The importance of purchasing travel insurance when organising your trip is obvious. One should always consider the possibility that something could go wrong while travelling on foreign soil.
Travel insurance will put your mind at ease. From issues as small as your luggage going missing, to a large accident that requires medical evacuation, should something go wrong you won’t find yourself abroad without the money to fix the problem.
When it comes to travel insurance, there are numerous policies available from which to choose, each offering different cover options. This can seem confusing and you may be tempted to choose the policy with the most extensive coverage, but these can be expensive and you may be wasting money on unnecessary clauses.
When Purchasing Travel Insurance:
- Shop around - Policies can vary a lot, both in price and offering. Shop around for a policy that will best suit your needs.
- Check what a policy covers - You wouldn’t take out life insurance without reading the fine print, so read your documents carefully. Consider what you are planning for your travels. A trip to Africa won’t need coverage for skiing accidents.
- DON’T purchase policies you don’t need! You will just be wasting your money, so select your cover carefully.
Some common but important things that you should ensure are present in a travel insurance policy include:
Emergency Medical Treatment
Covers the cost of emergency medical treatment. Authorisation is usually required by the insurer if the cost is set to be above a fixed amount.
Emergency Medical Assistance
Covers the cost of emergency medical assistance. This includes transport to hospitals. Also covers the return of your remains in the event of your death abroad.
Medical Evacuation
Covers transport to a suitable medical facility that is capable of treating you, even if it is in another country.
Hospital Benefit
A small daily amount to cover incidental costs of being a hospital in-patient abroad. Usually has a minimum length of stay requirement and a maximum limit on the total benefit paid.
Cancellation, Reduction and Interruption of your Trip
Covers any financial loss, unrecoverable by other means, such as lost deposits or non-refundable transport costs, you suffer as a result of having to cancel or cut short your trip or having to return home suddenly. Fine print will detail what is considered a valid reason.
Missed Departure
Covers additional costs if you miss your flight in your home country. Missed connections in other countries are often excluded.
Personal Liability
Provides cover in the event that you injure a third party or damage their property.
Legal Expenses
In the event that you become involved in litigation, there is usually some cover for legal costs.
Personal Belongings/Baggage
Cover for your personal belongings and money that you take with you. There is usually an overall limit that is the maximum for any claim as well as limits for individual types of property. Check the policy to see what is covered.
Don’t forget to take your travel insurance policy documents with you – you will need a reference should you require the cover.
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