A guide to travel insurance - Part 1
Let’s face it, while danger and accidents can happen in every corner in the world, even the slightest mishap can ruin your perfect holiday.
By Balkish RoslyFor all the joy and excitement that a trip holds – new places, new faces, new food! – there is also the potential for disaster: lost luggage, flight delays, and – uh-oh – missing passport…
Let’s face it, while danger and accidents can happen in every corner in the world, even the slightest mishap can ruin your perfect holiday.
Additionally, the horror of these scenarios could be magnified when experienced overseas, especially in a land with a foreign language. H
owever, one of the ways to protect yourself when you are on a trip aboard is by getting a travel insurance policy. SaveMoney.my explains what this consists of.
What is travel insurance and its coverage?
Just like health insurance and their protection plans, travel insurance also provides you with a protection plan for any hiccups that you might experience during your trip. If any accidents do occur while you are away from home, your travel insurance will ensure that you will be compensated accordingly.
What sort of coverage / protection can you expect from a travel insurance?
Ideally, a travel insurance should protect you in covering both medical concerns as well as travel issues. Some of the coverage that you should expect to be in the product disclosure sheet are as follows:
Personal Accident
Medical Expenses
Loss of Luggage & Personal Effects
Loss of Travel Documents
Baggage Delay
Travel Delay
Missed Departure
Flight Overbooked
Hijack Inconvenience
Travel Cancellation
Loss of Money / Valuables
…and other types of coverage as well; go through the list carefully and take note of any particular areas of concern for you, as your needs will vary based on your destination and conditions.
What conditions are NOT covered by travel insurance
Most often than not, insurance companies steer clear of high-risk and unpredictable situations such as war, destruction of goods caused by radiation, as well as high-risk sports activities. So if you are a journalist / humanitarian covering a report in country torn by war, or if perhaps you may travel to take part in a high-risk skiing (or other equally dangerous sport) competition, then you should probably be aware that a travel insurance policy might be redundant in your situation.
Here are other examples that might not be covered in a travel insurance policy:
Declared or undeclared war or any act of war, invasion, act of foreign enemy, and other war terms
Loss or destruction of goods due to radiation
Suicide / Self harm / or any intentional acts by the insured person that provoked homicide or assault
The Insured Person acting as a law enforcement officer, emergency medical or fire service personnel, civil defense personnel or military personnel of any country or international authority, whether full-time service or as a volunteer.
The Insured Person engaging in, practising for, or taking part in training in any speed contest, any professional competition or sports, and participating in Hazardous Adventure.
Now that you’ve got a better idea of what Travel Insurance does (and doesn’t) entail, and if you’re keen to get some, stay tuned next week for SaveMoney.my’s next instalment of our guide, where we’ll be discussing your options to do so!
Balkish Rosly is Investigative Journalist of SaveMoney.my, an online consumer advice portal which aims to help Malaysians save money through smart (and most of the time painless) savings in their daily banking, technology, and lifestyle spending habits.
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