While the summer months seem to be flying by, there is still plenty of time to grab some sun or head away for that retirement vacation you’ve been planning all these years. Typically speaking, Travel Agents often save the very best deals until last and although August is traditionally regarded as the summer curtain closer, the vacation season will remain in full swing right through to late September. So if you’re planning on a last minute trip or you’re counting down the days until you jet off on a long-awaited vacation, it’s important to remember the checklist and ensure you have the right kind of Travel Insurance before you check in.
Knowing what you’re after
You’ll only realise it when you actually start to compare and contrast policies and prices, but the Travel Insurance market is remarkably wide with several types of insurance plans out there. So it is important to know what it is you need before you consult an Insurance agent.
1) Single trip Insurance
If you only travel abroad one or two times a year, single trip cover may be the most economic deal for you or your family. However, it is important that you don’t try to save money on insurance by skimping on something that could be vital should your trip go wrong. Bearing this in mind, covering all eventualities including damage/loss of baggage as well as overseas car insurance should be on your list of priorities. Experts recommend that when taking out Single trip travel insurance, you should always look for a policy that provides up to $1.5m worth of cover. Obviously this average could fluctuate depending on what country you are travelling to, however, you will be able to cut your costs by insuring for only the period you will be away. It’s important to consult your Health Insurance providers and see if your policy includes overseas coverage.
2) Multi-trip Insurance
If you are a frequent traveller or if you are moving overseas and intend on making a number of trips home throughout the year, it’s worth thinking more towards multi-trip coverage. Some policies will only offer multi-trip travel insurance if you travel/intend on travelling more than three times per year and rates often vary based on trip frequency ie. once per month, once every quarter etc.
The main consideration to be wary of if considering multi-trip travel insurance is changing circumstances throughout the year. If you are taking out a policy, it is worth considering refundability in case that overseas job is not what it’s made out to be or the college course doesn’t suit you.
3) Business trip Insurance
Business trip Insurance can be a lot like Multi-trip insurance considering the number of trips you will be liable to make during the year and the activities you will be involved in while abroad. However, some Insurance agents have specially tailored Insurance plans for Business people who make regular trips and they take into account the baggage you will be taking with you , which could include expensive items such as your laptop, tablet and/or sensitive documents or portfolios of work. If you are travelling commercially, it is worth contacting your Insurance agent and assessing your options as a Multi Business trip traveller.
4) Activity Vacation Insurance
Arguably the most influential factor in determining what Insurance coverage you need when heading abroad is the type of activities you will be involved in on your trip. If you are going inter-railing and are going to spend your trip moving across a number of locations in different countries, it is important to seek a policy which will be all inclusive and insure your safety regardless of where you are. Similarly, if you are going on a ski-cation, it is important to source a plan that takes into account potential injury, considering the risk involved.
Your insurance requirements will depend on the nature of your trip so it is vital that you sit down and plan for all eventualities when assessing your Travel Insurance plan. Contact your Insurance Broker for consultation on a policy that best suits your needs and requirements so that you can enjoy your trip with the peace of mind that you’re covered no matter what may or may not happen.
If you are looking for advice on a Travel Insurance policy which best suits you and/or your family, ask an expert for free.