When you’re a student, squeezing the most out of every cent is crucial. This becomes even more important when saving for holidays. So, you can imagine the reaction any student would have when booking a holiday when asked to fork out more of their hard-earned money on travel insurance.
We understand that many students may not want to buy travel insurance. In fact, young travellers aged 18-24 were the most likely age group to travel overseas with no travel insurance, according to Smart Traveller.
But you should know that many things can go wrong – even on well-planned trips – and paying a little bit now may ensure you still have money leftover when you return from your journey.
Here are a few reasons to change your mind about travel cover. Please note: the extent of your coverage will vary from policy to policy.
* Figures sourced from Compare the Market’s website in August 2017
Essentially, if you can afford the cost of accommodation, flights, food and activities for your holiday; you can afford insurance too. If you’re concerned that travel insurers ‘don’t pay’, keep in mind that roughly 90% of travel insurance claims were paid out in 2012-2013 – of more than 200,000 claims. Unpaid claims were usually denied because the person tried to claim for losses they weren’t insured for, which is why it pays to carefully read your policy before taking off.
Get travel insurance before you leave on your trip. That way, if you have to cancel your flights at the very last minute (e.g. if you get sick), you could recover some of your money.
If you’re organising a trip for a group of students who all need the same level of cover, you’re in luck. You can take out group travel insurance that will cover the entire party of travellers (exclusions permitting). So, why do this?
Read more about group travel insurance policies.
Travel insurance doesn’t cost a fortune. The cost varies based on how much coverage you want. Most travel insurance providers offer comprehensive cover, basic cover, and many options in between. This allows you to match your cover to the type of holiday you are on.
For example, if you want to do some more risky activities like skiing or snorkelling, you may have to pay a little extra for your policy. Your policy cost is also influenced by your age, where you’re travelling to, how long you are staying, when you are travelling, when you’re departing, and whether you need cover for pre-existing medical conditions, etc.
So, if you could find a better price by comparing different providers against one another, why not give it a try?
We’ve gathered information for anyone needing travel insurance (e.g. families, adventurers).