Surprising facts about travel insurance
The old saying, “it’s better to be safe than sorry,” doesn’t ring truer that when it comes to travel insurance. To dispel any myths here are 7 little-known facts about travel insurance.
1. Ever wondered how much it would cost if you fell ill overseas? According to Smartraveller, the Australian Government’s travel advisory, daily hospitalisation in Southeast Asia costs over $800 while a medical evacuation from Bali can set you back $60,000. An evacuation from the USA ranges from $75,000 to $95,000, and can sometimes reach as high as $300,000.
2. Think the Australian Government will shoulder your expenses if you get sick? Unfortunately, as Smartraveller states: “the Australian Government won't pay for your medical treatment overseas or medical evacuation to Australia or a third country.”
3. As news.com.au reports, many insurers now allow you to insure your iPhone and other expensive electronics. The cost of all your electronic devices can sometimes take your luggage value beyond the limits of your insurance. Read your policy carefully to ensure that you have cover that meets your requirements. For instance, cover for mobile phones may be subject to an item limit of $1,000. If you have one or more mobile phones, purchased for more than $1,000 each, you may be able to pay an additional premium to increase the cover limit for mobile phones.
4. Traveller.com.au reported that one third of Australians who took out travel insurance have made a claim. According to Compare Insurance, the top 5 most common insurance claim in order are medical claims, lost or stolen cash, lost or damaged luggage, cancelled flights and delay.
5. A national AAMI survey found that around 70 per cent of Australians take out travel insurance before heading off on an overseas holiday and more than 95 per cent of Australians said they felt safer on their holidays knowing they had travel insurance.
6. Aussies are more likely to take out travel insurance based on their perception of a country’s safety according to an article from News.com.au. Travellers would purchase insurance if holidaying in risky countries such as Africa and South Africa but less likely if they were heading to New Zealand or Europe. This might be tempting fate though as the majority of claims are related to things like lost luggage and travel cancellations which can happen anywhere.
7. According to the Australian Bureau of Statistics figures, Australians took a record 8.2 million international trips in 2012 with the top destinations being New Zealand, USA, UK, Indonesia and Thailand. As more and more Aussies are jet-setting off, travel insurance is becoming increasingly important.
For more information about Over60 Travel Insurance, call 1800 622 966.