Travel insurers aren't stupid

I'm sure you know that the best way to get low prices for your holidays is to plan ahead and book early when there are promotions. Other than that, one other important thing to do is to buy travel insurance.

You can get reimbursed should have to cancel your trip for certain reasons (limited to those specified in the policy), such as you or your family member falling ill or getting hospitalised, death of family member. Note that if you want to cancel your trip because you or travel partners have a chance of plans, the insurance policy isn't going to cover that.

One friend has the misconception that if the person you are going to meet in the other country cancelled the appointment with you, you can claim insurance for that.
He also claimed that if you are late for your flight because you left the house late, you can claim insurance for missed flight and you get reimbursed if your wallet got stolen after you left it unattended on the table.

Such misconceptions are a result of not reading the policy document carefully in totality, along with all the exceptions (they can be rather hard to understand.)

"Wow, so good? Insurers can close down if they cover such things!" commented another friend sarcastically.

I tried to claim for cancelling my trip due to flood in Thailand but my claim got rejected. That reason for cancellation wasn't stated in the policy document.

Some insurers tend to pay out claims more readily than others. But it is their right to ask questions.

I booked my vacations on February this year. I had to cancel two because (1) my dad was hospitalised, and (2) because I was ill and had 7 days' medical leave.

Thankfully, my insurer reimbursed me for those trips. I recommed ACE Got-It-Covered policy which costs only $88 a year. It covers loss of cash up to $300, and recreational sports such as diving. Although the coverage is not as high as what other insurers offer, I think $88 is good value for money because I travel almost every month.


Anonymous said...

I once claimed for a pickpocket incident despite not making a police report, as I was rushing for a flight and had no idea where the nearest police station was, insurers can be quite reasonable