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Summary: Our top tips when planning your holiday to help keep your costs down.
Paying for your holiday
In may seem like false economy using your credit card to pay for your holiday, especially if you have managed to save the bulk of the cash. However, with the uncertain economy affecting the airline and holiday industry, this is one way to safeguard your money.
By paying with a credit card, you'll benefit from protection under Section 75 of the Consumer Credit Act (1974). Basically, this means that should the holiday company or airline fail, and you don't receive what you've paid for (for example, if your flights are cancelled), you have the option of claiming the cost from your credit card provider.
S75 rules apply to goods or services that cost from £100 up to £30,000. Even if you only pay for £100 worth of your holiday using a credit card, you'll be covered by S75 for the cost of the whole thing.
However, these rules don’t always apply, for example if you book and purchase your holiday through a third party such as a tour operator. In this instance, your protection should come from Air Travel Organisers' Licensing - so ensure the firm you're dealing with is ATOL licensed.
Remember to pay off your credit card balance though or the interest charges will soon mount up!
Compare Travel Insurance quotes
New regulations have come into force recently to stop travel agents from selling travel insurance unless they are authorised by the Financial Services Authority. (FSA) Many travel agents like to sell insurance as an add on to the holiday, but unless they are FSA registered, you may have to buy cover elsewhere.
Compare prices online to get the best possible deal on travel insurance. If you are a frequent traveller consider an annual policy as it may work out cheaper in the long run.
It may seem obvious, but ensure you have the correct level of cover. If you are planning an adventure holiday for example, you will need very different cover than that provided in a basic policy. The wrong cover could prove useless in the event of an emergency. Make sure you read conditions and exclusions in the small print carefully to ensure you have the cover you need.
Buy your Insurance Early
Many people believe you won't need insurance cover until you actually get going on your holiday.
However, if you have booked your holiday several months in advance, there are unfortunately plenty of things that could potentially jeopardise your plans.
It's a sad fact that redundancies are on the rise, it's possible you might need to re-think your holiday plans should you be one of the unlucky ones. Cancelling your holiday could leave you paying for a trip that you can no longer take if you don't organise insurance cover or during or shortly after you’ve booked.
Apply for the European Health Insurance Card
If you plan to travel to a destination within the European Economic Area (or Switzerland) make sure you have your European Heath Insurance Card (EHIC). This will entitle you to the same free health care a resident of that country would usually receive.
Without one you'll have no right to free treatment should the worst happen and you become unwell - and you could find yourself liable for hefty medical bills. However, it may not cover all medical expenses, and is therefore not intended as a substitute for travel insurance that can provide additional protection.
It really is a false economy to travel with out insurance on all fronts, quite apart from potential health cover, your policy will cover things such as lost bags, personal possessions and money.
Using your Card Overseas
Unless you have booked an all inclusive holiday, it is likely that you will be spending money on holiday. Using your normal debit or credit card overseas can prove to be very costly! Most banks charge customers an extra fee for using a card, especially if taking money from an ATM. Over a couple of weeks this can really add up. If you prefer to use your card whilst abroad, consider applying for one that doesn’t charge for these transactions. The Post Office and some building societies (Nationwide at the time of writing) offer cards with out transactions fees for purchases. Be aware that they may still charge for using the ATM for cash withdrawals though.
Important changes when visiting the USA
The United States have recently introduced a new on line system to arrange your visa waiver. Previously, green waiver forms would be handed out during your flight for completion. Now however, you have to complete the Electronic System for Travel Authorization via the internet a minimum of 72 hours before you travel.
Failure to do this means you will not be allowed into the country, a sure fire way of ruining your holiday!
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