Tom Becker is a personal finance expert, but he has spent as much time as financially possible travelling around the world to his favourite cities. He is a writer for a popular Australian insurance comparison website which compares everything from single trip insurance to travel insurance for families and annual insurance for business travellers online.
5 Benefits Offered by Annual Travel Insurance
If you're an Australian considering foreign travel, or even someone who travels regularly, travel insurance is a product that can help take some of the worry out of your trip. It's not uncommon for travellers to experience medical emergencies, accidents, or thefts while abroad. If you are one of the unfortunate ones, such things could end up being quite costly.Protection against liabilityTravel insurance is specifically designed to protect the traveler against personal liability in such cases. For example, if you were visiting the United States and were involved in a serious car accident, your medical costs could climb into the hundreds of thousands of dollars. Without travel insurance you may be forced to liquidate other assets to pay the bills. Imagine the pain and suffering of bodily injury compounded by the knowledge that you'll have to sell the family home to pay the debt!Cover for valuablesMedical emergencies are not the only reason to purchase travel insurance. You will have valuables with you on your trip, as well as cash assets and credit cards. If these are lost or stolen, you may be stranded in a foreign land with no financial means. You would also face the cost of replacing the stolen camera, the lost watch, or the company mobile phone when you finally make it home.Think about annual travel coverFor those who travel frequently, an annual policy could be the best option. Most have reasonable premiums in relation to the amount of coverage, and they will be valid for a full one-year period. Of course, there are policies for shorter terms and individual trips, but the annual policy makes more financial sense if you'll be traveling more than once or twice in a year. Some companies even offer customized insurance products for those going on a cruise, for backpackers and campers, and even those participating in extreme sports. If you're leaving the country for a visit elsewhere, a policy can be found to suit your needs.Comparison reaps rewardsAs with any insurance product, make sure you do the research so you get appropriate coverage at the best price. Compare companies, coverage limits, rates, and conditions. And by all means, seek the advice of trusted friends or relatives who may have already purchased travel insurance. They may have personal experience that would be helpful in steering you to a specific company or policy.The best deals are onlineTo find a good travel insurance policy, all you need is internet access and a telephone. You can search the internet for annual travel insurance and compare what individual companies are offering. Once you find a few that appeal to you, call them and get all the details. When you find the right policy, you'll be able to travel abroad with the peace of mind that comes from knowing you're protected.