The conventional reasons that individuals purchase travel insurance is to cover their luggage against theft or incase the airlines lose it. What people often neglect is the necessity of having a travel insurance policy that extensively covers them for medical emergencies.
The Australian government travel advisory website, Smartraveller.gov.au, provides some examples of costs: hospital stays in South East Asia have exceeded $800 per day; repatriation of remains from Europe can cost $10,000; medical evacuations from the USA can cost up to $300,000 and from nearby Bali has exceeded $60,000.
These figures are painful because if you had to pay them without travel insurance you may end up financially bankrupt. It is not too difficult to find a good insurance policy that will cover you in case of a medical emergency. In Australia it is required for travel insurance companies to supply you with a Product Disclosure Statement (PDS) prior to purchase. A PDS details what the policy covers including what they will pay for certain incidents and any if there are any specified terms and conditions attached. If you have a pre-existing medical condition then you'll need to check to see if you are still eligible for cover.
In Australia all the major travel insurance companies have websites so it is easy to compare their price and cover. Some of the largest companies are: Insure4Less, iTrek, Travel Insurance Direct, World Nomads, 1 Cover, AAMI, Allianz, and Columbus Direct. Just search for them and others using your favorite search engine.
Look for the PDS once you are at their website. It will usually be on the quote and product pages. Open it up and don't be worried at how confusing it can look, scroll down to the Schedule of Benefits, a large take with lots of dollar values in it. Ensure that the sections labeled Medical Expenses and Medical Evacuation or similar are unlimited or in the millions.
Get a quote for have a policy that covers what you need. Narrow your search down to those that offer the lowest premiums for your requirements. Reading online reviews can be very helpful at this stage to make the final decision.
Need help with Australian Travel Insurance? Go read up at Travel Insurance Reviews and check out the Travel Insurance Direct (TID) Review.
One important question arises when it comes to travel insurance. Is it necessary? Most people love to travel and nobody would like to think of the mishaps that might happen during the trip, but unavoidable things might occur and that's where the need for travel insurance arises.
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