Travel insurance cash cover

Voyager2002

DullGreyGuy said:

Budget_mum said:

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? 

If you look at mid net worth Home Insurance with the likes of Hiscox they include worldwide cover and are likely to have a high enough limit for Money... they'd need to meet their underwriting criteria though which in part will be owning enough contents and the premiums wont be cheap (think contents only minimum premium was about £600 last time I checked).

A lot of those that offer mid-net worth travel insurance require you to hold another product or it forms part of their home cover because it only covers cancellation etc because your possessions already have world wide cover via the home insurance. There are some exceptions to this but it'd be a case of reaching out to an appropriate broker (tend to be telephone rather than online) and again may not fall into their target market.

The better solution is to avoid carrying the cash as far as possible. 

Another complication... when I look at travel insurance what they call Personal Money is not cash, and generally there is a much lower limit for cash. Often Personal Money is cover for travellers' cheques (anyone remember them?).

DullGreyGuy

Voyager2002 said:

DullGreyGuy said:

Budget_mum said:

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? 

If you look at mid net worth Home Insurance with the likes of Hiscox they include worldwide cover and are likely to have a high enough limit for Money... they'd need to meet their underwriting criteria though which in part will be owning enough contents and the premiums wont be cheap (think contents only minimum premium was about £600 last time I checked).

A lot of those that offer mid-net worth travel insurance require you to hold another product or it forms part of their home cover because it only covers cancellation etc because your possessions already have world wide cover via the home insurance. There are some exceptions to this but it'd be a case of reaching out to an appropriate broker (tend to be telephone rather than online) and again may not fall into their target market.

The better solution is to avoid carrying the cash as far as possible. 

Another complication... when I look at travel insurance what they call Personal Money is not cash, and generally there is a much lower limit for cash. Often Personal Money is cover for travellers' cheques (anyone remember them?).

Some policies have an inner limit for cash, others dont. 

These things are relative though... a policy covering holidays up to £500,000 per person are unlikely to be squabbling over a 1% claim but then their premiums allow them to offer higher limits and more discretion. 

Having worked for such an insurer in the past... they paid out £4,500 for a scarf (yes they can go to that price and higher). What was wrong with it? Absolutely nothing. The official box for it however had a small water stain following an escape of water claim. I have to admit I am surprised they couldn't buy an appropriate replacement box but that isnt how these insurers work. How do I know? Because twice a year the company auctioned off such salvage from claims to staff and donated the proceeds to charity (and I got told off for not telling the wife esp after seeing what price it sold for)