Anyone who heads across the sea or takes to the skies understands that travelling is a uniquely wonderful experience. It can truly reinvigorate you like nothing else can, and open your eyes to new experiences in life.
We will often spend months – sometimes years – saving for our holidays, which are actually pretty crucial to maintaining a healthy work/life balance. Travel insurance can help you reduce some of the risks of travelling. Here’s how it works.
Travel insurance explained
Travel cover acts as a little peace of mind when you’re on the road and would rather focus on where to eat than what might happen to your wallet or purse.
Why you need travel insurance. The typical advice from websites like SmartTraveller.gov.au is that you should always take out travel cover when you venture out into the world. There are heaps of good reasons, like how travel cover pays for expensive medical bills if you get sick or injured. Learn why travel cover is a ‘no brainer’.
Common travel claims. A quick look at the consulate website reveals the common problems Aussies encounter overseas, like lost passports, and injuries on ski slopes. These common claims should be the first thing you look for in your policy’s product disclosure statement, which details the extent of your coverage.
Common travel insurance exclusions to check. One of the main disputes raised by Aussies about their insurance was a denial of claim due to an exclusion in their policy.1 You would be wise to find read about some common travel cover exclusions before you leave…just in case you need to claim on them later on.
How much does travel insurance cost? The price for travel cover varies, because each person’s trip is a little different. We’ve broken down how these policies are calculated, and how much you’re likely to pay.
Credit card travel insurance. You may have mentioned to your bank that you’re heading overseas on a trip, and they suggested you buy travel insurance through your credit card (sometimes called ‘included travel cover’). This can be convenient, but it may not include cover that’s as exhaustive as you’d like.
Still confused? Here’s our glossary of terms for travel cover, which we hope will help explain any confusing terminology used by insurers.
Finally, if you’ve already taken out a policy and have landed yourself in a sticky situation on your trip, follow our steps on what to do when you need to claim on your travel insurance.