Don’t be stranded on your holiday without adequate travel insurance
WE are already almost halfway through the year, and perhaps endof-year holiday plans – or sooner for some – seem closer.
Before you take your next trip, be it domestic or international, consider taking out travel insurance to protect you and your belongings.
Many of us may simply take the cheapest option to cover a trip, but have you checked if this will be sufficient?
Below are some questions to consider before you jet off.
Why should I get travel insurance?
It is not advisable to forgo travel insurance altogether, even if it is a bit of a grudge purchase and can cut into your travelling budget. You would be in an even worse position if an accident happened.
Travelling can involve a number of risks. Imagine if you were to have a medical emergency in a foreign country, or a natural disaster forced you to evacuate the resort you were staying in.
What if your flight is cancelled, or your baggage gets lost?
And what would you do if your passport or wallet were stolen while you are on holiday?
Many unusual – and often quite extreme – events are happening in the world, so it is best to be covered.
It is possible to get cover for terrorist attacks, floods and earthquakes.
There is even cover available for professional sports or leisure activities, although there will be some exclusions (such as hang-gliding).
How do I know how much cover I need?
A good starting point is to check with your adviser if your current insurance policy has any travel cover already included. However, this may not be enough. Travel insurance can range from a simple policy that covers your gadgets in case of theft, to a comprehensive policy that will pay to airlift you to the closest quality hospital anywhere in the world in a medical emergency.
In general, medical, cancellation, baggage, delay, personal liability and personal accident cover are included in a travel insurance policy – with various limits, depending on your needs.
Your adviser can assist in making sure you get the right cover.
Do I understand the parameters of my insurance cover?
Certain limits will apply, depending on where you go or for how long you travel.
For international travel, there may be visa requirements that affects your policy, or parts of the world where insurance cover is limited or non-existent.
There may be medical limits as well, as many healthcare arrangements will not apply in any other countries.
In these cases, you will either need separate insurance or must ensure that you are able to pay all medical bills out of your pocket.
Domestic travel insurance policies are generally cheaper than international policies, because they usually do not include medical coverage. (It is presumed that you have other arrangements, such as medical aid, in place).
These policies focus on compensating you for purely travel-related problems, like cancellations and closures.
They are generally less essential, and you can consider their worth on a trip-by-trip basis.
Travel is often exciting, but one should expect the unexpected, as life happens while you are making other plans.
Speak to your adviser to make sure you are sufficiently covered – and bon voyage!