When our clients discuss their travel plans, we are pretty heavy handed on insisting that they put in place travel insurance (and good quality insurance too). Your credit card insurance might be good quality – read the wording and policy document.
It is vital that you know the rules of your travel insurance. In particular, if you have any pre-existing conditions that might affect your cover, you need to contact the travel insurance company and let them know. It will probably cost you more money, but at least your trip won’t end up costing you tens or hundreds of thousands of dollars if something goes wrong.
For our 43 day trip this year, our credit card travel insurance will cover us for 41 days, and we have analysed it and are very happy with the cover that it provides. But as we are traveling for an extra 2 days, I called and took the time to answer all the questions. It was about a half hour process, but for an extra $171, I know that we are fully covered for the full 43 days (including the one where there is only 1 minute of the day as our flight leaves at 11.59pm) and for all and any pre-existing conditions. It is great peace of mind.
Every now and then there is an article that reinforces the value of having travel insurance and making sure that you are properly covered.
This means, taking out the travel insurance WHEN you are booking – not the day before you leave. This article in Stuff brings the lessons home.
This tells the story of a couple who had booked a trip of al iftime Pacific Cruise taking in Fiji, Easter Island, the Falkland Islands and South America when Peter (76) suffered a serious stroke. But, because they had put in place travel insurance at the time they booked their tickets, they received a $53,000 payment.
Other topics in the article include: When to Buy, Pre-existing Conditions, Cost of Ill-Health, Slip Ups, Loved Ones, Disputes.
We strongly recommend that you read this article and make sure that you take all the steps when you are next travelling overseas:
- Make sure that you book travel insurance WHEN you are booking your trip.
- READ the policy document, check if you need to disclose existing conditions, or get extra cover for activities that you are participating in, or because you are travelling longer.
- Apply for any extra cover you need to arrange as outlined in item 2.
- Take your policy document with you.
Then travel safe.
If you have any thoughts or opinions that you would like to share, visit us at our Twitter, Facebook or Linked In pages, and comment.
For more blog entries that you might be interested in:
http://www.moneyworks.co.nz/travel-insurance-trip-ups/
http://www.moneyworks.co.nz/one-five-lie-doctor/
By Carey Church
