Travelling is food for the soul! Being out of your comfort zone, embracing new cultures and, of course, trying exotic foods can be exciting. But even without being amid a pandemic, travelling can be risky. There is always the risk of running over budget due to a cancelled flight, losing your luggage or falling sick. Luckily, travel insurance can financially safeguard you from these unforeseen expenses, so you can continue to enjoy your trip.
Bryte Insurance
Pentravel
Insure My Trip
Allianz
Old Mutual
Chubb
Hollard
Santam
There are many travel insurance policies on the market for travellers from South Africa. Each one has its benefits, drawbacks and specific terms and conditions. Ideally, it is best to begin researching potential travel insurance policies whilst you are still in the planning stage of your itinerary.
Here at BudgetGist, we understand that hunting down quotes for the best travel insurance is not an exciting start to your holiday. So, we've compiled a handy guide to help you navigate your way through all the technical jargon and find a travel insurance policy that suits you. That’s why we pride ourselves on being South Africa’s information hub for all things related to finance and money.
For many people travelling abroad, there is often no support system in the event of financial or medical emergencies. What's more is that you may find yourself battling with language barriers, unfavourable exchange rates, and unfamiliar systems of doing things. Travel insurance can be a lifesaver in the event of a financial or medical emergency!
Your travel insurance can financially protect you if your flight is cancelled by your airline. Your insurer may refund you the cost of your tickets. In addition, you may be compensated if your luggage gets lost or stolen.
Losing your luggage is a nightmare, but losing important legal documents like your South African ID card or passport is even worse! Your insurer should cover the cost of replacement documents and may even guide you through the process of obtaining new or temporary legal documents while abroad.
Some insurers may cover covid-19 related costs. This includes the cost of quarantining in a hotel upon arrival, covid testing, emergency medical assistance, and cancellations. This may come as a separate policy so be sure to ask your broker about whether covid related costs are covered in your policy.
Finally, if your trip is cut short for whatever reason your insurer will reimburse you for the portion of the trip you missed. Your trip being cut short is known as curtailment and can occur for several reasons such as you or a family member falling ill, sudden death or disability.
Business travel insurance can be taken out by individuals or companies on behalf of their employees who are frequent local or global travellers. Insurance companies that offer business travel insurance include Old Mutual and TIC.
There are two types of business travel insurance: administrative and industrial. The main difference between these insurance policies is that business administrative insurance does not cover you if you perform manual labour, while industrial does.
We've mentioned that you should not leave finding travel insurance until after you've planned out your trip. This is because some insurers may not cover you if you are travelling to high-risk countries or regions.
Some countries and regions of the world are more dangerous to travel to than others. These regions may include war-torn countries, countries that are experiencing civil unrest, natural disasters, and terrorist attacks. Importantly, this list may extend to countries that are deemed a high travel risk in terms of catching covid-19.
Additionally, you may not be covered if you engage in high-risk activities on your trip. These activities could include sky-diving, mountain climbing, and skiing. However, some insurance companies offer high-risk cover as an addition to your travel insurance policy.
It is worth mentioning that some insurers may turn down your application if you are deemed a high-risk traveller, meaning you have pre-existing medical conditions. You are also not covered for all types of medical care, and may not be covered at all if your injuries are alcohol-related.
You can begin looking for travel insurance after planning out the rough details of your trip. These details include where you want to go, who will be joining you and what activities you will be partaking in. This will allow you to make a list of everything you should be looking for in a travel insurance policy. Using a website, like BudgetGist can help you narrow down the choices and pick the right travel insurance company.
Popular travel insurance companies for South African travellers include Holland, Chubb, and AIG. Banks, such as Absa Bank and Standard Bank, also offer travel insurance policies.
Be sure to ask your broker to explain exactly what is covered by your policy, as well as any terms and conditions you do not fully understand. Look out for travel insurance packages that may be tailored towards your particular situation, for example, covid-19 travel insurance, business travel insurance, and international travel insurance.
It's also important to ask your broker about the claims process and the situations in which your insurance company should be immediately contacted. Your insurer may ask to be contacted before you undergo emergency medical procedures, hospitalisation, or if you receive a positive covid test result.
When putting forward a claim you may require proof of your expenses, for example, proof that you paid for a flight that got cancelled. Therefore, it is wise to file all your travel-related bills away or keep them in a safe place until your claim has been approved.
Having a financial or medical emergency whilst in a foreign country can be terrifying. Luckily, there are plenty of excellent travel insurance options available for South African travellers. BudgetGist is here to help you find the ideal solution to any financial problem. We are South Africa's information hub for all things related to finance and money.
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