Why have BMC Travel Insurance policy prices increased?
Travel insurance may add to the costs of a holiday. However, travelling with the right policy in place gives you the confidence to travel and enjoy your adventurous activities without worry. If you’ve recently had a quote for BMC Travel Insurance and wondered why it seems to be unexpectedly expensive, read on for some information that might be helpful.
You may have noticed that (post-pandemic) BMC Travel Insurance premiums have increased in price. However, these products are invaluable because travel insurance is there to cover the cost of the unforeseen; unexpected events such as medical emergencies, you having to cancel at the last minute or travel disruption and flight delays.
Global events
Changes in the ways that money moves around the world influences how financial services products are created and maintained. Events such as Brexit, the Covid pandemic and the war in Ukraine have an adverse effect. This means that in the last couple of years, all insurance prices (for motor, home and travel) have been going up above the rate of inflation.
General Travel Insurance
Claims for medical expenses is the greatest burden for any travel insurance product. The cost of settling overseas hospital bills is increasing at an extraordinary rate. Also, repatriation by air is becoming alarmingly expensive mainly due to rising fuel costs. Exchange rates can also be an issue. This is because we pay our premiums in Pounds Sterling, but our medical claims are usually paid in Euros or US Dollars, so if the Pound is weak against either of those currencies, we will end up paying higher premiums.
BMC Travel Insurance products
Our travel insurance scheme was developed at a time when it wasn’t possible to buy a product that includes cover for adventurous activities. Over time more activities and features were added to make it the members benefit that it is today. A feature that is of special importance to BMC members is cover for the costs helicopter rescue (£100,000 search and rescue cover costs included). Rising fuel costs are having a similar detrimental effect as with repatriation costs mentioned earlier.
Value for money
A team of brokers, underwriters and BMC staff meet regularly to ensure that BMC Travel Insurance provides great value. This team analyses claims data and compares premiums and product features with other products in the marketplace. All this means that BMC members can be confident that BMC Travel Insurance offers great value with a product which is continually developed by BMC experts to provide BMC members with peace of mind whilst on their adventures.
With every policy, surplus earnt is reinvested into the BMC’s vital work on behalf of climbers, hill walkers and mountaineers – this includes our crucial access and conservation work so that our outdoor spaces remain open, protected and sustainable for future generations.
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