Travelling during your student years can open your eyes to new experiences and cultures around the world. And one essential part of your trip organisation should be finding the best travel insurance for your trip.
First off, don’t ignore it
Each year, the Australian Government deals with thousands of travellers who require emergency assistance while overseas. But what a lot of those travellers don’t realise is that getting help can often be expensive, especially as a foreigner in another country.
Without travel insurance, you could have to spend thousands if something goes wrong with your trip – and as a young person, this can impact your financial situation significantly.
Understand travel insurance basics
Don’t take a one-size-fits-all approach to your travel insurance. Before you buy, make sure that the insurance is adequate to cover your specific holiday.
The top covered things to look out for include: medical and hospital, cancellation, luggage and valuables, delays, sports and activities you plan to participate in, and emergency situations in general.
Ask for a Product Disclosure Statement
This is a ‘terms and conditions’ booklet that outlines exactly what’s covered under your policy. Reading this booklet before you buy any policy is important – it’ll help you understand exactly what’s included and excluded in your cover.
For example, did you know that if leave your bag on the beach while you go swimming and it gets stolen, you might not be able to make a claim?
Talk to the provider
If there’s something you need cover for (or extra cover for), ask the insurer directly if there’s anything they can do. For instance, you might want cover for a pre-existing medical condition or you might want a higher limit of cover for your high-end camera gear.
Find out from the provider what type additional cover they can offer you and the limits involved. Discuss how this might affect your premium (or excess) and make sure you get everything in writing in case you need to make a claim later on.
Know your premium and excess
A premium is the amount you have to pay to purchase a travel insurance policy.
An excess is what you have to pay later if you want to make an insurance claim.
- Tip: Some providers can let you pay a higher premium now to make your excess lower or even $0. Or they will give you the choice of paying a lower premium now, but will make your excess higher when it comes time to claim. Consider what will work best for your budget!
Buy sooner rather than later
Don’t leave your travel insurance purchase until the last minute. This means you won’t have ample time to research or shop around. Buying earlier (e.g. as soon as you book your flights) also means that you can take advantage of things like cancellation if you end up having to cancel your trip.