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Travel Insurance AssessmentAny experienced traveller will confirm that you should never leave home without travel insurance. Deciding against travel insurance can end up being a very expensive error of judgement. It's easy to assume that misfortune always happens to someone else and you can save on the cost of travel insurance. It's when that assumption proves to be wrong that you realize just how cheap travel insurance really is. Travel insurance covers the costs associated with travel interruption and cancellation, medical expenses, lost or damaged property and travel delay costs. Travellers are covered should the need arise for emergency medical treatment and medical evacuation. When deciding if you need to have travel insurance, the first step is to assess the possible risk involved, be it physical, financial or both, that will apply to the travel you are undertaking. Then you can assess the appropriate level of cover. Hospitals & Medical Expense |
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If there is one reason to buy travel insurance, this is it. Protecting yourself against hospital or medical bills incurred while travelling outside of your home country is a major consideration. Private hospital costs can run into thousands of dollars per day. A medical evacuation back to your home country can easily exceed US$100,000. If an accident, injury or illness is serious you'll want the travel insurance to meet the cost of the return home in a commercial airline or, in an extreme case, a network of private medical evacuation aircraft . The cost of travel insurance is a pittance when compared to ruining the family finances 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 in ALL countries you
are travelling to (and through). Read the policy wording carefully, particularly the exclusions. The hospital and medical cover of a policy stops when you return home. Luggage Loss of, or damage to, your luggage and personal effects is one of the most common reasons for travel insurance claims. Theft from baggage carousels is not uncommon and the costs of replacing lost luggage and personal effects can be considerable. With suitable travel insurance cover, you can start replacing the lost items almost immediately while still travelling. Items such computers and laptop computers may have a limit on the amount that can be claimed. Read the policy wording before you buy travel insurance and understand what is covered. Some important things to look for in this part of the travel insurance policy: • Are there claim limits on individual items? Cancellations & Curtailment Will the policy need to cover the financial loss incurred if you have to cancel or cut short your trip? If you suffer a serious injury a week before your trip, how much will you lose? What happens if you have to return home part 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 Visitors travelling in a foreign country can make mistakes and sometimes get sued. 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 have a rental car overseas and are involved in an accident, there will usually be a policy excess (aka deductible) that has to be paid. Travel insurance can cover the costs of that excess amount. Delays Flight delays and cancellations are common. If you have a tight schedule, it's a wise precaution to have protection against the unexpected costs arising from 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 coverage. Resumption Of Journey While most travel insurance policies end the minute you arrive home, 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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