"If you can't afford travel insurance you can't afford to travel"
Fortunately, studying overseas doesn't come with the same level of risk as, for example, heli-skiing. But that's not the point.
Over the years we at AIM Overseas have had our share of bad luck whilst travelling: lost bags, travel delays, trips to doctors (but thankfully not hospital yet), stolen cameras, lost travellers cheques and more. We certainly wouldn't say that we've been unlucky 0n our travels - far from it - but it's just the reality of being out there in the wide open world is that things sometime do go wrong.
Fortunately we've also never had a major incident with a student on one of our programs, but in our past lives working in university student exchange programs we did come across broken legs, burst eardrums, stolen bags and cash, car crashes and other calamities.
And that's why comprensive travel insurance is absolutely crucial each and every time you go travelling. Because sometimes things do go wrong.
So here's a few words about travel insurance.
1. Travel Insurance: ALWAYS BUY IT ONLINE
The first thing we say is always buy your travel insurance online. Every travel agent, both ones sitting in an office or online sites, will always try to sell you an insurance policy. That's because travel insurance companies pay travel agents big premiums which push up the price of your policy.
You can buy the same policy online for as much as 40% less than what an agent will sell it for.
Travel insurance policies online are exactly the same as the ones as you'll get for an agent. You'll get the same service from an online site than you will from a travel agent - so be sure to buy it online and save yourself the money!
2. Good online travel insurance policies
Below are some links to various travel insurance policies that you can buy online. These are sites we have used before and trust to provide comprehensive policies at a great price.
Students on AIM Overseas programs are required to show proof of travel insurance once their final program fee has been paid.
3. What you should look for in a travel insurance policy
Travel insurance policies can be very similar, often the difference is just in the total amount of coverage provided.
Policies normally vary in terms of price and coverage depending on the region you are travelling to - Asia tends to be the least expensive, North America the most expensive.
Regardless, a comprehensive policy should include:
- Medical expenses - a great policy will include unlimited medical coverage
- Repatriation - this is to cover the cost of bringing you back to Australia if you get seriously sick or hurt overseas, or the repatriation of your remains in the event you died whilst abroad
- Travel expenses - things like lost/stolen luggage, travel delays, reimbursement of travel costs for cancelled travel etc. Minimum coverage for this should be around $5,000-10,000. A good policy will also pay for the loss of laptops and cameras up to a few thousand dollars. The best policies will coverage the loss of cash (up to a few hundred dollars)
- Legal liability - Up to a few million dollars worth of legal costs if you get yourself into real strife with the law, or get sued for something.
4. Final words
- Always read the Product Description Statement (PDS) so you know exactly what you're covered for before buying the policy.
- Check that the policy covers any pre-existing conditions you might have.
- Make sure your policy will cover you if you are intending to do any 'risk' sports or adventures - like skiing, climbing mountains, whitewater rafting etc
- Check the refund policy and make sure you're happy with it.
- Always carry a copy of the emergency contact card and your policy details with you when you travel.
- If something does happen to you overseas, make sure you keep as much documentation as you can about the incident - police reports, reports from airlines, doctors reports (including a description of what was wrong with you), tickets and booking confirmations etc. The more evidence you've got the better.
- If something major goes wrong, do not hesitate to contact the Emergency Contact number that every good travel insurance product will provide you with.
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