Travel insurance: why you should never leave home without it
When adding up the cost of a trip, travel insurance can seem like yet another added expense. It’s easy to tell yourself that things hardly ever go wrong. So should you risk it, save the money and hope that everything will be ok?
What the future holds
The Sydney Morning Herald Traveller section says that not taking out insurance early enough is one of the biggest mistakes travellers make. For instance, if you take out insurance with Over60 Travel Insurance, if you pay for your travel insurance online or over the phone by credit card subject to the terms and conditions of the policy, you will be sent an immediate confirmation and Certificate of Insurance – so you're covered right away for cancellation fees and lost deposits for pre-paid travel arrangements due to unforeseen circumstances neither expected nor intended by you or which are outside your control, such as: Sickness, accidents, strikes, collisions, retrenchment and natural disasters.
Sick to your stomach
Ninemsn gives some frightening figures for overseas medical treatment. Did you know that one night in hospital in Asia could cost $1,000? Or that, according to an American government website a medical evacuation from the United States can cost up to $100,000? . Smartraveller also advises that the Australian government won’t pay for your medical treatment overseas or medical evacuation even if it is an emergency – the financial responsibility rests with you. Lonely Planet points out that you also need to make sure that you are covered for all the activities you are going to participate in as more dangerous activities (like skiing) generally aren’t included in standard policies.
Stop, thief!
If any of your property is stolen while on your person or from a place that you had a reasonable expectation of being secure, file a police report as quickly as you can and you may be able to be indemnified for your stolen property. Over60 Travel Insurance cover you for the following items stolen from your person, up to $250 for all claims combined:
Bank notes, cash, currency notes, postal orders, money orders. You’re also coveredTravel insurance provides cover for replacing luggage stolen, including: Luggage, spectacles, personal effects, personal computers and cameras – for up to $250 for singles and up to $500 for couples. If you need to replace travel documents lost or stolen from you during your journey, such as: Passports, credit cards, travel documents and travellers cheques, with Over60 Travel Insurance also provides cover for these things.
However, don’t assume all situations are covered. As News.com.au points out, in many situations – such as when items are stolen from a car or left unsupervised in a public place – insurance may not cover it, so read the fine print carefully. If you are travelling with a particularly expensive piece of equipment or jewellery you might need to list this separately with the insurance company.
Guess who, don’t sue
While it’s an unlikely scenario, should you unintentionally injure another person or damage property while on holiday you could be facing a lawsuit. Ninemsn says that it’s important to be financially covered for any costs that arise from these kinds of incidents. Depending on your cover, insurance may cover your legal fees and any potential payout that you may be liable for – payments that can be in the millions of dollars. You may think that the Australian consulate will provide this service, but Smartraveller advises that this is only in the most extreme of cases and they will not be able to assist in relatively minor (though expensive) situations.
Help is on its way
Over60 Travel Insurance offers its customers a 24-hour hotline that they can call from anywhere in the world. The Travel Insurance Review website says that this kind of service is invaluable. It means that when something happens there will be someone to provide assistance immediately, even if it’s just to talk you through what to do. They can also liaise with local hospital staff.
Have you arranged your travel insurance yet? Tailor your cover to your needs and save money by not paying for things you don’t need. To arrange a quote, click here. For more information about Over60 Travel Insurance, call 1800 622 966.
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