26th June 2015
Greek holidaymakers planning to leave the cards at home and take cash, as the country edges closer to a euro exit should check their money is covered by their insurance.
Tourists heading to Greece this summer are planning to take cash on their trip as fears grow that a euro exit would see a run on the bank and leave holidaymakers without access to cash.
However, Gocompare.com warned tourists to check the small print in their travel insurance as policies typically limit cover for cash to between £200 and £300 and only 11% of policies cover cash of £500 or more and the same amount excludes cash altogether.
Excess payments for loss of cash are generally £50 to £100 but can be as high as £250.
The majority of travel insurance policies provide cover for the accidental loss, theft or damage to personal money and documents, such as a driving licence but there is a cap to the amount insurers will pay out for lost cash.
Insurers generally apply special conditions in relation to claims involving the loss or theft of money and policy terms typically require you to keep money on your person or leave it in a safe. You will not be covered for cash kept in an unattended bag or cash, including bags in the hold of a plane, the trunk of a coach, bus or car, or in your hotel room.
The theft or loss will also have to be reported to the local police within 24 hours of discovery and holidaymakers must ensure they obtain a written report and a crime reference number. If the money was stolen from a hotel safe your will need to report the loss or theft to the hotel and obtain written confirmation from it.
To substantiate a claim you will be asked to provide an original receipt for the item lost, stolen or damage, so retain the foreign exchange receipt.
Caroline Lloyd, from Gocompare.com travel insurance, said: ‘Greece is a popular destination for British holidaymakers, but as speculation about a possible Greek currency crisis continues, ABTA is advising tourists to carry cash in euros and debit/credit cards so they are covered for all situations while travelling in Greece.
‘There have also been reports in the press of concerned holidaymakers heading to Greece with more cash than they would usually take abroad with them. While most travel insurance policies include cover for money, cover limits, excesses and exclusions vary wildly between policies. As such you need to ensure you understand the terms and conditions that apply to cash.’