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Wednesday, June 3, 2015

The Three Myths of Travel Insurance



SureSave, a leading provider of traveller assistance and insurance, reports that over 60 percent of Australian travellers are unsure exactly what they are covered for when it comes to travel insurance. To ensure travelling customers get the most out of their policies, SureSave is lending its advice to its network of agents to eliminate common travel insurance myths once and for all.

Michael Callaghan, General Manager at SureSave

Michael Callaghan, General Manager at SureSave, said:

“We’re passionate about reminding agents that it’s essential for travellers to know exactly what a policy covers them for. While it’s reassuring to see that over the past two years the number of travellers purchasing insurance in Australia is up by almost 10% - to 71% in 2015 - many travellers are still unclear about certain elements of travel insurance. It’s true that not all travel insurance policies are created equal, but there are some common factors across most reputable policies that travellers should be aware of.”


SureSave’s Top Three ‘Debunked’ Tips

Myth #1 – “If I buy my travel insurance at the same time as I book my holiday, I need to purchase an extra-long policy and pay more…”

It is a little known fact that, in many cases, if travellers purchase a travel insurance policy at the time of payment for their holiday, they’re covered for a range of events prior to travel.

“We’re still seeing that close to 40% of Australian travellers choose not to purchase their insurance at the same time as booking their holiday plans, leaving them at risk of unnecessary disappointment and financial loss before travel. There’s always a chance something could go wrong between the time of booking a holiday and actually departing, so taking out a policy sooner rather than later just makes sense.”

“Many travellers fear that they’ll pay higher premiums if they organise their insurance when they start booking their holiday plans, when in fact, that’s not the case, because the premium is based on trip duration. The earlier they book their travel insurance, the better, and it’s not necessarily more expensive,” says Michael.

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Myth #2 – “I don’t need travel insurance - I’m just going on a short trip and the country I’m visiting isn’t risky.”

Regardless of the duration of a holiday, or the destination, travel insurance is a non-negotiable part of preparing for travel.

“Travelling uninsured should never be an option. It doesn’t matter where you’re heading to, or how long you’ll be away for, you never know what can happen. The perceived ‘risk’ of a country is irrelevant - travel insurance claims come from a range of events or situations that are out of our control, so it’s always important to be covered,” says Michael.

“When you consider that without travel insurance, getting home from overseas can cost tens of thousands of dollars - it’s a risk you don’t want to take. Being offloaded from a cruise in Europe with pneumonia can exceed $50,000, and we’ve seen costs just shy of $1 million when a traveller on a motorcycle was hit by a drunk driver. For those who travel regularly, it might be a good idea to opt for an annual policy. It might cost a bit more upfront, but then you can ‘travel easy’ with peace of mind, knowing that your insurance is designed with travel safety and assistance in mind, and you’ll be in safe hands if you do need help.”

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Myth #3 – “I booked my trip using my credit card, so I don’t need to buy travel insurance.”

Travel insurance is often included as part of a credit card package, however, this can be risky if there are any grey areas regarding cover.

“Over 12% of Australian travellers rely on insurance from a credit or debit card or bank, however, the likelihood is that they’re often not aware of what is actually covered. Many ‘free’ or ‘complimentary’ policies can be risky as they may not provide medical cover, only cover the holiday components that were paid for using the credit card or cover the cardholder but not the whole family. My advice is to check the PDS of your policy properly, and check it again, to ensure that it covers everything you need. You can’t put a price on your health and safety, so if you aren’t satisfied, purchase a policy that provides a full range of coverage to meet your needs. You won’t regret it.”

SureSave offers something travellers need more than ever before: World Assistance. SureSave provides assistance to cover travellers before, during and after their travels.
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