Martin Lewis recently emphasized a crucial “rule” for individuals dealing with their travel insurance claims. During The Martin Lewis Podcast, the financial expert stressed the importance of providing honest responses to queries from insurance providers, particularly when asked about existing coverage with other providers.
It is essential to disclose if you have overlapping coverage, such as when both your workplace and bank offer travel insurance. Even though you can only file one claim, the insurer you approach for reimbursement may seek to recover the costs from the other insurer.
In a recent episode of the ‘Question Time’ podcast, Martin shed light on the process and addressed a listener’s query about making claims with two insurance policies. The listener, Matt, sought guidance on whether he could choose which insurer to claim from if he needed to make a claim with travel insurance from both his HSBC bank account and a workplace healthcare plan.
Martin clarified that having dual policies is permissible, but making multiple claims is not allowed. He highlighted that individuals cannot profit from the situation by claiming the same amount from both insurers. The first rule is to remain compliant with this principle.
Regarding the choice of insurer for a claim, Martin explained that individuals can select, but they must truthfully disclose any other insurance policies that might cover the claim. He advised always responding affirmatively when asked about additional coverage.
Furthermore, Martin mentioned that individuals have the liberty to decide from which insurer to claim and recommended opting for the one offering the best coverage. In cases where a claim is made, the insurer may try to recover costs from the other insurer or request the policyholder to do so, depending on the terms of the specific travel insurance policy.
While having a single insurer simplifies matters, Martin acknowledged that in certain scenarios, like in Matt’s case where the bank policy provides superior coverage, having dual policies can be advantageous.