Photo by Simon Rae on Unsplash
It seems like need insurance for everything these days. Our homes, cars, businesses, health, the list goes on. Many people don’t realise how important it is to get travel insurance. Not taking out a policy before you travel is very risky and if something happens to you when you’re travelling, you could end up being in hundreds of thousands of dollars in debt.
That would be the worst-case scenario, but the price of a policy is well worth the safety net that it provides. We look at some of the ins and outs of good travel insurance.
What Does Travel Insurance Cover?
A comprehensive policy will cover a range of situations including cancelled flights, lost luggage, damaged items, and emergency travel in the event of an emergency back at home. They’ll also cover you for illness and injury, to learn more about the health coverage limits, be sure to check the terms and conditions of your policy.
Some policies will even refund your trip if you need to cancel before you go if there is a valid reason.
Specialist Travel Insurance Companies
There are many different types of travel insurance to cater for almost any traveller. Some companies specialise in providing cover to seniors, those with medical conditions or who want to participate in extreme sports. Typically, these kinds of things are not covered on a standard travel insurance policy or come at a prohibitively high price. Specialist companies are better equipped to cover you in these instances.
What To Look For In Travel Insurance
It’s easy to be overwhelmed by the sheer number of companies offering travel insurance. People are often tempted to go for the cheapest one, assuming that they are then covered for all eventualities. You really do need to check the fine print.
Injury and illness - to cover you for most eventualities, look for coverage of $100,000.
Emergency evacuation - if you are ill, you may not be able to travel back home on commercial airlines. A private medical charter can be very expensive. If you are injured somewhere remote or there is a natural disaster, evacuation cover separate to your health insurance will be needed. Look for coverage in the region of $250,000.
Loss, theft and damage - take out enough cover to replace all of the items you ill be taking with you on holiday, including electronics, jewellery and cash.
24-hour support - bad things don’t always happen during office hours, you need to be able to contact someone at a time of the day or night.
What Is Not Usually Covered By Travel Insurance
To make sure you aren’t caught out, don’t assume something is covered. The following aren’t generally in an insurance policy unless requested (and paid for).
- Drug-related incidents
- Theft of items left unattended
- Undeclared, pre-existing medical conditions
- Non-emergency medical treatment
Don’t Take Chances
If 2020 has taught us anything, its that anything can happen. It might be tempting to save a few bucks on an insurance policy because you’ll ‘probably’ be ok. It’s not worth taking the risk, and if something does happen to you, the consequences could be devastating.
*contributed post*
Post a Comment