Travel Insurance – why you should take out cover
A quote from the spokesperson from the Australian Consulate once said ‘If you can’t afford travel insurance, you can’t afford to travel’ – these are wise words.
Travel insurance can be purchased from your insurance broker and quite often the travel agents also sell Travel insurance Packages. Travel Insurance usually covers things such as medical expenses, lost baggage, Lost money, Public liability Cover, Hire vehicle excess cover, including such things as Ransom and kidnap!! Even in today’s environment you might need this depending on what country you are travelling too!!
Of course, there are various levels of cover and that would impact on what those sum’s insured’s limits may be, so depending on your budget whether you want a Top of the range policy with all the bells and whistles or a Silver or bronze type policy. Another factor that effects the price is whether you are a single person traveling or a family travelling and what region you are travelling to. The world is made up of regions and each region is rated according to risks.
So on your next trip overseas or interstate or cruise – consider travel insurance, your investment in travel insurance – could save you heaps of dollars in expenses overseas should you have an incident which requires you to claim. Accidents do happen, and the cost of medical attention could run into the hundreds of thousands. Having your bag snatched, can cause all sorts of issues, or having a motor vehicle accident overseas for example which could be very costly.
Everything you need to know about your travel insurance is written down by the insurer in its Product Disclosure Statement (PDS). Always read thru the tables showing what amounts they will cover in the event of a claim.
Its also a good idea to read the general exclusions is a list of events that aren’t covered by any sections of the policy. Not all policies provide cover for things like contracting avian bird flu or injuries sustained while drinking or taking drugs. So if you have a few drinks, then slip and break a leg, this may not be covered because arguably it happened while you were drunk.
A good site to also check out before any overseas holiday: http://smartraveller.gov.au Its full of good ideas and tips
Please be aware that any advice offered is General Advice only and has been prepared without taking into consideration your objectives, financial situation or needs. Before deciding to acquire a financial product please consider the Product Disclosure Statement and whether the product is appropriate for your individual objectives, financial situation and needs.