Holidaymakers travelling to Greece with large amounts of cash could find their travel insurance invalid should they make a claim for loss or theft.
While the current ATM withdrawal limit of €60 (£38) a day does not apply to foreign visitors, many tourists will be considering taking more cash than normal - especially as banks are currently closed.
While the vast majority (89%) of travel insurance policies do cover cash for loss or theft, most (64%) of those providing cover for single trips do so for between £50 and £100 per person named on the policy only, according to analysis from Gocompare.com.
Meanwhile, an excess
of £50 to £100 is payable on claims for 64% of single-trip policies, which could wipe out any money successfully claimed back.
For annual policies, the amount of cover increases to between £200 and £300 for the majority (54%) of the 65 policies available and the typical excess is between £50 and £100.
In fact, only 11% of both single and annual policies cover claims for £500 or more and around a third cap cover at less than £200.
Caroline Lloyd, from Gocompare.com Travel Insurance, said: "While most travel insurance policies include cover for money, cover limits, excesses and exclusions vary wildly between travel policies. As such you need to make sure you buy a policy that has the appropriate cover limit and ensure you understand the terms and conditions that apply to cash.
"Insurers will expect you to take reasonable care to safeguard against loss, damage or opportunistic thieves. So pack cash, travel documents, passports and other important paperwork in your hand luggage and if your hotel or apartment has a safe or safety deposit box, use it."
She added that the Greek economic crisis is also causing regular strikes "which can result in disruption to air and port travel". As such, the comparison site advises people booking a holiday to Greece to buy travel insurance as soon as they book their holiday.
“Most policies include cover for holiday cancellation and curtailment, but you're only covered for events you don't know about before buying the policy – so the sooner you buy the policy the more protection you have," said Lloyd.
Keeping your cash safe
Gocompare.com urges holidaymakers to be aware that travel insurance policy terms and conditions usually require you to keep money/cash on your person or to leave it in a safe or safety deposit box.
This means you are unlikely to be covered for cash stolen from an unattended bag or case. The comparison site points out that the definition of ‘unattended' includes the hold of a plane, the trunk of a coach, bus or car, or if the cash is left in the wardrobe of a locked hotel room.
Here are its two golden rules for making a successful claim for loss or theft of cash:
1. Report it – report the loss/theft to the local police in the country where the incident occurred, typically within 24 hours of discovery, and obtain a written report and a crime reference number. A report from a holiday representative will not be sufficient. If the money was stolen from a hotel safe or safety deposit box, you will need to report the loss/theft to the hotel and obtain written confirmation from the hotel.
2. Keep receipts – to substantiate a claim you will usually be asked to provide an original receipt for the item lost, stolen or damaged. So to claim for lost or stolen holiday money, you will need to provide a foreign currency receipt showing the amount of money you exchanged.
This is more usually a feature of car insurance but it can also crop up in contents, mobile phone and pet insurance policies. An excess is the amount of money you have to pay before the insurance company starts paying out. The excess makes up the first part of a claim, so if your excess is £100 and your claim is for £500, you would pay the first £100 and the insurer the remaining £400. Many online insures let you set your own excess, but the lower the excess, the more expensive the premium will be.