Travel Insurance: What you Need to Know

It is the time of year for road trips and family vacations. Thoughts about what to pack, the best route to take, and whether you have booked all the activities for your trip takes priority in the minds of most people at this time of the year. However, there are some not-so-fun things to think about when going on a trip: what could go wrong.

What is your biggest fear when travelling? Your trip being cancelled or cut short? Losing your luggage? Getting seriously ill? Being in an accident? An act of terror? Natural disasters? Many of us do not like to think about these possibilities, but they can and do happen. For this reason, regardless of whether you are going on a quick domestic trip or an overseas expedition, travel insurance is a must.

What does travel insurance cover?

There are a variety of packages to suit every type of traveller, but most of these cover hospital bills payable in foreign currencies, costs incurred due to the unexpected cancellation of trips, lost luggage, delayed flights, personal liability, and accidental injuries requiring medical intervention. Some insurers also offer adventure cover, designed for accidents that can happen during risky activities like scuba diving and skiing, while others have policies for seniors over a certain age.

When should I buy travel insurance?

Make sure you purchase your cover as soon as you have paid for your ticket – preferably on the same day. Should you need to cancel your trip before your travel date, you can then recover some, if not all, of the costs you have forked out.

Where can I get travel insurance?

Travel insurance can be bought from insurance companies, brokers, travel agents, tour operators, and even credit card providers.

How much should I pay?

Shop around to find the best deal for your budget. The cost of travel insurance generally depends on the duration of your journey, the level of cover you need, and your age, but may be lower for business or group trips, depending on the insurer.

How do I claim in the event of an incident?

Should misfortune strike, contact your insurer immediately before paying any bills and they will advise you on your next steps.

While buying travel insurance usually is not on top of everyone’s to-do lists before a trip, it can give you peace of mind during your time away and may even save you some money, not to mention your life.