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Post by lunebleu on Aug 2, 2015 23:44:29 GMT
I'd like to know a good insurance company that offers decent policies and service. Also I'd to know which company to avoid.
Thanks!
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Post by purvis on Aug 3, 2015 3:22:30 GMT
It depends on what country you want insurance from as each country has their own travel insurance companies.
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axl
New Member
Posts: 18
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Post by axl on Aug 3, 2015 5:00:11 GMT
Did you have a look at Owens post about travel insurance
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Post by Oz-T on Aug 3, 2015 11:05:16 GMT
Hi Lunebleu,
The choice of an insurance company for travel cover is not easily determined by a simple referral. Fortunately, most people do not suffer an insurable event so they don't have much first-hand experience with the claims process.
I describe insurance the following way: the premium you pay is important, but the risk cover is vital. For this reason, there is absolutely no alternative to having a comprehensive understanding of what you're covered for. You can get this from spending the time to read all the fine print, or you can rely upon the policy summaries or somebody's interpretations. Having a commercial law background, I'd naturally read the policy in detail, but most people wouldn't - and that introduces some element of risk. Another important consideration is that everyone is different, and a travel insurance policy that suits me might be awful for you.
My recommendation is to first narrow this down to a few reputable insurers, then compare their policy cover. The trick is to cover your large risks and not be too fazed about whether the small risks are met. For example, I would place a large emphasis on cover for medical issues (especially hospital) and not much on luggage, because we travel fairly light and it wouldn't cost a lot to replace most of our non-hand luggage belongings. Likewise, any cover relating to a rental car is useless if we're not hiring one. I might choose one insurance policy for one trip, and a different policy for another one if the risks were different.
To make this easier, ask your travel agent for their advice, and if necessary, ask other travel agents until you have a few popular policies to compare. Read their summaries first - these days insurers are supposed to summarise them in plain language. Then read through them in closer detail, then finally compare prices. Sorry, but there is no alternative to a thorough understanding of what you're paying for. In the unlikely event that you need to make a claim, you'll be thankful for researching policies carefully before deciding.
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Post by chech on Aug 3, 2015 16:51:16 GMT
And always make sure it covers air evacuation. Lacking that could put one into debt for decades. Also, credit card insurance is woefully inadequate - for medical, cancellation and interruption, it would have to be topped up.
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Post by Oz-T on Aug 4, 2015 0:37:31 GMT
And always make sure it covers air evacuation. Lacking that could put one into debt for decades. Also, credit card insurance is woefully inadequate - for medical, cancellation and interruption, it would have to be topped up. Exactly. An air evacuation is possibly the most expensive emergency cost you would ever incur - so why would you ever travel without some sort of insurance to cover it? Unlikely to ever happen? Yes, but so is your house burning down but I bet most people insure it. I have some friends who told me how a guy they know who had a heart attack whilst on a cruise to Vanuatu/New Caledonia and had to be airlifted home. The bill: $30,000. The travel insurance cover: Nil (he didn't think it was worth paying the premium). Sadly, the man died soon after being hospitalised near home. The widow not only lost her husband but is now struggling to repay the huge bill. And to think that a measly $130 insurance premium was all that was needed to cover the medical transport. I constantly have arguments with people who seriously think their travel insurance needs are ok because it's included in their credit card membership. This is a disaster waiting to happen for many people who have no idea of the risk they are taking.
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Post by chech on Aug 4, 2015 1:29:44 GMT
Exactly. I remember someone telling me about a couple on a tour who didn't buy medical insurance because "they're always careful." LOL. All I could think was that the people on the Swiss bus that had just crashed were all being careful too. Or the woman in Egypt who did buy insurance...and tripped up on a curb and broke both wrists. She had to be escorted home (cause as you can imagine, she couldn't do *anything* for herself). I recently heard about one Canadian guy who got sick in China and got air evacuated home (and recovered soon after arriving home) but because he had no medical insurance, his parents had to foot the bill. They had just retired and ended up going back to work up north to pay off the nearly $200,000 that it cost. The ironic thing is that, at least here, it's not medical insurance that is the pricey part - it's the interruption/cancellation. The month in Australia should only cost me about $100. The interruption/cancellation will likely run me about $600.
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Post by lunebleu on Aug 4, 2015 2:07:28 GMT
Hi Lunebleu, The choice of an insurance company for travel cover is not easily determined by a simple referral. Fortunately, most people do not suffer an insurable event so they don't have much first-hand experience with the claims process. I describe insurance the following way: the premium you pay is important, but the risk cover is vital. For this reason, there is absolutely no alternative to having a comprehensive understanding of what you're covered for. You can get this from spending the time to read all the fine print, or you can rely upon the policy summaries or somebody's interpretations. Having a commercial law background, I'd naturally read the policy in detail, but most people wouldn't - and that introduces some element of risk. Another important consideration is that everyone is different, and a travel insurance policy that suits me might be awful for you. My recommendation is to first narrow this down to a few reputable insurers, then compare their policy cover. The trick is to cover your large risks and not be too fazed about whether the small risks are met. For example, I would place a large emphasis on cover for medical issues (especially hospital) and not much on luggage, because we travel fairly light and it wouldn't cost a lot to replace most of our non-hand luggage belongings. Likewise, any cover relating to a rental car is useless if we're not hiring one. I might choose one insurance policy for one trip, and a different policy for another one if the risks were different. To make this easier, ask your travel agent for their advice, and if necessary, ask other travel agents until you have a few popular policies to compare. Read their summaries first - these days insurers are supposed to summarise them in plain language. Then read through them in closer detail, then finally compare prices. Sorry, but there is no alternative to a thorough understanding of what you're paying for. In the unlikely event that you need to make a claim, you'll be thankful for researching policies carefully before deciding. Thank you so much for your thorough advice on this. I've spent some time weighing the pros and cons of each polices. Some companies leave their coverage a bit vague intentionally. I've decided to skip those. I've also been reading customers' reviews. I agree with all replies to my original question. It is hard to get a feedback from those who have purchased a policy but never actually get to use it. I am hoping to receive feedback from those who (unfortunately) had to make claims.
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Post by lunebleu on Nov 8, 2015 15:04:55 GMT
I would avoid Allianz. Many travelers I met have horrible experience with this company. It's a big company that's been "partnered" with AAA and it has lots of money for advertising but very stingy when it comes to paying up the claims. They would come up with all kinds of excuses (exclusions) to not paying the claims.
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