Travel Insurance in 2019
15 Apr 2019 FINANCE
By Nomali Cele
We recently posted about the benefits of saving for your couples’ trips – you get to know, plan and budget properly. One of the other reasons to save for your upcoming trip was making a contingency for emergencies. You shouldn’t be caught by surprise should something suddenly go wrong while you’re travelling. The other side of saving is purchasing travel insurance.
This type of insurance isn’t a consideration for every single trip, it’s frivolous in certain instances but there are times when travel insurance is important, particularly when you are travelling abroad. Your medical aid and credit card company offer insurance to an extent, which is automatic.
As an example, a big local medical aid offers medical insurance to travelling clients but only within the first 90 days of their departure from the country. The medical aid only covers emergencies. They also exclude cover to those travelling to countries that are currently at war.
The need for insurance while travelling can be determined on a case-by-case basis but there are benefits to going beyond the automatic cover.
What is covered by travel insurance
Insurance plans differ but the basic idea is that the insurance covers you against the following:
So when you’re choosing your plan, know what is needed for your trip. There’s no use in paying for insurance that includes protection against rental car accidents when you’re going to be exclusively using public transport on your trip. Or selecting a plan that leaves you completely vulnerable, which would essentially be a waste of money.
Check what your insurance covers
This is important! Don’t incur a loss on both the premium and sudden cost. What use to you will your insurance be if it covers only carry-on baggage when you’ve lost the bags you’ve checked in? Comprehensive travel insurance is one way to ensure that whatever trouble befalls you during your travels, doesn’t end up costing you more.
How much does travel insurance cost?
In order to cover themselves, travel insurance companies don’t determine cost based on the cost/value of your trip. Contrary, they look at your age, the length of the trip and the cover you want. Comprehensive and business travel insurance for travellers under 70, on average, costs under R1, 200.
Travel insurance protects your investment in your trip
If it happens that there’s a cancellation or delay, the insurance comes in handy. It can go toward added expenses in the event that your trip is delayed, replace lost, delayed or damaged luggage and pay toward expensive medical bills. This alone is good enough reason to look into your travel insurance options if you are going on an international trip.