What is travel insurance?
A close relative passes away just days before you are leaving for a Bali holiday and you have to cancel all of your non-refundable holiday to attend the funeral and support your family.
You are hiking in the Pyrenees, accidentally trip and need to be airlifted off the mountain for medical support.
These are just two worst case scenarios that can confront even the most confident and seasoned travellers. It’s also a big reason why travel insurance is and remains attractive for travellers. So, what is travel insurance?
What is travel insurance?
Travel insurance offers travellers coverage for unforeseen problems, from a lost passport or delayed luggage to a serious medical emergency requiring evacuation. If an illness, accident, or other covered unexpected circumstance forces you to cancel or interrupt your holiday plans, you’ll be facing two potentially major financial losses: money invested in non-refundable pre-payments and medical expenses that in many instances would not be covered by health insurance in Australia.
Travel insurance is a specific type of insurance that protects you against losses that may be incurred whilst travelling. Examples of types of things covered by travel insurance include:
- Medical cover
- Emergency evacuation
- Lost travel documents
- Travel protection
- Baggage protection
- Accidental death & dismemberment
- Theft/loss of valuables
- Trip cancellation
I’m on a budget, should I still get travel insurance?
youGo Travel Insurance understands that every traveller is different and every traveller has a different motivation for going on holiday. We offer travel insurances for a wide array of budgets, from modest trips to see a best friend to high-end “trip of a lifetime” holidays. Regardless of your reason for travelling though, your costs if something goes wrong will be the same. The tighter your budget, the more important travel insurance might end up becoming. Find out how much travel insurance typically costs.
The question you want to ask is how much are you willing to be out of pocket should you need assistance or have to cancel your plans? The Smartraveller says if you can’t afford travel insurance, you can’t afford to travel.
Bottom line: is it worth it?
Consider what would be a financial disaster for you personally. While A$200 to switch airline tickets may not ruin you financially, A$45,000 to be medically evacuated off a mountain might. Even a quick visit to an emergency room in the USA could set you back A$1000 just to walk in the door. Once you know your financial threshold, and what you’ll be doing on your holiday, you can use this general travel insurance rule of thumb: If you are travelling abroad or if a large chunk of your domestic trip is non-refundable, it’s time to consider travel insurance.
There are so many ways to customise your cover so you are only paying for what you will need. Some companies will try to oversell you on what you need, so before you buy, explore your options, compare plans, and go with the company that will support you and be honest about what you need and what is extra coverage.
youGo is committed to creating a travel insurance policy that reflects your style and your needs. Get a quote online and start customising your personal travel insurance policy today. The best solution is to be prepared and know your travel plans ahead of time, like where you are going, what you will be doing, and how long you will be there, so you can be in a better position to purchase the policy that works for you.