Travel Insurance Assessment
Any 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.
So what are some of
the considerations when assessing the appropriate level of travel
insurance cover?
Hospitals &
Medical Expense
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).
• 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.
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?
• Are you covered if your luggage is stolen from your hotel room?
• Are you covered if your luggage is stolen from the trunk of a
locked car?
• Does the policy cover loss of cash?
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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Your Quote For
Florida Travel Insurance
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