A travel insurance is an insurance that is purchased by travellers, which covers certain losses or costs and medical expenses that are not covered by regular medical insurance.

Travel insurances can usually be arranged at the time of booking of a trip to cover exactly the duration of that trip or a more extensive, continuous insurance can be purchased from (most often) insurance companies or banks, which covers all travelling during the period for which the insurance was obtained.

The most common costs that are covered by travel insurances are:

• trip cancellation
• trip interruption
• travel delay
• baggage and personal effects
• baggage delay
• emergency evacuation
• travellers assistance
• medical expense

History of Travel Insurance

Since 1687 when Edward Lloyd opened an English coffee house (creatively named Lloyd’s of London) and began brokering insurance to merchants importing goods from the American colonies, people have purchased insurance to protect themselves from risk. In post-9/11 America, no insurance sector has experienced greater popularity than travel insurance. Prior to the attacks on the World Trade Center, fewer than 10% of Americans purchased travel insurance. Today, by some estimates, over 30% purchase a risk mitigation product prior to departure. The question is: despite their growing popularity, how good are these products at protecting us from the risks we face when traveling? Given the remote locations frequented by adventure travellers and the sometime risky activities they participate in, this question is particularly relevant for adventure travellers and tour operators alike.

Featured Firm: GIO Travel Insurance (sourced from their website)

A GIO Holiday Travel Insurance policy or a GIO Business Travel Insurance policy helps to cover you for the things that really matter, like medical expenses, personal baggage and cancellation charges, leaving you free to enjoy your trip.

Our Holiday Travel Insurance policy provides cover for a single trip and our Business Travel Insurance policy provides an annual cover. Both policies give you the option of covering yourself, as well as the family.

Key features of GIO Holiday Travel Insurance cover*
Feature Description
Unlimited overseas medical and dental expenses The policy provides cover for reasonable medical expenses and dental expenses arising from an injury incurred outside Australia.
Unlimited cancellation charges The policy provides cover for your reasonable travel and accommodation expenses if your journey is cancelled for unforeseen circumstances outside of your control, if you have already paid for the expenses and you can’t recover them from anyone else.
Cash paid while in hospital The policy will pay a cash allowance of $100 per day, up to a maximum of $6,000 for a single policy or up to $12,000 for a family policy, if you are in an overseas hospital for more than 48 hours.
Personal baggage and travel documents The policy provides cover for loss or damage to your personal baggage, clothing or personal effects of up to $6,000 for a single policy or up to $12,000 for a family policy.
Personal Liability The policy will cover your personal legal liability up to $5 million.
 

Travel Insurance - Tips from AFTA

Don't leave photographic equipment, mobile phones, personal computers or other valuables unattended, or in a vehicle at any time. Rental cars in particular are clear targets for thieves.

Prepare physically for your trip.
If you are heading for a high altitude destination, some exercise is called for. Even carrying heavy luggage can be a problem if you are not accustomed to this type of exertion. Take particular care, especially if you are elderly or have a medical condition and may be affected by a stressful schedule or a change in diet. Delayed or rescheduled flights can disrupt holiday plans. Reconfirm travel arrangements well in advance to ensure that you don't miss your flight, or to utilise any extra time allowed.

Can you prove what you purchased?
Your travel insurance cover starts as soon as you leave home for your journey. Make sure you keep proof of ownership of any goods purchased, such as a duty free camera, and keep the receipt separate from the goods. This will make any claim much easier to document and make it easier for the insurance company to pay your claim. Remember you will need to prove any claim against your Travel Insurance Policy. In most cases this will mean showing how and/or why a disrupting event occurred and being able to supply verification of the value of the claim.

Travel insurers require "reasonable" proof of loss and of the events leading up to them. So if your camera is lost or stolen in a small village in the Pyrenees you must report the loss to the local police and obtain a police report. It is much easier to get this report at the time rather than waiting until you return to Australia.

It is up to you to look after your belongings. Insurance companies will not cover loss where travellers have not taken "responsible" steps to protect their property. For example when you are making a telephone call from an airport or railway station, make sure your baggage is beside you and is in sight at all times.

