10 Reasons Why Travel Insurance is Important

Why Travel Insurance  is important?
If  you're planning a trip, regardless of where you are travelling to or how long, or  how much of an experienced traveller you are – travel insurance is important! Whether  it's your luggage, your possessions, your holiday bookings and deposits, your  health and medical cover – travel insurance is an essential item to take with  you. Smart  travellers always buy travel insurance, and more importantly the right kind of  insurance because they know how easily their trip could be ruined.
78%  of Australians purchase travel insurance when they go overseas. The top three  reasons Australian travellers buy are:
1. Peace of mind
2. Protection against the  unexpected
3. Protection against loss of your financial investment in the trip.
When it comes to your health, guarding against medical and hospital costs is essential. The Department of Foreign Affairs and Trade (DFAT) handle over 25,000  cases annually involving Australians in difficulty overseas. Medical  evacuations regularly exceed $300,000. Travellers who are not covered under  travel insurance are liable for covering all costs involved. Although these big  claims are significant, most travellers suffer smaller losses yet are still  significant to the individual. One in eight policy holders make a claim. Travellers  need to take note of destinations that have been advised "do not travel". This  may result in your travel insurance policy being made null and void.
For Travel  Insurance destination warnings visit www.smarttraveller.gov.au

Top 10 reasons to buy  travel insurance
1. Your flight has       been cancelled.
2. Your bags are       lost and your medication is in them.
3. You need an emergency prescription       filled.
4. Your passport or       wallet has been stolen.
5. You need to       cancel your trip due to illness. Your airline,       cruise line or tour operator goes bankrupt, and you need your       non-refundable expenses paid, and to get to your destination.
6. You have a       medical emergency in a foreign country.
7. A terrorist       incident occurs in the city where you are planning to visit and you want       to cancel your trip.
8. A hurricane,       flood or fire forces you to evacuate your resort, hotel or cruise.
9. You're involved       in an accident and adequate medical treatment is not available and you       need medical evacuation.
10. Peace of mind       for you, your family and loved ones back home.

When should I buy Travel  Insurance?
You  should buy your travel insurance as soon as you pay the deposit on your trip.  It doesn't cost anymore to buy the policy at this time, and the cancellation  cover can start straight away. You pay only for the period you are away from  home. Once the policy is effected you can claim against any costs you might  incur if you have to cancel your trip for a range of different reasons prior to  departure.
What to think about  before purchasing Travel Insurance
Always read the       Product Disclosure Statement (PDS) and ensure the policy covers you for       what you need. Cheaper isn't always best, make sure you compare the cover. Are you covered       for unlimited medical expenses, including repatriation to Australia?
Always declare       any pre-existing medical conditions.
Is there an       excess on the policy?
What exclusions       are there?
Does the policy cover activities you will be doing eg. Skiing?
Are you       travelling with expensive items?
Do you need to take out extra cover to       insure these items eg. jewellery, cameras and laptops.
Have you checked       the government advisory www.smarttraveller.gov.au for your destination and if it's safe to travel and whether it will affect       the insurance cover.