Your trip is booked, now it's time to buy your travel insurance. There are so many plans and so much variation in premiums which plan should you take out? Take the time to research properly and use the following list as a guide to things you should consider:
1. Make sure the policies benefits reflect the costs of the country you are visiting, the USA has extremely expensive medical care whilst in the UK medical costs are significantly lower.
2. Make sure the policy covers you from when you pay for the holiday until a few days after your return. This way you are covered in case you need to cancel your trip or you are delayed on your return.
3. Make sure your policy covers you for the basics i.e
- Hospital, medical and dental costs
- Personal liability
- Legal costs
- Rental Cars
- Baggage
- Cancellation, curtailment and delays
4. Your policy should also take into account any activities you are undertaking i.e. skiing, scuba-diving etc
5. Pre-existing medical conditions may not be covered under your policy.
4. Listen to your travel agent but remember they are paid by the insurance companies so don't be afraid to question them.
6. Make sure you read the policy very carefully before you buy. Pay particular care to any exclusions the policy may have such as the following list;
- Travel to particular countries
- Travel to countries against the advice of the Australian Government
- Terrorism, including acts of and cancellation due too
- Travel against medical advice
- Your airline ceases trading
- Adventure/danger sports
- Lost luggage left unattended in a public place
- Lost luggage from a rental car
- Stolen cash
- Stolen items such as cameras, mp3 players, computers
- Your age
- Your medical condition, both current and past
- Medical claims, i.e. most policies don't allow you to claim for stress, depression or psychiatric illness
Most importantly take the time to research your policy thoroughly and enjoy your trip.
Sources; Australian and New Zealand Institute of Insurance and Finance, Australian Securities and Investments Commission.
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