Travel insurance is a very economical insurance that provides protection against a number of potential risks whilst travelling overseas.
Types of potential claims:
- Lost, delayed or damaged baggage
- Loss of money or documents
- Lost deposits if unable to travel due to an accident beyond your control
- Additional accommodation and food expenses incurred as a result of a delay
- Additional expenses incurred due to a missed connection due to an accident beyond your control
- Disablement or death including costs of returning your remains home
- Personal Liability for property damage or personal injury you cause to someone else whilst overseas
- Medical expenses or death arising from terrorism
Types of Cover
It is important to obtain the right travel insurance for your circumstances. There are different types of cover including:
- One off leisure travel
- One off business travel
- Frequent leisure travel
- Annual business/corporate travel
- One way travel
Points to Consider
- Arranging cover – cover should be arranged and paid for at the time you pay a deposit or in full for your travel, regardless of the dates you are actually due to depart. This then entitles you to cover for lost deposits if you are unable to travel due to an accident outside of your control.
- Hiring a vehicle overseas – ensure your travel insurance covers the amount of the rental vehicle excess you will be liable to pay in the event of having an accident with the vehicle.
- What will you be doing overseas – will it be leisure only, or a mixture of leisure and some business activities? Will you be undertaking any high risk activities or competing in professional sporting activities?
- Where will you be travelling – it is important that you disclose all the countries you will be travelling to during your trip. Some countries present higher risks to an insurer and failure to disclose will present a problem should a claim arise.
- What are you taking with you – whilst cover for your baggage is automatically included in travel insurance, most policies contain limits on what the insurer will pay for individual items. You should disclose if you are taking an expensive laptop, bike or set of golf clubs with you, and have them specified on your policy if necessary to obtain full cover for them.
- Pre-existing medical conditions – a standard travel insurance policy normally excludes any claim arising out of a pre-existing medical condition. If you have a condition that has the potential to give cause to a travel insurance claim, you can apply to obtain cover for the condition. Whilst acceptance will depend on the type of condition, it is worth requesting consideration.
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