Travel Insurance: which type do you need?

Travel insurance is a must for anyone going on holiday or overseas. There are many different types of cover available, with some of the main ones being:

Trip cancellation cover
This type of insurance provides cover in the event that your trip is cancelled or interrupted. This coverage is generally meant for illness, injury or death of an immediate family member that is preventing you from travelling. Most policies do not cover your trip being cancelled in the event of war, political turmoil or changes in your own financial situation.

Medical cover
Medical travel insurance policies cover medical expenses incurred because of injury or illness while on holiday. Medical evacuation coverage will cover your costs in the event that you need to be transported to a hospital. This is recommended for those travelling to remote areas as you may require a helicopter and this can be very expensive. This is often included in medical coverage but can also be purchased as a stand alone policy. When buying a medical policy, it is important to check rules for pre existing conditions and age limits.

Frequent traveller cover
Some insurers provide cover for frequent travellers. This is comprehensive cover for multiple business and leisure journeys. These are normally sold as annual policies. Periods for each trip range from around 30 days to 90 days.

Budget cover
Budget policies are designed for backpackers or those travelling on a tight budget. It is a relatively basic product that provides medical and repatriation cover for Australians travelling overseas.