Here I am back on the travel insurance bandwagon…this time with a plea to travellers to make no assumptions about cover. I am inspired, yet again, by the recent real life tale of a friend who didn’t have cover for a trip but ended up having an accident and needing expensive treatment. Most galling is that usually he does take travel cover – but he assumed that on this trip he’d be OK to go without. It is a decision that has cost him dearly and which he bitterly regrets.
There are two main assumptions people make when justifying not getting travel insurance and they are both ill-advised. They are:
1. It’s not worth getting travel insurance
So you might consider travel insurance if your trip was high-risk – skiing say, or where crime rates are high or traffic accidents frequent – but Australia/the UK/Europe to see the family? You’ll be fine there, there’s no need to fork out for travel insurance.
Well, you may very well be fine… but then again you may not. I can’t tell you how many times I hear the refrain ‘It isn’t worth renewing for this trip.’ and I just don’t buy it. Accidents happen everywhere, illness can strike anytime and It is never worth the gamble to travel without insurance whether you’re planning a high-octane trip or a low-key visit to friends and family, whether you’re going for a short weekend break or an extended holiday.
2. I’m covered by my credit card
Are you? Under what conditions? What is your excess? What level of cover do you have? Is repatriation included? Most people who say they are covered by their credit card insurance come unstuck when it comes to the detail and with insurance that’s where the devil always is! There is no worse time to start trying to understand what you are covered for than when you are making a claim. Often that involves a nasty shock such as a hefty excess or exclusions you hadn’t been aware of.
Finding out that cover is lacking when you thought you had it can be devastating. If you are going to rely on insurance provided by your credit card, take the time to find out exactly what is included. It could very well be sufficient but don’t assume that’s the case, read the small print and if there are any gaps in cover, take out a comprehensive travel insurance policy.
The crazy thing is that travel insurance is relatively cheap compared to other types of insurance and, given that it could save you an enormous amount of stress, not to mention money, why would you skimp on it?
Buying good travel insurance is inexpensive and easy, contact us or even just do it online but do me and your friends and family a favour and don’t travel without it!
I can honestly say that my main driving force at Infinity is a fundamental belief that good financial planning makes people’s lives better. People working abroad really do have an enviable opportunity to make a huge success of their lives, and making good financial decisions is essential…as well as working damn hard!