You're planning a trip to Ecuador, either on holiday
or a business trip. Before setting off you're tour operator
asks you whether or not you have considered buying travel
insurance. On reflection you realize this has not yet
occurred to you. If this should be the case, what should
you be looking for in the travel insurance package you
purchase?
Travel Insurance Coverage
The first thing you need to consider, before deciding
to buy any travel insurance, is whether or not you may
already have travel insurance coverage under any of your
other insurance policies. Here, most travel operators
fail to bring it to your attention that that most home
and life insurance policies already cover a certain level
of travel insurance. You may also find that your current
health insurance policy covers you for certain overseas
medical expenses. Finally, if you pay for your travel
on your credit card, you may find that your credit card
has a policy that allows you to claim for limited reimbursement
if your trip gets cancelled at the last minute. Bunch
all of these existing policies up, and there is a chance
that you may not need to buy the travel insurance policy
so kindly offered to you by the tour operator.
Where You Go Does Matter
On the other hand, where you are traveling to, and what
you plan to do when you get there, will have an affect
on whether or not any of your existing policies will help
you out in your hour of need. For example, if you're traveling
to Ecuador on business, and you happen to fall ill
(especially if your illness causes you to be unconscious
for any period of time), it is unlikely that you are going
to want to mess around looking for coverage under some
obscure existing policy. It would be far better to have
your travel insurance to hand to simply pass this over.
Likewise, if you are going on an adventure tour climbing
in Ecuador or diving in Ecuador, there's a very
good chance that your existing policy will not cover any
unfortunate event that may result. So think carefully
about where you are going and what you want to do when
you get there before deciding that you may already be
covered under any existing insurance policy.
Emergency Assistance
One final issue you need to consider before deciding whether
or not to go ahead with purchasing travel insurance is
what you believe the likelihood is of you needing emergency
assistance. Keep-in-mind that is not limited to emergency
medical assistance, but could be something as mundane
as emergency monetary assistance (for example, if your
bags got lost on the way). Here, you should note that
most pre-existing policies you have, such as you home
and life insurance policies, are unlikely to have 24-hour
manned help-lines. As such, you would need to contact
them during regular domestic working hours - something
you may not find very useful when you are in Ecuador.
Conversely, most insurance policies that are specific
to travel situations do man 24-hour help-lines. As such,
you are far more likely to receive a faster response if
you claim on this insurance policy than if you try and
claim on your existing policy.
Underwritten by Allianz Australia Insurance Ltd (ABN52097227177, AFS Licence No.245631) with emergency support handled by Mondial Assistance, the world's largest travel assistance company.
