Travel Insurance as a Social Service
Travel insurance has been called many things since it was invented. It has been named a ‘necessary evil’, and has often been called ‘another gosh-forsaken bill to pay’. However, insurance has also been called the handmaiden of industry, and many people don’t actually realize how much the conveniences and technologies we enjoy today are due to that crazy concept, engendered many decades ago, to help spread risk and loss in the case of adverse events. In its own way, the concept of travel insurance has helped you sit on your computer right now, on the internet, live in a house with heating (possibly your own house), have a job you enjoy, and come home with delicious Indian takeaway to sit in front of the television and watch amazing documentaries and informative news. And the bonds between insurance and these phenomena are not tenuous … let me explain!
Learn more »
Claiming on Your Travel Insurance – What to Do Before You Get Home
Travel insurance is a necessity when you are overseas, covering you for all sorts of adverse circumstances. If you need to make a claim on your policy, you should be aware that there are quite a few things which you’ll need to arrange before you get home. In some cases, if you return home before getting the necessary supporting documents, your insurer will have to reject your claim. Familiarise yourself with what is necessary before you get caught up in the excitement of travel – here we are looking at the general documents required for most travel insurance claims.
Learn more »
Seven of the Strangest Travel Insurance Claims
You understand that travel insurance will cover you if something unfortunate happens while you are overseas – if you have a heart attack, if your hotel burns down with your suitcases in it, or if you rental car is stolen, insurance will probably take care of it. But did you know that travel insurance can also cover you if monkeys make their way through your open window and steal your belongings? Travel insurance will cover your return trip if your hotel ends up being infested by fleas, and will cover you for goats eating your identity documents. However, some odd travel insurance claims must be rejected. We were going to list the top 4, but found there were just too many hilarious travel insurance claims to stop there … so here are the top 7 oddest travel insurance claims around!
Learn more »
Travel Insurance Policies – Do You Have One Already?
Every different type of insurance is necessary, or at least advisable, for different categories of people. Homeowners should take out home and contents insurance, car owners will need third-party damage cover at a minimum, and sole income earners in a family should have income protection insurance. Overseas travelers should have travel insurance – however, if you are a generally well-insured person, you may not need as much travel insurance as the general spiel would have you believe. Today we are looking at the insurance policies you may already have that cover adverse overseas events and the associated costs. We also look at the events that travel insurance is the only way to cover, and the circumstances when you should still get more than the base level of cover. Please note that in all of the following, you should speak with representatives of your current insurers for assurance that you have cover.
Learn more »
Paying Too Much for Travel Insurance? Overinsuring versus Underinsuring
Looking at information from many travel insurance companies, you can see a visible push towards the highest level of cover. You are urged to be careful, not to take chances with your health, and to put in just that little bit extra to get a lot in return. It is very true that comprehensive travel insurance plans often give customers much more value than the extra cost represents. You can increase the number of adverse events you are covered for by 100%, for only a 20% greater charge (over and above basic travel insurance). But do you really need that extra cover? Today we are looking at the risks of over-insurance and excessive caution, as well as the risks of underinsurance.
Learn more »
Travel Insurance for Medical Tourists
Medical tourism often sounds too good to be true on paper. Even in Australia, with an excellent public health care system, the cost of elective or cosmetic surgery can be enormous. Comparing the cost of a breast augmentation, hip replacement or experimental stem cell treatment in Australia versus Thailand looks extremely tempting. Today we are looking at why you need to develop a much fuller picture of costs, risks, insurance and the legalities of medical tourism, with a focus on travel insurance.
Learn more »
Travel Insurance and Travel Vaccinations – Best Friends or Casual Acquaintances?
Just as with travel insurance, if you can’t afford the cost of travel vaccinations, the conventional wisdom is that you can’t afford to go overseas. Australia is quite a lucky country in disease terms. We have little in the way of hepatitis, typhoid fever, and mosquito borne disease like malaria. Overseas these diseases are rife, and can affect you for the rest of your life. If you are planning to travel overseas, here we look at the interaction between your travel insurance and travel vaccinations.
Learn more »
Travel Insurance for Families – The Cost of NOT Purchasing
Family holidays are usually treasured memories for both parents and children. Despite the inevitable horror stories, travel while children are young has some enormous benefits – in learning tolerance and respect for other cultures while they are still in their formative years; the potential for language learning while still young, and even practical positives like the fact that children under 2 generally fly internationally for free. However the potential for trouble is also compounded when there are children involved, with their smaller, fragile bodies and unpredictability. In the sage words of the Australian government, if you can’t afford family travel insurance, you can’t afford to travel. Here we look at how family travel insurance differs from regular singles or adult travel insurance, and the potential cost of not purchasing it.
Learn more »
Backpacker Travel Insurance versus General Travel Insurance
Backpackers are a very definite, and very different, breed of traveller! Hanging onto your trip by the skin of your teeth sometimes, working hard to make sure you can complete the next leg of your journey, often driving around foreign countries and doing all of the fun (and dangerous) activities that couples with kids just aren’t able to. Backpackers need it flexible, and they need it cheap. It makes sense that backpacker travel insurance is often separated from ordinary medical travel insurance or comprehensive policies. We examine what to look for in a good backpacker policy.
Learn more »
Medical-Only Travel Insurance Policies – What is Covered?
Not every country in the world is lucky enough to have the public health-care system that Australia does. In some, reasonable-quality health care is available only for large upfront fees. Unfortunately, these are usually the same countries where the risk of becoming sick or being injured is more significant! Even the most basic travel insurance policies will cover you for some of the expenses incurred in getting emergency medical treatment, however, with the base option you may still be left out of pocket for various expenses. If you undertake legal action as a result of your injury or illness, or have any out-of-pocket expenses, for example, you could end up in thousands of dollars worth of debt. Medical travel insurance policies are a cheap way to cover any unexpected expense that is health-related. So what do they cover, and what are their limitations?
Learn more »