Travel Insurance - Do YOU really need it? (2024)

Travel Insurance – Do YOU really need it?

Whenever I think ‘Travel Insurance’ – Do YOU really need it?’ The definitive answer for us, isYES!

For us, this isn’t even a question we consider as we never leave home without it. Sure, it can be expensive, it can also be a bit of an inconvenience. Though, it is well worth any inconvenience or expense, to gain some peace of mind.

If you are thinking‘I’m on a tight budget’or‘nothing will happen to me’which it may not. Ask yourself, do you cover your personal items, car & house with insurance, when you’re not travelling? If so, is that just in case something‘may’happen to your personal property, when you are home, at work or just down the road?

So, the question isn’t really Travel Insurance‘do I really need it‘?But‘can I afford not to, have it‘. For us travel insurance is an investment, a way of protecting ourselves & our property whilst we are away. Having travel insurance is a big relief, alleviating many of those ‘what if’ travel anxieties.

In the current global travel climate, changes can happen in a matter of hours. That is why, insurance is a much-needed requirement, for us. OurTravel Planning Systemprovides a section where travel insurance providers can be compared. Giving you confidence that you have the best value for money, for your specific inclusions & budget. We have included below, a comparison of the‘top plans’for three providers we regularly use.

Tip: Always review policies with local insurers before planning to travel.

Preview – Travel Insurance – Do I really need it?

In this preview, we briefly outline & addresses the importance of travel insurance. It is definitely something to consider when planning and budgeting for your next trip.

1. Top 5 Insurance Claims – ind out what people generally claim.
2. When should you purchase Travel Insurance? – making the first defining decision for your upcoming travel plans.

6. Which type Travel policy is best for you? – should you get a multi-trip or single policy?
7. – if you only every read the terms & conditions of one policy in your life, make it this one.

Top 5 Insurance Claims?

Do you ever wonder what people generally claim?

The five mostcommon travel insurance claims include (in no specific order); lost or stolen luggage, money, cards, medical & cancellation or delays to flights. This interactive map looks at common insurance claims by country, including approximate cost of a claim. Once again medical, cancellations, travel delays & baggage, are indicated as the most common reasons for claims.

Some of the most bizzare claims include:

• Surfers who had their hotel room trashed… by monkeys.
• A bird watcher whose camera was knocked into the sea… by a bird.
• An over-packer who claimed for luggage… when she had left it outside upon returning home.

When should you purchase Travel Insurance?

We recommend you don’t leave purchasing your travel insurance until the last minute. The safest time to make your purchase is when you start booking any of your travel inclusions. As certain things not covered if you buy insurance later & have to cancel. This ensures all your large price tag items are covered. As an example flights, accommodation, tours, activities, or a cruise bookings. You could find yourself severely out of pocket if you are required to cancel & find you aren’t covered.

In some instances, travel insurance is included in credit card policies. We strongly recommend, thoroughly checking the terms of any policy you have. To make sure the policy & terms aligns with any & all independent travel insurance policies available.

When travelling for more than a year, we recommend contacting your provider to discuss your policy. Confirming which policy is best for YOU & that it can be extended or renewed whilst travelling.

If travelling with expensive items such as phones, cameras, drones or personal jewellery. Ensure your providers limits cover or are close to replacement cost. If not you can contact your provider & asking about option to increase the amounts cover for those items. Another cost saving feature can be excess, increasing your excess, in many cases can reduce your total cost.

Tip: Choose the an excess amount that is comfortable for you during your travels, we generally look between $150 to $250.

We recommend one of three companies when travelling depending on your needsCovermorefor travelling around Australia. When travelling overseas, we recommend World Nomads orSafetywingthese companies have comprehensive inclusions & very competitive rates. They also offer health insurance whilst out of your country, if this is a desirable option for you.

Travel Insurance Policy Terms & Conditions

If you only every read the terms & conditions of one policy in your life, make it this one.

Talk to your provider about any underlying health issues & check they are covered. Furthermore, ensure all the important things are covered, for what is reasonable to replace whilst away. Check the conditions for making a claim, are there any limitations or general exclusions for when you are covered. Claims, arising due to drinking too much alcohol or driving without an international license for example may not be covered.

Pandemic & Insurance

When purchasing any insurance, check your providers policy on what the pay-outs are in the instance of a pandemic being declared. With the current global situation, we strongly recommend you are covered for the optimum costs due to cancellation. If the policy is unclear, contact your intended provider & discuss whether they provide full or only partial cover.

So, ask yourself not‘Do I really need travel insurance?’But‘Can I rebook my travel plans, or replace my phone, camera, money or luggage?’if lost, broken or stolen.

Our travel checklists, are the first step to start your independent travelling. Start building your own Destination ‘DO’ List, or prioritise the one you have.

These make a great inclusion as a great way to gift fun travel experiences.

Checklists for:

• Your destination DO List
• before you travel
• see and do notes
• carry on packing list – warm and cold climate
• checked in packing list – warm and cold climate

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