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Travel Insurance FAQ’s and the Greece Eurozone Crisis

For those of you who are travelling to Greece this summer (2015 only), despite the current financial crisis and potential exit from the EU, chances are you'll be taking higher amounts of cash with you to ensure that you have enough to last the entire duration of your trip.

As a result, we have decided to increase the current cash limits on our Single Trip, Multi Trip and Wintersports policies* from £300 to £500, regardless of which excess level you have already chosen. It's an automatic increase, so you don't have to do anything further.

The cash cover increase is per person per policy, for customers who are travelling to Greece between 1st July 2015 - 30th September 2015. Your policy wording and schedule of cover will show your original cover limit, but our Claims team will honour up to £500 cash cover if you need to claim.

*There is no cover for cash under the Longstay policies.

How much cash should I take with me to Greece?

The FCO are advising holidaymakers to take enough cash to last their entire trip, just in case ATMs or card machines become unusable, plus some extra on top. If you run out of cash and want to return home early, your travel insurance will not provide cover for this, therefore you must ensure you bring enough to last the entire trip.

Please remember to keep all receipts as evidence of money withdrawn from your bank and currency exchange transactions, as you may need to provide if you have to claim on your travel insurance.

Does my travel insurance cover all my cash?

Alpha Travel Insurance has arranged for all policyholders travelling to Greece between the dates of the 1st July 2015 to the 30th September 2015 to have up to £500 of personal cash cover per person, no matter which policy they purchase - either from our Single Trip, Multi Trip and Wintersports ranges. The increase of cash limits is for each person listed on the policy.

Please remember to keep all receipts as evidence of money withdrawn from your bank and currency exchange transactions, as you will need to provide these should you need to make a claim for lost or stolen cash.

Can I use my credit or debit cards to pay instead?

Any credit or debit cards you choose to take on holiday with you should work as normal, although smaller businesses may be reluctant to accept these as forms of payment. Please visit the FCO Website if the situation changes for further information and advice.

What happens if the ATMs run out of cash?

The news has reported about the long lines of people queuing for cash machines on both the Greek mainland and on the islands. Currently there is a daily limit of ‚€60 (£40), but this could change depending on the economic climate. It would be worth checking before you go to get cash out, but a general rule to go by is that cash machines on the Greek islands are more likely to run out before those in the capital or on the mainland.

Alpha Travel Insurance advises all travellers to take enough cash with them to last their entire holiday and then a little extra in case of an emergency.

If I run out of cash will my travel insurance cover me to return home?

No, this is not something that is covered under the policy. You should bring enough cash with you plus extra to last your entire holiday.

If Greece leaves the Eurozone, will my Euros be rendered useless?

If the country decides to leave the Euro, the effects wouldn't be instantaneous. The BBC has stated that it would take around 18 months for Greece's old currency, the drachma, to be reintroduced, and that vendors should still accept the Euro until this comes into effect.

Can we still use currency cards or traveller's cheques?

Although both of these forms of payment are accepted, smaller shops and businesses may be reluctant to take them and you should by no means rely on them as your only way of payment.

What happens if I am mugged or robbed for my cash whilst on holiday in Greece?

The Foreign and Commonwealth Office advises travellers to not carry all of their holiday money on their person whilst out and about in Greece. We would advise that customers carry a certain amount of cash on their person (enough just for the current day), and then leave a supply in their locked trip accommodation - preferably in a safe if one is available. This should prevent travellers being left completely out of pocket in the event of a mugging or robbery.

What safety precautions can I take?

Alpha Travel Insurance recommends that all tourists to Greece invest in a safety deposit box as soon as they arrive at their holiday accommodation (i.e. a hotel, hostel or independently booked facility). We would encourage customers to take precaution by splitting up their money, having some on their person (in different places) and some locked in the hotel safe, so that if anything happens you are not left out of pocket for the remainder of your trip. It is a good idea to only bring out the money you need for each day.

If you are looking to book a holiday in Greece, or have already booked, it is worth ensuring that your travel operator or independent accommodation or transport providers are ATOL-protected, just in case they go out of business.

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