Nobody likes to think about bad things happening on their long-awaited holiday or overseas trip. But the fact is they can happen, and while travel insurance won’t guarantee you’ll stay healthy or safe, it can be a lifesaver in the unfortunate event that something does not go to plan.
And although travel insurance may not be the most exciting thing you purchase when planning your holiday, it could be one of the most important.
Here are a few reasons why.
You’re about to travel to places where you may not be familiar with the local environment. You’ll probably be eating different types of food and trying exciting new activities. And even if you’re not, you can’t always anticipate the actions of other people.
Say you’re in a road accident and need to go to hospital. If you don’t have travel insurance – or the right type of travel insurance – this may leave you in serious debt. In the very unfortunate situation that you suffer long-term injuries or even pass away, travel insurance can also offer compensation for you and your loved ones.
Cover for lost or stolen possessions
Your suitcase going missing is just one of the unlucky risks of travelling and there aren’t really any steps you can take to avoid losing your luggage when flying.
But travel insurance can at least cover your belongings should your luggage be lost or stolen. It won’t bring back your favourite vintage T-shirt or your camera, but you might be able to replace them without being out of pocket.
Whether it’s due to some unexpected event in your life, extreme weather conditions or just a missed airport transfer, your plans can change. With travel insurance you can be covered in these scenarios which can help give you peace of mind and reduce any extra stress should you have to spend a few extra days somewhere.
Travel insurance with your credit card
Some credit cards offer international travel insurance as part of their package. Take a look at CommBank’s Gold, Platinum and Diamond credit cards, for example. You, your spouse and your dependents can all be covered when travelling if you have one of these cards. And cardholders no longer need to spend or pre-pay $1,000 on any of these cards in order to be covered under the policy.
If you don’t have one of these cards, check out a tailored travel insurance plan instead. This can include add-ons that cover you should you be heading off on a more adventurous trip, such as a skiing holiday or cruise.
Some final travel insurance tips
As with any financial product, you want to know exactly what you’ll be getting and what you’ll be covered for when purchasing travel insurance.
Always take time to read the Product Disclosure Statement (PDS), and if you have any questions, ask before you take out the policy. Having travel insurance that doesn’t cover you for what you want or need could be just as costly as having none at all.
Also, the earlier you take out your insurance the earlier you’ll be covered should your plans change unexpectedly. So don’t leave it until the morning you fly out to lock your insurance in. As soon as your dates are concrete and you’re ready, start looking for the travel insurance policy that’s right for you.
CommBank emergency details
- Lock, Block, Limit your CommBank credit card, or Lock, Block your CommBank debit card or lock your Travel Money Card for added security
- Cancel and order replacement CommBank cards in NetBank or the CommBank app
- Call us 24/7 on +61 2 9999 3283 to report lost or stolen CommBank cards
- Call Allianz Global Assistance 24/7 on +61 7 3305 7499 if you’ve got travel insurance included with your credit card or a separate CBA Travel Insurance policy and want to make a claim.