No holiday planning is complete without Travel insurance. I strongly recommend that you don’t wait to organise it. In fact I would never book and pay for any significant part of my holiday without it. The trick is picking the right travel insurance for you.
Check your Credit Card
The first thing I would do is check with your credit card company and find out if travel insurance is provided with your current credit card, and if it is investigate the coverage provided.
While your investigating your credit card, check out the fees that they will apply for overseas transactions. Some card companies are much better than others. If you find that the fees are exorbitant and there is no travel insurance, it might be worth while investigating and applying for a new credit provider.
What to look for
There are a lot of factors to consider when choosing travel insurance. Your age, the duration of your holiday, any pre-existing conditions you may have, your family situation. The following is a list of things that I consider when choosing travel insurance.
|Luggage||How much am I taking and how much would it cost me to replace.|
|Electronics||What is the value of the electronic equipment I am taking and what am I covered for. (Often the excess on the coverage is more than the cost of an item)|
|Cruising||Am I covered if I need to be airlifted off the ship.|
|Relatives at home||Many travel insurance companies won’t pay out for your expenses if you have to return home for a sick or dying family member that is over 80.|
|Cancer Survivor||Some policies won’t cover a Cancer survivor without additional health checks, where as others will cover you straight away as long as you have completed your treatment more than x months ago.|
|Existing Conditions||Check thoroughly any conditions there are in the cover for pre-existing conditions. Make sure that you are honest with yourself. It could end up costing you a lot of money if you don’t.|
|Car Insurance||If you are planning on hiring a car while you are away, check what level of Car Insurance if any is included.|
|Companions||Make sure what you would be covered if your travelling companion couldn’t continue, and you wanted to terminate your holiday as well.|
|Hospital Cover||It is a good idea if you understand what you will and won’t be covered for if you needed to be treated in a hospital.|
|Missed Connections||If your trip includes changing between different means of transport, it is worth understanding what you would be covered for if you missed a connection. |
For example if you have booked a cruise and your flight is delayed and you miss the departure of the cruise.
What do we recommend
I personally think travel insurance is one of those must have things. I am a believer in fate, if I have travel insurance, I won’t need to use it, but if I didn’t have travel insurance something would go wrong.
The cover on my credit card is quite good, however I have an aging parent, and I am married to a cancer survivor with a colostomy bag, so I always buy additional cover.
I use Covermore, their website is easy to use and their level of cover is good. I know others that use Allianz and have been really happy with it. There are a number of sites out there that allow you to compare travel insurance policies
If you are planning on travelling a bit over the next 12 months it may be worth investigating an annual travel insurance policy.