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Misplaced luggage, health emergencies, interrupted journeys, and theft – these are some unforeseen challenges that can occur during travel. Navigating these issues can be troublesome enough at home, but they’re even more complex when you’re in a different country. To ensure your holiday remains enjoyable and free of stress, it’s wise to consider travel insurance. This serves as a financial safeguard, allowing you to handle unforeseen circumstances with confidence and ease.
A study by Smartraveller.gov.au revealed that one in four Australians encountered an insurable event during their last trip abroad. In the financial year 2018/19, over 300,000 claims for travel insurance were filed, with nearly 90% being settled in favour of the travellers – a true lifeline for those insured. Here are some real-life instances:
Medical Emergency in Italy: Keith, an avid cyclist, was holidaying in Italy with his partner and friends. While cycling through the countryside, he misjudged a turn and suffered a fractured pelvis. His travel insurance covered his hospitalisation in Italy and managed and financed his return to Melbourne.
Flight and Accommodation Cancellation in the USA: Katie and her partner had planned a holiday to Maui in August 2023. However, devastating wildfires hit the Hawaiian island just before their trip, resulting in cancelled flights and their hotel being unable to host guests. Their travel insurance reimbursed them for these pre-paid expenses, enabling them to organise an alternative vacation.
Despite Australians often adopting a ‘she’ll be right’ attitude, it’s crucial to address some common misconceptions about travel insurance:
It’s also important to understand that filing a claim doesn’t automatically ensure reimbursement. Be mindful of policy exclusions, such as activities specifically excluded (like skiing), your conduct contributing to the event (such as being under the influence of alcohol), or illegal actions (e.g., driving without a valid licence). Understanding your policy’s excess, the inclusion or exclusion of pre-existing medical conditions, and whether an item is covered if stolen while unattended is crucial.
Compared to the potential stress and cost of an overseas trip, investing in travel insurance can be invaluable!
The information contained on this website has been provided as general advice only. The contents have been prepared without taking account of your personal objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned on this website, consult your own financial adviser to consider whether that is appropriate having regard to your own objectives, financial situation and needs.