Leisure Travel Insurance explained

Leisure Travel Insurance explained

Leisure Travel Insurance explained

It has become much easier for us to travel around the world, but there are risks that we need to be aware of, that can cost us dearly and impact the rest of our lives. Many of these risks can be protected with a broad insurance coverage we call Leisure Travel Insurance. We can insure that one off trip. You can also find this cover already included in many Corporate Travel Policies, that are annual renewable policies for regular business travellers. They often include partners or family accompanying them and the odd personal trip as part of the cover. However, for the rest of us, we often have to take out our own personal cover.

What does it cover?

These are typical sections you can find in many policies. However, the limits do vary and can also be tailored to suit your particular needs:

  • Death & Capital Benefits
  • Weekly Accident benefit 85% of Salary
  • Overseas Medical Expenses Unlimited for 12 months
  • Additional Expenses
  • Baggage
  • Money (cash)
  • Loss of Deposits
  • Kidnap & Ransom
  • Hire Car Excess Expenses
  • Personal Liability
  • Security Evacuation Cover
Why do you need it?

If you are overseas and you are involved in a car accident or taken ill suddenly, yes you may be taken to a hospital to be treated, but this is not free. The hospital will want to be paid for the treatment given. In some parts of the world, these costs are astronomical and will insist on payment upfront before they incur further expenses. If you are fit enough to travel home, you still may need special assistance to be brought home. Repatriation costs are also not cheap. Can you or your family afford this? What if you become ill after booking your trip but have not yet travelled? Being indemnified for Loss of Deposits will assist in getting that money back so you can afford to book at a later date rather than lose it. There is the real risk of kidnap and ransom in many countries. The Australian Government will not pay your ransom. If you end up dying, who will pay to bring back your body to Australia, or even the funeral expenses to be buried overseas? Then there are the risks of baggage being lost or stolen. How do you replace it? If you se your travel money, you may nothing left for the rest of the trip. Then there are the other issues like paying an excess on the car hire following an accident or having your money stolen.

Who can help?

CPR can provide advice and assistance in this area of cover. You need to be aware of the limitations of these covers, particularly if a mature age traveller or if you have pre-existing medical conditions. Some insurers cater better for these than others even though they all have one thing in common, you must be medically fit and cleared by your medical practitioner to travel. We can help you with the fine print.  

General Advice Warning This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

Robert Cooper, CPR Insurance Services

Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Robert Cooper.

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