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 Australian
Travel Insurance - Discussion Page
Travel insurance is
the one thing you should never leave home without. Sure its boring
... until you need it, and then you wish you'd read the details more
carefully.
The first step in
deciding if you need to take out any travel insurance is to assess
the likelihood of risk, be it financial, physical, or both, that
will apply to the travel you are undertaking. Then you can decide
what level of cover is appropriate.
So what are some of
the things to consider in deciding the appropriate level of travel
insurance cover?
Hospitals &
Medical Expense
If there is one reason to buy travel insurance, this is it. You
should protect yourself against hospital or medical bills incurred
while travelling outside of Australia. Private hospital costs in
most overseas countries run into thousands of dollars per day. A
medical evacuation back to Australia can easily exceed $100,000.
If the accident,
injury or illness is serious you'll want the insurance to cover the
cost of your return home using commercial airlines or a network of
private medical evacuation aircraft in an extreme case. The cost of
a travel insurance policy is small change when compared to draining
the family finances or having to re-mortgage the house to bring a
loved one home.
Some important
things to look for in a this part of the travel insurance policy:
• Unlimited hospital and medical cover when travelling to the US,
Canada or Japan.
• Cover for an emergency evacuation.
• Provision for a relative to accompany you if you're ill or injured
and travelling alone.
• Cover for emergency dental work.
• Cover for pre-existing medical conditions or pregnancy.
Take your time to
read the policy wording carefully, particularly the exclusions. The
hospital and medical cover of a policy stops when you return home.
Luggage
The loss of, or damage to, your luggage and personal effects while
travelling is one of the most common reasons for travel insurance
claims. Theft from unsupervised baggage carousels is becoming more
prevalent in certain locations. The loss of luggage can result in a
considerable outlay to replace the lost items. With suitable travel
insurance cover, you can start replacing the lost items almost
immediately while still travelling.
Always read the
policy wording before you buy travel insurance and understand what
is covered. Expensive items such as laptop computers and cameras may
have a limit on the amount that can be claimed.
Some important
things to look for in this part of the travel insurance policy:
• Are there individual item limits?
• Are you covered if your luggage is stolen from your hotel room?
• Are you covered if your luggage is stolen from the boot of a
locked car?
• Does the policy cover loss of cash?
Cancellations &
Curtailment
Consider if your policy needs to cover financial loss should you
have to cancel or cut short a trip under certain circumstances. How
much will you lose if you break your leg a week before your trip,
or have to return home mid way through a trip to attend to a sick
relative? What will you lose if you have paid for everything but
suddenly you can't go on the trip due to a serious illness/accident
involving a close relative.?
Some important
things to look for in this part of the travel insurance policy:
• Will you be covered for loss of non-refundable deposits and any
costs paid in advance if you cancel before departure due to illness
or injury, compulsory jury duty, unforeseen retrenchment and natural
disaster.
Personal
Liability
Tourists can and do make mistakes and sometimes get sued in a
foreign country. If you cause an accident when abroad and injure
someone, travel insurance can cover your liability and legal
expenses. Most travel insurance will not pay legal expenses if you
have a car accident.
Rental Cars
If you hire a car overseas and are involved in an accident, there is
usually a policy excess that you have to pay to the rental car
company. Travel insurance can cover the costs of the excess amount.
Delays
Flight delays are common, and if you are on a tight schedule, it is
a sensible precaution to protect yourself against the unexpected
costs of missed connections. Delays can involve hotel bills, extra
meals, transfer and shuttle costs and can quickly become very
expensive. The conditions and benefits vary considerably between
policies so always read the policy wording carefully if you need
this cover.
Resumption Of
Journey
Most travel insurance policies end the minute you arrive home.
However, some policies allow for special circumstances where you
were required to return home because of a sick relative or a death
in the family. Not only will you be able to claim for some of these
costs, but you can also resume your journey.
The conditions and
benefits vary considerably between policies so always read the
policy details carefully.
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