We know it’s not simple or straightforward to compare travel insurance policies. We’re in the industry and we find it difficult too! So when nothing matches up between insurance companies because “what’s covered” under each section varies, and the value of cover plus all the “conditions of cover” are different – where do you start?
Tips for comparing holiday insurance policies.
One of the best things you can do, is get a feel from each company’s website about how they might respond when you really need them – like for a medical emergency. Because unless you’ve actually had to claim from them before, and you’ve experienced how well (or not) they care for you, or how pleasant or difficult it was to claim from them – it can be hard to tell.
Decide what really matters to you.
Figure out what you want and need covered, then look for policies that match – and forget about all the others. Are you looking for great cover in case you are in an accident overseas? Cover if you need to cancel your holiday? How about cover if your bags are delayed or stolen? What else is important to you?
Compare policies that meet your needs and budget.
Once you’ve figured out which policies match what you need covered on your holiday, and you have a feel for the companies you like from their websites, then you can compare prices. If you’re a thorough researcher, make a final list of suitable contenders, then review the PDS of each for any specific concerns you might have. We’ve included a list of “what you should know about travel insurance policies” below, so you know what to watch out for’.
We think it’s important you “shop around” with the above in mind, but start with a list of what cover you think is reasonable for your holiday. It’s important you find a policy that’s the best fit for you, and whilst we’d like you to buy ours, we’d rather you buy travel insurance from someone else if our policy is not right for you, than not at all.
What you should know about travel insurance policies.
To figure out how much cover you need, and what is reasonable for you to pay, think about the following:
Is the limit for the benefits per person including children, per adult only, or per policy?
That affects the amount of cover you get. For instance, a policy with a per policy limit of $50,000 cancellation cover is not the same as a policy with a per person amount of $10,000. If you’re travelling on your own that offers only $10,000 worth of cover, versus $50,000 worth of cover with another policy. It also makes a difference if you’re travelling with your kids and all of your passports are stolen. Can you claim the same amount for emergency passports for everyone on the policy – or just the adults? Look to avoid being caught out with policies that offer “free cover” for kids, but don’t extend the cover for each section to the children. You can tell if they specify it “per adult”, instead of “per person”.
How much do I need for emergency medical and evacuation cover?
This is the big one, and you should opt for a high level of cover, like “unlimited”. Hospitals and medical treatment in some countries can be horrifically expensive, and the last thing you want when you’re worried about your child getting better, is the stress of wondering how to pay the bill.
Are you taking $50,000 worth of stuff on holiday?
No? Neither do we. We find most people don’t, so we set the limit to $5,000 per person, which also keeps the cost of your insurance down. If you do want to take away more expensive stuff, then our policy probably isn’t the right one for you.
Booked anything? You should consider cancellation cover.
How much have you – or are you – likely to pay in advance for pre-booking of flights, tours and accommodation? That’s how much cover you should be looking for. If there’s more cover than you want, that’s okay. But you won’t be able to claim for more than what you had committed to before you realised you had to cancel your holiday. And you may end up paying a little bit more for that extra cover, that you actually don’t need.
Travelling as a group or family? Check you’re not limited by per policy limits.
Our policies cover every person individually for medical, evacuation, dental, funeral and passport replacement costs. Our comprehensive policies also cover people individually for luggage delay and personal items – so there is literally cover for everyone on the policy.
Know what you’re covered for? Quick and easy doesn’t usually mean “great value”.
Don’t settle with ticking a box when you buy your flights or book with a travel agent. Find out first what you’re actually covered for – and how much the equivalent insurance costs if you book direct. You can save some spending money for your trip if you avoid paying commissions on your policy to airlines, travel agents and their affiliated websites.
Is basic travel insurance enough cover, or do I need a comprehensive policy?
Not all comprehensive policies cover the same things. You should look carefully at the cover provided under each type of policy when comparing policies between travel insurers. If you want cover for your stuff with Holiday Rescue, you’ll need a comprehensive policy.