Bob says: “With the banking system currently closed, and limits on withdrawing from cash machines, it will be difficult to access cash on a card via a hole in the wall.
“Holidaymakers making a trip to Greece in the near future should therefore take enough cash in euros to last for their entire holiday.
“You will also find it difficult to use debit cards, credit cards and pre-paid cards in shops, restaurants and bars as owners are looking for cash, rather than payments straight into their inaccessible bank accounts.
“However, those planning to take extra cash for holiday spending need to check the small print of their travel insurance policy and understand the cash limit and excess they would need to pay on personal money claims.”
The cash limit is the amount of insurance provided for loss or theft of cash. The excess is the amount you have to pay towards the cost of any claim you make.
If you make a claim for theft, you’ll need to have a crime number from the local police.
Bob continues: “When it comes to high cash limits, Circle Cover offers a platinum single trip policy for £92.00. While this may seem steep, it has a £500 cash limit with no personal money excess. And, as per a recent announcement by Circle Cover’s parent company InsureandGo, cash limits are being trebled to £1,500 for new and existing customers travelling to Greece (subject to review July 31).
“Therefore this policy may suit those taking large sums of cash with them.
“If you are unsure about you cash limits or personal money excess it’s important to contact your insurer to clarify the situation. Some insurers might be willing to increase the current limits if you pay an additional premium, or they might change the policy terms for a short term period to reflect the current climate.
“If you already have a policy and haven’t taken into consideration the cash limit and the insurer is unable to make any amends to your cover, it might be better to cancel and take out a more suitable policy.
“The most important thing is to ensure you have adequate travel insurance. It shouldn’t be about paying as little as possible for cover.”
Bob added: “The advice for holidaymakers is to take all of your planned spending, plus some extra, in euros before leaving the UK. That means most will be travelling with far more cash than normal.
“It’s really important to get that cash straight into a hotel safety deposit box as soon as you arrive at your holiday destination and only keep enough cash on you for each time you leave the hotel. This then cuts the risk of having your money lost or stolen.
“Those travelling independently by booking their own flights and accommodation should ensure they have a policy with cover for end supplier failure, for example if your hotelier goes out of business.”
Find out more and buy your travel insurance here.
Travel insurance policies with high cash limits
Based on a family of four travelling to Greece for two weeks July 20th-Aug 3rd 2015
PLEASE NOTE: The cash limit increases shown in the table relate only to Greece and are temporary. The information you'll see when you click through to our website does not show the increased cash limit. However, any policy you buy that is included in the table below will provide the increased protection detailed here.
Insurer Policy (single trip) Cash Limit (cover outside Greece) Excess on personal money Alpha 50 £500 (£300) £50 Alpha 100 £500 (£300) £100 Alpha 150 £500 (£300) £150 Amex Travel Insurance £1,000 (£300) Argos* Extra £600 (£200) £100 cheapertravelinsurance.co.uk Bronze £450 (£150) £100 Circle Cover* Platinum
EHIC Plus TBC TBC TBC Elect/Insurefortravel Platinum, Gold, Silver, Essentials £450 £100 InsureandGo Light* Standard £450 (£150) £100 Insurewithease.com Platinum £400 £35 Multitrip.com Premier Plus £400 £50 Virgin Money* Silver £600 (£200) £60 World First Exclusive £750 (£450) £50
* InsureandGo statement applies to brands: Cheaper Travel Insurance, Virgin travel insurance, Circle Cover, Argos travel insurance
Sourced: Thurs 30nd July 2015 by www.moneysupermarket.com
Please note: any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.