Travel insurance is essential to having peace of mind during any holiday. While it will add to the overall cost of your trip, you would be foolhardy to think that you can take a trip without it.
If you are on a tight travel budget, then it can be tempting to skimp out on coverage offered by insurance providers. However, you need to be diligent in knowing that your travel insurance is right for you will actually protect you in the unlikely case that you need to use it.
Let’s look at five specific things you need to check before you agree to a travel insurance policy with a given travel insurance provider.
Make Sure You Understand Everything
One of the most important parts of knowing what to check when you find a travel insurance policy that seems great, is understanding the document in its entirety. The best way to do this is to start looking for an insurance policy early on when making your travel plans. This will give you enough time to ask questions of your potential insurer and to truly consider whether the policy provides coverage for the types of activities that you are planning to do.
The last thing you want is to feel rushed when you are sorting out what a travel insurance policy covers. Start early and make a list of what you plan to do during your holiday to ensure that the coverage you are considering is right for you.
Check With What Others Have To Say
Another great way to find out whether a given insurance provider or a particular policy is decent is to explore online reviews. With a simple online search, you can likely find many accounts of experiences people have had with a given provider. If they seem to be mostly positive, then you can book your insurance with the confidence that your experience will likely be similar.
Be sure to also find out who is being recommended by consumer advocacy groups such as CHOICE and comparison sites like Canstar. Keeping an eye on who these organisations recommend will provide you with an unbiased perspective when considering the merits of a particular policy.
Naturally, one of the most salient aspects of an insurance policy for the prudent traveller is the price. Comparing coverage levels and price points across different travel insurance providers is an absolute must. If you can receive virtually the same policy at a much lower rate from one organisation, then it is economically logical to go with the more affordable option.
If something seems too good to be true, then make use of the contact information, email or chat, on your insurer’s website. Asking questions is always a good idea.
Verify The Excess
Every travel insurance policy will feature a different excess amount. Some providers charge a standard excess that will be higher than others. If the excess is too high and you actually need to use your travel insurance policy, then you may find that the payable amount of your claim has been reduced significantly by the excess. Some companies will allow you to reduce or increase your excess, usually by paying a higher price upfront. Weigh the relative pros and cons of doing this with your prospective policy before making a final decision.
Verify The PDS
The Product Disclosure Statement will tell you everything you need to know about the coverage of a given travel insurance policy. While it is not always easy reading, you need to ensure that anything you plan on doing during your holiday is covered by the policy. The best way of doing this is to spend some time understanding the PDS.
Stay Safe And Get Covered
Following the steps outlined here will help you to ensure that you end up with a travel insurance policy that is right for your travel plans. Do not leave your travel insurance to chance. Ensure that you do some due diligence and understand your plan before taking off.