Income Protection NZ Articles

A Guide to Travel Insurance

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A holiday to an exotic destination is something we all look forward to. What do you do when things go wrong? It is important to be prepared. And prepare you will, when you go through this handy guide on travel insurance that is packed with helpful tips to ensure that your journey is a rewarding one!

Travel insurance is considered an important element for it helps cover essential medical expenses and financial losses when travelling. Some of the risks that travel insurance covers include sickness, medical consultations, missed flights, accidents, baggage loss, cancellation and the like.

Specific travel insurance providers will also cover certain adventure sports such as scuba and skiing, a kidnap cover and supplier default at additional costs. There are two common types of travel insurance policies that can be arranged - a "single" trip - for one trip of a specific duration or a "multi-trip" - a policy wherein you are covered for multiple trips within a specified timeframe.

When scouting for travel insurance, it is recommended that you check for different policies that are available online. Check with the provider to see if your insurance policy is valid overseas. Comparing deals that are available with different providers is highly advisable.

Choose a provider who has a customized deal available. Consider supplemental insurance if needed. Be honest and notify them of pre-existing medical conditions, specific risks associated with your trip and your requirements. This will ensure that your claim is accepted later. Go through the fine print. Without doubt, going through the minor details is absolutely essential.

While making a claim, ensure you have all documentation in place. Talk to the insurance provider who will provide clear instructions on the procedure to be followed. A dedicated claims assistant and an adjuster will usually take care of your claim.

There are different forms for - Trip cancellation, medical issues, personal liability, baggage loss and travel delay, so being thorough helps. Keep copies of the claim form as well all travel-related documentation safely. Do make it a point to retain all receipts and an itemized report showing a clear break-down of all expenses incurred.

Keep your insurance provider's contact information such as contact centre number(s)/hotline and e-mail handy. Confirm if you can access your policy documentation online. Make sure that you send out copies of incident reports, if applicable.

A claim made will usually involve a claim reference number. Quote this number in all correspondence for fast processing. The turnaround time for a claim filed is about four to six weeks. In certain cases, it might take longer if there is extensive research involved. Depending upon the nature of the claim, additional notes and papers maybe called for.

Make sure your application is complete in all respects. An incomplete form is likely to be rejected. Do not withhold information pertaining to household or any other insurance cover that you may have. Check with your provider if there is unnecessary delay.
Do note that in the case of your claim getting rejected, you have every right to appeal. Follow up with a financial ombudsman if required.

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