Featured Links |
|
 |
|
|
|
News |
 |
|
| |
Travel Insurance
December 08, 2007
MORE than 700 Australians are hospitalised overseas each year, 100 are evacuated to another location for medical purposes, and 600 die, requiring the return of the deceased's remains to Australia, according to the Department of Foreign Affairs and Trade.
It can cost up to $300,000 for medical evacuations out of the US. All such situations, in any country in the world, can be costly. In cases where victims are not covered by travel insurance, their personal tragedies are further compounded by a long-term financial burden, the department reported.
"People often think, 'It's not going to happen to me'," said Haydn Long, a Flight Centre travel agent spokesman.
"But having a level of protection against injury, accident, lost luggage and other unfortunate events can provide some valuable peace of mind."
DFAT handles more than 16,000 cases involving the welfare of Australians who have suffered illness, theft, robbery or assault each year.
While these were the obvious and most-feared risks, people tended to underestimate the cost and hassles associated with more garden-variety events such as the loss of luggage or travel delays, Mr Long said.
"It can be a bigger inconvenience than most people might imagine," he said.
Some of the other big mistakes? Beyond ignoring the need for travel insurance altogether, the error was picking the cheapest policy without reading the fine print to ensure it includes everything you need, said Delia Rickard, deputy executive director of consumer protection with the Australian Securities and Investments Commission.
"Shop around to find a policy that suits you and the type of holiday you're planning and don't just chase the cheapest policy," Ms Rickard said.
"Consider whether you might be better off paying a higher premium up front so that you will pay a lower excess if you have to claim."
She said different travel insurance policies gave varying levels of cover.
Some, for instance, included 24-hour medical assistance, a help line and private hospital cover, although be careful of "special circumstances" which could apply.
When it comes to travel insurance which you have received "free" as a benefit of your credit card, take a good look at what's included and what's not before relying solely on these policies.
"Some things that you might consider important might not be covered," Mr Long said.
It's common to see policies that exclude claims for loss or damage suffered because you didn't advise the insurer of an existing medical condition or you engaged in "adventure" activities such as whitewater rafting and scuba diving.
Because of these many grey areas which can catch consumers by surprise, disputes relating to travel insurance claims are on the rise.
The Insurance Ombudsman Service annual report revealed a 228 per cent increase in travel claims rejected by insurers in 2005-2006.
So before jumping on a plane, it can be worth jumping on to the IOS to download a copy of the informative A Guide to Travel Insurance.
Released by the organisation this year, this guide runs through the key conditions, limitations and exclusions consumers should check before buying travel insurance.
Source : http://www.news.com.au
|
| |
|
|
|
