Insurance Agency Singapore | Commercial Insurance and Personal Insurance

Here’s how to avoid common Travel Insurance Traps

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We had a chat with Finder.com.au’s insurance expert Richard Laycock to bring you some fabulous tips and tricks to make travel insurance less painful.

Travel Weekly: What should you look for when you’re buying a policy? Does the destination affect the price / what you need?

Richard Laycock: When you’re taking out a travel insurance policy, overseas medical cover is by far the most important item to make sure you’ve checked off. This will ensure you’re covered for treatments overseas.

You should also look to make sure you’re covered for accidents and medical evacuation, as these are big-ticket items.

TW: Does the destination affect the price / what you need?

RL: YES, WHERE YOU’RE GOING WILL HAVE A GREAT IMPACT ON HOW MUCH YOU PAY FOR COVER. IF YOU’RE HEADING TO THE USA, YOU’LL PAY A LOT MORE FOR COVER THAN IF YOU WERE TRAVELLING TO SOMEWHERE LIKE NEW ZEALAND.

This is calculated based on various costs including the cost of treatment in those countries and also the cost of flying you home.

If travel delay is something that you would hate to go through then it’s also important to make sure your policy includes cover for cancellation and delay. Typically delays of 6+ hours will be covered.

TW: We see a lot of jargon in travel insurance fine print. What are 3 of the most confusing things mentioned?

RL: “Pre-existing conditions” is a big one. If you have any ailment that you know about, this counts as a pre-existing condition and if you don’t let your insurer know, you won’t be covered for it while you’re overseas.

That is not to say that you will have voided your entire policy, you just won’t be able to make a claim for anything related to that specific condition.

Another issue is leaving your luggage unattended. This caveat means that if you leave your luggage by itself and it’s stolen, your insurer will not pay you a benefit.

Finally, cancellation cover. Some people assume that cancellation cover means that you can cancel your trip and receive a benefit.

Unfortunately, cancellation cover means you’re covered if you have to cancel your trip for reasons that are outside of your control.

TW: Are there any traps travellers often fall into when purchasing travel insurance? What are your tips for cutting costs?

RL: Again, I think that not mentioning pre-existing conditions is a big thing. If you are going to go overseas, it’s important to declare those conditions.

Sure, not doing so may save you in the short term but it could cost you big in the long run.

See Full Story at www.travelweekly.com.au

Travel Insurance Tips: 5 Things You Need to Know About Terrorism Coverage

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The recent spate of terror attacks has rattled a lot of Americans planning on heading to Europe this summer. In fact, some of them have decided not to go at all. But what about the airline tickets, the room nights for pre-paid hotels and other arrangements that require a financial commitment before you actually go?

For those who took out a travel insurance policy when they made their arrangements, there may well be light at the end of the financial tunnel.

Travel insurance provider Allianz Global Assistance USA, while noting that there’s a 37 percent increase in Americans traveling to London this summer compared to last year, just announced that due to the recent terror attacks in the UK, Allianz has received more than 100 claims from U.S. travelers who want to cancel their trips to the United Kingdom. Earlier this year, after the Louvre knife attack in Paris on February 3 and the Paris shootings on April 20, they also received about 100 claims for cancellations. I asked Daniel Durazo, director of communications at Allianz Global Assistance USA, to clarify their policies.

What constitutes a terrorist incident?

Allianz Global Assistance’s travel insurance defines terrorism specifically as “when an organized terrorist group, as defined by the U.S. State Department, injures or kills people or damages property to achieve a political, ethnic or religious goal or result.” Terrorist events don’t include general civil protest, unrest, rioting or acts of war. If a strike or unrest results in your carrier or tour operator ceasing services for 24 hours, that may be a covered reason for trip cancellation.  Individual policies may vary, so read your policy carefully for details on coverage and call us with questions.

By Everett Potter 

See full story at www.forbes.com

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