have paid for large losses or as a safety net to reduce the financial risks involved in setting up a business.

However - back to the point. If you do only want to cover your belongings then find out whether your home insurance policy 'all risks' section will cover them - most of the companies I deal with provide cover throughout Europe, and Worldwide for 60 days. However sometimes certain types of items need to be specified and there will almost certainly be conditions regarding taking adequate precautions. One benefit is that cover will be new for old. It may be a bit late but ensure you have receipts for the articles and, if they do get lost/ stolen report it to the local police and get a report.