Key features of GIO Business Travel Insurance cover*
In addition to the features provided in the GIO Holiday Travel Insurance policy, the Business Travel Insurance policy also offers:

Feature Description
Annual renewable multi-trip policy The policy provides cover for an unlimited number of trips per year, with a maximum of 90 days per trip.
Loss of income The policy provides cover up to $1,000 per month to a maximum of $10,000, for loss of income if you are injured during your journey and are unable to perform your normal work in Australia. This limit is increased up to $1,500 per month to a maximum of $15,000 for a family policy.
Hire car excess The policy provides cover for loss or damage to your personal baggage, clothing or personal effects of up to $8,000 for a single policy and up to $15,000 for a family policy.
Personal baggage and travel documents Reasonable travel expenses for a substitute person to complete your business (up to $10,000 for a single policy, or up to $20,000 for a family policy) if you suffer an injury or illness on your journey.

Common Travel Insurance Phrases
Aa Travel Insurance
Access America Travel Insurance
Adventure Travel Insurance
Age Concern Travel Insurance
Annual Family Travel Insurance
Annual Multi Trip Travel Insurance
Annual Travel Insurance
Annual Travel Insurance Policy
Annual Worldwide Travel Insurance
Asda Travel Insurance
Atlas Direct Travel Insurance
Atlas Travel Insurance
Australian Travel Insurance
Axa Travel Insurance
Backpacker Travel Insurance
Backpackers Travel Insurance
Backpacking Travel Insurance
Best Travel Insurance
Boots Travel Insurance
Budget Travel Insurance
Business Travel Insurance
Buy Travel Insurance
Buy Travel Insurance Online
Canadian Travel Insurance
Cheap Annual Travel Insurance
Cheap Single Trip Travel Insurance
Cheap Travel Insurance
Cheap Travel Insurance Compare
Cheap Worldwide Travel Insurance
Cheaper Travel Insurance
Cheapest Annual Travel Insurance
Cheapest Travel Insurance
Churchill Travel Insurance
Club Direct Insurance Travel
Compare Travel Insurance
Comprehensive Travel Insurance
Cruise Travel Insurance
Domestic Travel Insurance
Essential Travel Insurance
European Travel Insurance
Expat Travel Insurance
Family Travel Insurance
Foreign Travel Insurance
Gap Year Travel Insurance
Global Travel Insurance
Go Travel Insurance
Goldfish Travel Insurance
Golf Travel Insurance
Group Travel Insurance
Halifax Travel Insurance
Holiday Travel Insurance
Instant Travel Insurance
Insurance For Travel
Insurance International Travel
Insure And Go Travel Insurance
Insure Travel Insurance
Lloyds Travel Insurance
Long Stay Travel Insurance
Long Term Travel Insurance
Low Cost Travel Insurance
Medical Condition Travel Insurance
Multi Trip Travel Insurance
On Line Travel Insurance
One Way Travel Insurance
Over Travel Insurance
Overseas Travel Insurance
Personal Travel Insurance
Pet Travel Insurance
Planet Travel Insurance
Post Office Travel Insurance
Pregnancy Travel Insurance
QBE Travel Insurance
RBE Travel Insurance
Saga Travel Insurance
Sainsburys Travel Insurance
Select Travel Insurance
Senior Travel Insurance
Short Term Travel Insurance
Single Travel Insurance
Single Trip Travel Insurance
Ski Travel Insurance
Skiing Travel Insurance
Sports Travel Insurance
Student Travel Insurance
Tesco Travel Insurance
Travel Accident Insurance
Travel And Insurance
Travel Cancellation Insurance
Travel Car Insurance
Travel Insurances
Travel Insure
Travel Insurence
Travel Medical Insurance
Travelling Insurance
Trip Travel Insurance
Union Travel Insurance
Usa Travel Insurance
Vacation Travel Insurance
Web Insurance Travel
Which Travel Insurance
Winter Sports Travel Insurance
Winter Travel Insurance
World Travel Insurance
World Wide Travel Insurance
Worldwide Travel Insurance
Year Travel Insurance
Yearly Travel Insurance