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It has never been more important to have good travel insurance for you and your luggage when you go abroad. Recent statistics from the European Commission reveal that, on average, one piece of luggage is lost for every 64 passengers who travel by air.

Although the airlines themselves often provide a certain amount of compensation in the event of baggage loss, they can only reimburse you for lost items in your luggage for which you have receipts, and then only up to a maximum of £800 if your baggage is lost for longer than 21 days. When the suitcase first goes missing, some airlines will provide you with around £50 to cover essentials. However, if you have your luggage insured, you can expect a bigger payout, with fewer hassles.

Unfortunately, the recent financial crisis has led many customers to take cost-cutting measures, and some savvy customers have noticed that you can save money on your travel insurance by adding luggage insurance cover to your home contents insurance policy.

Many home insurance policies include cover for your possessions when they are out of the home. In fact, some home insurance policies provide more comprehensive cover in the event of the loss of luggage than is offered as standard with most travel insurance policies. Customers can save often save up to 25% off their travel insurance bills by opting to exclude personal belongings and baggage cover.

However, the section of a home contents insurance policy that covers personal possessions outside of the home is usually a cost option with most policies, and may work out more expensive than dedicated travel insurance. Be aware that no two home contents insurance policies are the same – you should always check the small print of your policy to see if you are adequately covered before opting to exclude anything from your travel insurance cover.

Of course, many travellers may not even be aware or may have forgotten that they’ve included   when taking out travel insurance. Check your paperwork thoroughly in order to avoid paying for the same cover twice – but make sure you are covered.

Use a reputable firm for your holiday cover. Take a look at the Santander website for some useful information and online quotes for travel insurance.

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