Many people going on a business or leisure trip like to have travel insurance in place. It gives one comfort to know they are insured when travelling abroad, however it’s extra important to read the fine print on this type of insurance.
Travel insurance can be tricky and one should not assume just because they see a section on a travel insurance brochure that says their personal items are covered that it means those personal items are covered in full.
Cameras, laptops, watches, diamond rings and other assorted jewellery are some of the common personal items people travel with. It is quite common for insurers offering travel insurance on personal items to only cover a portion of their value. Travel insurance may offer coverage of $5,000 on personal items but buried in the fine print will be a clause that typically reads “only $1,000 per article, per set.”
What this means to you is that if you lose or damage a valuable that you feel is worth $5,000, for example, a camera, that insurer is only going to entertain a reimbursement of up to $1,000 for the item even though you see in the brochure $5,000 for personal items.”
The fine print really matters and tells the whole story. Often at the time of a claim, insurers will want to see proof of what it is you are claiming in the form of original receipts. The insurer will not automatically reject a claim if you can’t produce a receipt for this lost or damage item, but it is wise to keep receipts for valuables you intend to keep for a long time.
If you did not keep the original receipt to show value we highly recommend you negotiate with the insurer, or ask for your insurance advisor to assist before you submit your claim. Furthermore, when it comes to treatment of an illness, if the illness or condition is pre-existing you should not expect to be able to claim for it.
Most travel insurers will exclude coverage for pre-existing conditions. Travel insurers also put a time restraint on seeking treatment for a condition that occurred while you were travelling once you return home.
If you should feel sick when you return from your trip we would recommend seeking treatment and advice immediately because typically if you wait, the chance of being reimbursed for medical conditions under your travel insurance goes away.
It is common for travel insurers to specify that treatment must be sought within 24 (or in some case 48) hours of your return. Each Insurer differs on how they handle treatment required as the result of falling ill at the end of your trip.
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