Money hack: Beating the Bali travel insurance volcano embargo
Important:Travel insurance rules continue to change as a result of the coronavirus pandemic. We’re working hard to keep up and make sure our guides are up to date, however some information may not be accurate during the pandemic. It’s even more important to double-check all details that matter to you before taking out cover. Please know that some policies may not be available through Finder at this time. Here are some helpful tips:
- If you're buying a policy today, it's unlikely that you'll be covered for any coronavirus-related claims
- If your travel plans go against government advice, your policy will most likely be voided and you won't be covered
Cover-More's Cancel-For-Any-Reason can cover you.
Bali has long been a favourite holiday destination for Aussie travellers and it seems as if Mt Agung has been erupting/threatening to erupt/emitting ash clouds for as long as we've been travelling there. Yep, that pesky volcano has been interrupting the travel plans of many Australians for almost an entire year straight.
Making matters worse is that since Mt Agung has been a threat for the better part of a year, travel insurers have been reluctant to offer cover. That is, until now.
If you're planning a trip to Bali, you might want to book it through a travel agent that is partnered with Cover-More, as Cover-More is offering cover for travel interruptions caused by Mt Agung.
Now, I know what you're thinking: "Who books a holiday using a travel agent? Wait, do travel agents even still exist?" The answers to these questions being: yes they do, and sometimes they're helpful – for instance, if you want to have cover for Mt Agung.
Cover-More launched an Australian first Cancel-For-Any-Reason (CFAR) policy in April 2018, which will provide you with cover if your travel plans to Bali are disrupted by volcanic activity. These policies are available exclusively through Cover-More’s agency partners and "are the only travel agencies in Australia able to provide the CFAR travel insurance benefit to their customers".
“Thousands of Australian travellers who’ve booked holidays to Bali are worried and stressed Mt Agung may ruin their travel plans, but our new comprehensive policies mean they can plan their Bali holiday and, if the volcano remains active, cancel and rebook new travel or get a refund so they can travel at another time,” said Cover-More general manager for sales and marketing Mike Stein in a statement.
To have cover for Mt Agung activity you'll need to make sure that when you book your trip through the agent, you take out the CFAR cover within seven days of paying for your holiday. To make an eligible claim, you'll also have to cancel your trip at least seven days before you're due to depart. If all goes well, you'll be able to claim up to 75% of the non-refundable portion of your trip, which is better than a kick in the pants.
finder money hacks is a bi-weekly round-up of the latest tips and tricks to improve your finances. Check back every Wednesday and Saturday for new hacks.
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