Travel insurance seems like a straightforward topic. Purchasing insurance coverage before you travel can cover you from many of the unknowns and uncertainties that can happen during your holiday. Most people inherently understand this, though there are some common misconceptions that travellers have that need to be clarified
Without a basic understanding of these failures, you may be liable to make the same mistakes yourself. These mistakes can have consequences ranging from a minor inconvenience to a major financial liability.
Let’s look at five of the most common travel insurance failures and how you can avoid them.
Failing To Cite Your Pre-Existing Condition
These days, it is so easy to find travel insurance online that you may not feel the need to read through the details of your policy. However, it is absolutely critical that you take the time to do this, and especially to sort through the details regarding coverage for pre-existing conditions. If you have a medical condition that you are aware of or have received advice or treatment for in the past 5 years, then it is important that you disclose this information to your insurance provider.
If you neglect to consider this, then you may wind up paying for your medical care out of your own pocket, even if you purchased travel insurance. Avoid the hassle and do some due diligence before you purchase a policy.
Flying Domestically Without Travel Insurance
Many travellers mistakenly think that travel insurance is only necessary for international travel. However, it is always a good idea to have coverage for domestic journeys as well. For things such as delayed flights and lost baggage, you will be glad that you purchased insurance with coverage to replace your belongings, for example.
Insufficient Medical Evacuation Coverage
Particularly for those who enjoy cruise ship holidays, it is important to have adequate medical evacuation coverage. Medical evacuation can be incredibly expensive and therefore it is absolutely critical you make sure it is included within your policy and to what financial value it covers up to.
Do some research into the common costs associated with medical emergencies to have a better understanding of whether a policy is sufficient.
Failing To Convert Currencies
Another way that people are misinformed when it comes to travel insurance policies relates to currency conversions. If you are travelling to the United States, for example, remember that your medical expenses will be charged in American dollars, though your insurance will be paid out in your own currency. Run the numbers and convert the currency in your policy to see if the coverage is sufficient.
Inappropriate Insurance For The Country You Are Visiting
Some insurers do not cover travellers visiting some countries. Generally speaking, the countries not covered are the obvious dangerous ones, but as with all things relating to insurance policies you must read PDS. It’s also a good idea to check with smartraveller.gov.au.
Do Some Research
The best way to avoid these mistakes is to take some time to research a few different travel insurance providers before you buy. Do not rush into a decision just before you get on the plane. It is important that you are confident in the policy that you have chosen.