Travel Insurance is Essential

Organising comprehensive travel insurance before you depart on your holiday should be an essential part of your preparations and can save you the worry of unexpected medical costs. Regardless of how healthy and fit you are you cannot travel without insurance.

When organising your insurance, you will need to disclose any pre-existing medical conditions you may have in writing. Should the insurance company refuse to cover your pre-existing medical condition, then you will need to take out insurance to cover other health and travel related issues, not related to your pre-existing condition. In cases where the full coverage is not provided you should consider the potential financial risks very carefully before deciding whether to proceed with the planned travel overseas.

It is advisable to shop around before you choose an insurance policy and make sure that the cover provided is adequate for your needs and covers you for the whole time that you will be away. Be extra careful and check the small print of your insurance policy, and check to see if any exclusions might apply, and that your policy includes cover for emergency treatment, hospitalisation and repatriation to Australia if required.

If you are planning on taking a cruise then you are strongly encouraged to take out travel insurance appropriate to your circumstances.

If you plan to go scuba diving or para-sailing while on holiday then it is essential that you inform your insurance provider of this and make sure that your policy covers you for these activities.

Should you decide to rely on the travel insurance provided by your credit card, you should obtain written confirmation of what exactly the insurance covers, the period of time you will be covered for and if there are any conditions attached. Don't just assume that because you have a credit card that your application has been accepted and processed. It would be devastating to find out if you are in trouble that your travel insurance does not cover everything you thought it would or that your insurance was not activated.

Don't base your decision to take out insurance on the assumption that "it won't happen to me". Accidents do happen when you least expect them. Medical standards differ from country to country. Bare in mind when organising your insurance uninsured travelers (or their families) are held personally liable for covering any medical and associated costs they incur. Medicare does not cover overseas medical costs.

Should you decide to extend your trip overseas, then make sure you contact your insurer in time to extend your cover.

Here are some examples of why you need travel insurance:

  • Daily hospitalisation costs in South East Asia regularly exceed $800.
  • Medical evacuations from Bali can exceed $60,000.
  • The cost of medical evacuations from the United States regularly range from $75,000 to $95,000 and sometimes up to $300,000.

When selecting travel insurance make sure that you are appropriately and adequately covered. Here at Rate Detective our aim is to help consumers to find the optimal choices and soon Rate Detective is going to launch Travel Insurance section so you will be able to compare travel insurance and apply online.

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Published on November 11-th, 2008 in Travel Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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