What to look for when booking travel insurance

By Kate Webster

Travel Insurance can be very confusing, with so many options, it is hard to know which one is right for your travel.

Research commissioned by Allianz Global Assistance found that just 10 percent of Australian travellers consider travel insurance to be a holiday essential.

And when it comes to must-have travel items, Aussie travellers place more importance on material possessions including, money (37 per cent), clothing (24 per cent), toiletries (15 per cent) and a credit card (12 per cent), than travel insurance.

However, the worrying fact is over half of those surveyed, did not take out travel insurance for their last overseas trip (51 per cent).

Allianz Global Assistance Chief Market Manager, Damien Arthur said, “It is important to consider booking travel insurance well in advance of travelling. Our data shows that for many consumers, travel insurance is an afterthought and is often booked as late as the day before departure or in some cases, not at all. Delayed flights, cancellations and illness are all common issues that can arise before you travel but if you’re not covered, you can’t claim.

“My other top tip would be to read the policy terms in detail and check for exclusions. Every travel insurance policy must state what is and is not covered, so look for the policy that best covers your needs and circumstances, like the below:

The destination

The cost and the level of cover you need will vary depending on where you’re travelling, as some destinations are considered to be higher risk than others. Also check you are covered for every country you are visiting, even if only for a short stay.

Length of trip

Are you going on a one-off trip or do you have a series of trips coming up? The policy you purchase should be reflective of this. A one-off policy is likely to be suitable for a trip of a set number of days, whereas an annual multi-trip policy might be the best option for more regular travellers.

What activities will you be doing on your holiday?

If you’re hitting the ski slopes or planning to ride a quad bike around the Greek Islands, for example, consider whether the activities are covered by the policy. Some activities may not be covered or else you may need to purchase additional coverage for the activities.

Covering your camera or laptop

If you’re planning to take valuables with you, be aware that some things can be excluded so make sure you check the limits and the per-item sub-limits. You may need to pay a higher premium to ensure you’re covered. Also remember that any baggage left unattended is unlikely to be covered!

Do you have any medical conditions?

It’s no secret that medical costs vary dramatically from country to country and it’s one of the main reasons for claims. The US in particular makes up around 62% of all Allianz Global Assistance medical claims^#. If you do have a medical condition that pre-exists the date you purchased your policy you may not be covered so we recommend contacting the insurer to ask if they’ll cover you for it or whether you’ll need to get it assessed before they’ll confirm cover.

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Email the Travel Weekly team at traveldesk@travelweekly.com.au

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