Planning on letting loose in Las Vegas? Getting lost in the Amazon jungle? Or maybe even trekking through the Himalayas? This is clearly the smart move for your personal wellbeing but financially it could be a disaster. Each year thousands of overseas travellers have opted not to have travel insurance and have paid heftily for their oversight. If that isn’t warning enough, we have complied (a number) of reasons why travel insurance is a must have and crucial in making sure that you have a relaxed and stress free holiday.
The price of medical expenses for the uninsured
If you do become ill or are injured on your holiday, the last thing you’ll want to worry about is money. When travelling in the U.S.A. the complexity of their health system means there is a high likelihood that you will have to pay up-front for even the most straightforward medical treatment. If you need a hospital treatment in the U.S. it can become extremely expensive with horror tales told of stays costing upwards of $100,000 depending on the length of stay!
Simply by purchasing basic travel insurance can ensure you will be covered for most medical treatment ensuring you are protected from a number of significant out of pocket expenses. Check your policy to see if you are covered for high risk activities; para – gliding, bungee jumping or even scuba diving to see if you are covered.
Cancellation or delays can really mess things up
Some travel insurance will also cover the costs of unexpected delays or cancelations. This means you are covered if a travel arrangement is cancelled from unforseen circumstances such as sickness, accidents, collisions or natural disasters. Travel companies and agencies will often refuse to refund; therefore it’s important that you cover your costs with an insurance policy.
Everyone hates stolen or lost stuff
Valuables or equipment that is lost , damaged or stolen can also bring your holiday to an unrelenting holt. Losing your socks may not ruin your holiday but having your laptop, phone wallet and passport stolen from your backpack may have calamitous consequences. Thus, it is important to have adequate cover, to claim and get compensation for your loses. Be sure to thoroughly read your insurance policy.
What happens during an emergency or evacuation situation?
Some insurance policies will also protect you if you need to return home as a result of an emergency. This is ideal if you have loved ones who aren’t well, if you are travelling for a long stretch of time or if you simply want to be able to return home quickly if something happens. Depending on your level of cover, you will usually receive reimbursement for the cost of returning home and/or the cost of resuming your trip again overseas. Without insurance some emergency evacuation plans can range from $75,000-$300,000 coming from the United states to Australia.
Of course whether or not you choose to purchase travel insurance is also based on where you are going and what you would be expecting to do. Some of this advice can be quite useful for people starting out on their travels, but for others , it’s common sense or a lesson learned though a hard experience.
So purchasing travel insurance now could save you lots of money in the long run. To get full details on what you are or aren’t covered for read through the Product Disclosure Statement (PDS) or contact our customer service agents before you buy to understand your options.