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The Importance of Travel Insurance

8th February 2017

If you’re heading overseas, you’re probably asking yourself a bunch of questions about travel insurance. So to help, we’ve taken some of the most common questions travellers ask, and answered them.

What is travel insurance, and why do I need it?


Travel insurance is there to protect your investment. Really anything in life that has value (like your health or home) is best insured against damages. And your travel is one of them!

If your plans change or you end up in trouble, it can do more than just ruin your holiday. It can actually cost you thousands – depending on whether you need emergency flights home, or immediate health care.

How can travel insurance protect my investment?

Travel insurance will often help in the event of:

  • Disruptions (like delayed flights, changing hotel bookings, returning home in the event of an emergency)
  • Natural disasters that impact your travel (or even prevent you from going)
  • Medical emergencies on your journey
  • Damage or theft of your belongings on your trip.

But, these are just the basics. Have a simple chat to a fair-dinkum travel insurance agency, and you’ll find there’s a travel insurance policy to suit absolutely any holiday plans.

What would it cost me without travel insurance?


We’ve got such a good answer to this one. It even has references.

According to the Department of Foreign Affairs and Trade (DFAT), in 2016 alone, 168,658 Aussies travelled without travel insurance and experienced an insurable event while overseas.

Apparently, consular services were provided to over 15,000 Australians last year, with 1,667 of those involving hospitalisations, 1,238 involving theft, and 76 repatriations. And every single one of those could have their costs reduced with travel insurance.

So we can’t give you an exact figure of how much it’ll cost you, because it all depends on what trouble you face. But even the smallest glitches in your journey can come to thousands of dollars, and major issues can push into the dreaded 6-digits.

If it happened to me, would I be able to afford it?

While we hope it never does, you never know when you’ll slip down some stairs in Siena. Or break your toe in Thailand. Or lose your luggage in London. And for most Australians, it’s hard to find the cash needed to resolve these issues without insurance.

If you’d like further information about travel insurance, read more about Cover-More online, or head in and chat to the FXperts at your local Travel Money Oz store.




*Source: 2015-16 Consular State of Play report issued by the Department of Trade and Foreign Affairs. ~Customer examples provided by Cover-More website ^Limits, exclusions and conditions apply. Insurance issued by Great Lakes Australia (ARBN 127 740 532, AFSL No. 318603). Any advice is general advice only. Please consider your financial situation, needs and objectives and read the Combined PDS/FSG available from us before deciding to buy this insurance.

This blog is provided for information only and does not take into consideration your objectives, financial situation or needs.  You should consider whether the information and suggestions contained in any blog entry are appropriate for you, having regard to your own objectives, financial situation and needs.  While we take reasonable care in providing the blog, we give no warranties or representations that it is complete or accurate, or is appropriate for you.  We are not liable for any loss caused, whether due to negligence or otherwise, arising from use of, or reliance on, the information and/or suggestions contained in this blog.