Travel season is approaching! When you’re planning a holiday or a trip abroad, it can be pretty helpful to make a list of everything you need to get done before leaving. Adding ‘travel insurance’ to that list may sound like a lot of work, but it’s actually really important.
Travel insurance is there to protect you when things don’t go to plan.
But if you rush through the process you might not get the necessary protection. To make sure you have exactly what you need, we’ve teamed up with the Malta Financial Services Authority to list seven essential dos and don’ts of getting travel insurance.
1. Don’t just go for the ‘cheapest’ option
Never go for the cheapest travel insurance but choose the policy which satisfies your needs and travel plans. Hopefully, you’ll never find yourself in a situation where insurance is needed, but you never know that for sure. So be sure that the plan you purchase covers everything you need.
2. Do check the value of the items you take with you
If you’re taking a laptop or expensive camera with you, or any sort of valuable equipment, make sure you know exactly how much everything costs. Otherwise you risk being under-insured. If this happens, any settlement made by the insurance company for a claim will be based on the insurance coverage relative to the replacement cost of the item.
3. Don’t assume that everything is covered
A travel insurance policy will usually cover events such as the costs of medical care following personal injury and loss or theft of your possessions, as well as costs that you incur if your travel plans are disrupted. However, no travel insurance policy will cover you for everything that might happen on your holiday. It’s just as important to know what’s not covered by a policy, usually listed under “the exclusions” in a policy.
4. Do consider whether adverse weather conditions may affect your trip
5. Do shop around for the best travel insurance deal
You wouldn’t rush to pick an insurance plan for your car, so why would you rush to get your travel insured? Shop around to find a policy that suits the type of holiday you are planning; be it a work or leisure trip, solo or with family, and also if you’re going to be making multiple trips of the same nature over a year.
6. Don’t omit any information when applying for insurance
Don’t be tempted to omit vital information in the hope of saving money. It’s important to declare all your medical conditions. Not doing so could easily result in a claim being refused. Just because your medical conditions don’t affect you daily, do not assume that your insurer will not want to know.
7. Do your research on what happens in the unfortunate event of a death
It sounds pretty dark, but let’s be honest; it’s a possibility. Ask what costs would be covered in relation to your death, or the death of someone you are travelling with. Enquire what cover you have for repatriation and burial costs.
BONUS: Don’t leave it to the last minute
It’s pretty easy to get travel insurance settled with your own insurance company, but it’s not something that can (or should) be done in a hurry. Leave yourself enough time to find the best option, and purchase cover as soon as you have booked the holiday to protect against cancellation. Make sure that you are covered for any changes.
The MFSA can help you:
Being the sole regulator of the local insurance industry, the MFSA is there to guide you. Take a look at their website for helpful tips and guidelines. Alternatively you can always drop them a message on Facebook or give them a call on 2144 1155. Just don’t leave it to the last minute!