This half term, an estimated 3.8 million people will be travelling abroad. But how often do families truly consider the total value of the items they pack for their children on these trips?
Research shows that the average worth of children’s items taken on a week-long holiday abroad stands at £3,911.79. However, most basic travel insurance policies only cover belongings up to £2,000, leaving parents facing a potential shortfall of £1,911.79 if items are lost, stolen, or damaged.
With approximately 1.9 million of these travellers expected to be children, this equates to over £3.6 billion worth of possessions in the air, much of it likely uninsured.
As families prepare for the half-term break, Gigasure advises travellers to examine their insurance policies carefully to ensure full coverage for everything they are taking with them. Without the correct cover, they may be left out of pocket should they need to replace lost belongings.
Gary Murphy, Head of Travel at Gigasure, commented: “Travel insurance tends to be something we buy to tick a box, but generally individuals don’t tend to pay too much attention to the detail. That is, until they need to make a claim. Should the worst happen, and your belongings become lost or stolen while travelling, the discrepancy between what the value of those items will cost to replace, and what the insurer will be able to pay out could be quite a difference.
“As we go through life, the value of the items we travel with tends to go up. Even more so when travelling with children. If you look at the replacement costs for buggies, car seats and other paraphernalia they need, along with their toys and gadgets including games consoles and iPads, then the cost of the belongings we have with us rises exponentially.
“It is also important to remember that if the worst does happen to your belongings, most standard policies will take into consideration the age of your items. This means that if your pram, which you have had for the last year and a half, is lost whilst you are away, a deduction will be made based on its age, only giving you back a percentage of what you paid for it.”
Many travellers assume their belongings are covered under existing policies, such as home insurance or bundled bank account tech cover. However, these policies often won’t extend to cover items when away from home.
Adding extra baggage and personal item cover to travel insurance can help cover replacement costs should belongings go missing. Gigasure recommends that customers read their policies thoroughly to ensure their items are fully covered before travelling. Flexible travel policies allow families to create tailored coverage to suit their needs.
To help keep belongings secure during holidays, Gigasure has shared its top tips:
- Use a hotel safety deposit box for valuable items like phones, laptops, games consoles, and iPads. Don’t leave them lying around or by the pool, as insurance may not cover them in these situations. Also, bring multiple forms of payment (for instance, a card) in case you lose your phone.
- Keep valuable items with you on the plane rather than in the hold, where they are more vulnerable and may not be insured. Only take essential tech and consider purchasing a gadget extension on your policy.
- Opt for a less expensive pram or buggy when travelling if possible. Insurance usually covers individual items up to £500 or less, which may fall short of the replacement cost after depreciation deductions.
- Prioritise people over possessions. Ensure travel insurance covers pre-existing medical conditions and that it meets the standards of care for your destination. Additionally, prepare your children with instructions on what to do if separated from you.
- Ensure your travel insurance policy meets your needs. Choose cover levels based on the value of your belongings. If you require new-for-old replacement, consider adding an extension to your household insurance for cover outside the home.
