Travel insurance cash cover

Budget_mum

A friend is travelling to Spain next week and will be carrying around £5000 in cash for a legal purchase. He is anxious to get travel insurance that covers the cash and despite a LOT of searching I'm having no luck. Any recommendations? 

tightauldgit

Is there any reason they have to carry the cash with them? Can't they get the cash wired to Spain or do a bank transfer or similar? 

Budget_mum

tightauldgit said:

Is there any reason they have to carry the cash with them? Can't they get the cash wired to Spain or do a bank transfer or similar? 

I've been through all this with them but they're only there for a day and ATM limits come into play

Mands

Budget_mum said:

tightauldgit said:

Is there any reason they have to carry the cash with them? Can't they get the cash wired to Spain or do a bank transfer or similar? 

I've been through all this with them but they're only there for a day and ATM limits come into play

I think you misunderstood the question. Why are they paying in cash?

NoodleDoodleMan

If cash is stolen abroad this has to be reported to the local police for any subsequent insurance claims - and formal crime report documentation obtained.

I suspect that then becomes a drama scenario - for example, how does the victim prove what sum has been lifted ?

The insurers will want proof etc. - that's assuming they'll entertain such a claim - they'll ask the obvious question.

Although I'm not upon the practical details of making such payments in Spain, there must be a better method of settling this transaction apart from a wad of readies ?

Mands

NoodleDoodleMan said:

there must be a better method of settling this transaction apart from a wad of readies ?

To be fair it could be a *tiny* wad of readies. 10 500€ notes will take up no space at all. Though I'm in the eurozone and I haven't had a 500€ note in more than 10 years

eskbanker

Budget_mum said:

He is anxious to get travel insurance that covers the cash

Budget_mum said:
they're only there for a day

So what specific risks is he hoping to insure against?  Presumably there's no intention to leave the cash unattended, so would it essentially just come down to reported robbery?

Budget_mum

NoodleDoodleMan said:

If cash is stolen abroad this has to be reported to the local police for any subsequent insurance claims - and formal crime report documentation obtained.

I suspect that then becomes a drama scenario - for example, how does the victim prove what sum has been lifted ?

The insurers will want proof etc. - that's assuming they'll entertain such a claim - they'll ask the obvious question.

Although I'm not upon the practical details of making such payments in Spain, there must be a better method of settling this transaction apart from a wad of readies ?

I've explained all of this to him but he remains very tunnel visioned on this 

Budget_mum

Mands said:

Budget_mum said:

tightauldgit said:

Is there any reason they have to carry the cash with them? Can't they get the cash wired to Spain or do a bank transfer or similar? 

I've been through all this with them but they're only there for a day and ATM limits come into play

I think you misunderstood the question. Why are they paying in cash?

The seller has asked for cash 

eDicky

Budget_mum said:

NoodleDoodleMan said:

If cash is stolen abroad this has to be reported to the local police for any subsequent insurance claims - and formal crime report documentation obtained.

I suspect that then becomes a drama scenario - for example, how does the victim prove what sum has been lifted ?

The insurers will want proof etc. - that's assuming they'll entertain such a claim - they'll ask the obvious question.

Although I'm not upon the practical details of making such payments in Spain, there must be a better method of settling this transaction apart from a wad of readies ?

I've explained all of this to him but he remains very tunnel visioned on this 

In that case he should bear any risk on his own shoulders, take appropriate care and not expect to insure against failure to do so. Personally I would not have any such expectations.

lisyloo

What about any risk with his purchase.
the fact that insurers don’t want to take this risk tells you a lot.
it is too easy for anyone to fake theft. He just needs to acquire one bruise for a fake claim.
im. It saying he would but I’m saying insurer won’t accepts risks that are incredibly easy to fake.

id be extremely suspicious of any seller who only takes cash when electronic payments can be made in minutes.