If you are saving up for a well-deserved holiday overseas, it’s high time you started thinking about travel insurance.
Some people think travel insurance is a wasteful added expense and they would rather spend the money on souvenirs than an insurance policy.
But a small upfront fee now could potentially save you tens of thousands of dollars later if anything were to go wrong on your trip.
Save On Bills has put together the following fact sheet on travel insurance to give you the total run down on travel insurance, what it is, what it can cover, what you need to be wary of and where you can get it.
What is travel insurance?
When we travel overseas it is a break from our day to day life. We need to be more reckless, take bigger risks and of course carry some of our most prized possessions around with us like our cameras, computers and cash.
A travel insurance policy covers you for things like personal injury, illness, loss or theft while you are travelling. It can also insure you against any disruption to your travel plans such as missed, changed or cancelled flights.
Your cover should include medical costs including visits to the doctor, hospital fees and medical evacuation if you will need to be flown back to Australia from overseas.
It will also cover you if you need to change your flight details or if your flight gets cancelled so you won’t be out of pocket.
Travel Insurance will also protect your possessions such as jewellery, cameras and computers from damage or theft.
Getting the best cover
There are hundreds of travel insurance providers who offer thousands of different products, each with a different level of coverage.
Depending on your holiday, you will need to make sure you are insured for different things.
For example, not all travel insurance covers “extreme” activities such as skydiving, skiing and scuba diving. If you are going on an adventure holiday, make sure your extreme experiences are covered in your insurance.
If you will be riding scooters in Bali or motorbikes in Vietnam you will need to cover yourself properly for that too.
If you have an existing medical condition or injury, be sure you inform your insurer so if you have any difficulties while you are away you will be able to get help straight away.
Where you can get travel insurance
Travel Agents, such as Flight Centre and Harvey World Travel can book travel insurance for your trip and help you get the best level of cover for your holiday. The further in advance you buy a policy, the better the price will be so don’t leave it to the last minute.
You could also look for travel insurance online, but you have to be very careful you are covered for everything.
Many credit card providers also offer travel insurance at a great price, but the extras you need might drive up your policy amount. Always read the small print before taking out the policy.