Travel insurance conjures up images of boring men in suits but buying insurance is a vital part of planning your holiday. Here’s a basic introduction to understanding travel insurance and how to buy it.

What does travel insurance cover?

The level of cover varies by travel insurance policy but typically travel insurance covers medical bills, theft of valuables, lost or damaged baggage, cancelled flights and interruptions to travel plans. Check the product disclosure statement for the exact cover of a particular policy.

Domestic or international?

Insurance policies covers both domestic and international travel, it’s just a matter of choosing the policy. You might not think you need insurance to travel in your own backyard but accidents can happen, baggage can be lost, and rental cars can be damaged even in Australia.

Single or multi-trip?

When buying insurance you have the option of buying insurance to cover a single trip or multi-trip insurance for a year. Single trip insurance can cover multiple destinations if it’s part of the one trip. If you’re a frequent traveller, it’s more cost effective to take out multi-trip travel insurance so you don’t need to take out insurance every time you travel. It’s valid for 12 months and provides cover for trips taken from the date of purchase. Don’t forget there is a maximum number of days per trip, and you can choose insurance that covers 30, 45 or 60 days per trip.

Check the exclusions!

Most insurance policies contain exclusions and travel insurance is no different. Typically this includes certain medical conditions, adventure sports like bungee jumping, and where you travel to destinations against government advice.

What to do when something goes wrong

Make sure you take your policy number and your insurance company’s emergency contact number with you. Retain all receipts and reports (i.e police report) to help prove your claim. For the latest Canstar ratings of the best travel insurance policies in Australia, click here.   #MakeHolidayHappen

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It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:
For more information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor.

Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan.
If you are on government benefits, ask if you can receive an advance from Centrelink.

The Australian Government’s MoneySmart Website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.