Lloyd's Travel Insurance Review
Travel insurance was once seen as an unnecessary expense, providing little more than an extra cost when you’ve already spent thousands paying for a highly anticipated holiday. But in recent years, an increasing number of Australian travellers have become aware of the myriad benefits that travel insurance provides.
There is always potential for unexpected circumstances or events to lay waste to your holiday plans. Airlines can lose your baggage, flights can get delayed, thieves can steal your wallet and travel documents, accidents can and do happen, and unexpected illnesses can strike at any time. Without travel insurance, events such as these can put a huge dent in your finances and cause you a whole lot of stress.
However, if you take out travel insurance cover before you travel you have the financial protection you need to guarantee that unforeseen events won’t ruin your holiday. Travel insurance protects you against a host of common travel risks and gives you much-needed peace of mind when you’re out exploring the world.
Lloyd’s is a market where members form syndicates to provide insurance coverage. It underwrites a wide range of insurance policies to customers around the world, including competitive travel insurance policies.
Who is Lloyd’s?
Also known as Lloyd’s of London, Lloyd’s is an insurance market based in London’s financial district. The market has a remarkable history, being able to trace its roots back to traders looking for ship and cargo insurance in 17th-century London. Edward Lloyd’s coffeehouse became known as the best place to go if you were looking for such forms of insurance, and Lloyd’s soon grew from those humble beginnings.
As one of the oldest and most respected names in the insurance business, Lloyd’s is a marketplace where members pool their resources to insure against a range of risks. The risks Lloyd’s provide cover for are grouped into seven main categories: casualty, property, marine, energy, motor, aviation and reinsurance.
Lloyd’s Travel Insurance Australia
Under the Australian Insurance Act 1973, Lloyd’s is licensed to write insurance and reinsurance in Australia. It has been insuring Australian risks for more than 150 years and its 2013 Gross Written Premiums total of $2 billion made it the fifth largest non-life insurer in the country. As this is not an insurance company, it can only issue policies through insurance brokers.
Lloyd’s Australia Ltd was opened in 1998 and is based in Sydney. The 2011/12 Australian Risk Survey published by Aon Australia showed that Lloyd’s was the most respected insurer for large corporates over $1 billion, while it also has a strong presence in the SME market.
What Australian Travel Insurance Brands are Underwritten by Lloyd’s?
If you’re looking for travel insurance for your next trip, you may be surprised to find that four companies offer policies that are underwritten by Lloyd’s. These companies are:
- Columbus Direct was founded in the United Kingdom in 1988 and has the distinction of being one of the first companies to offer travel insurance direct to consumers. This served to cut insurance brokers out of the process and helped save customers a significant amount of money. As well as the UK, Columbus Direct also has Australian and South African offices and has provided essential financial protection for more than 15 million customers. The company opened in Australia in 2001 and has won a host of awards recognising the quality and value of its travel insurance products. Customers can choose from Single Trip cover, Annual Multi-Trip Cover, or Ski
Travel Insurance. Standard and Premier cover options are available to suit the needs and finances of a range of travellers. Customers who take out Columbus Direct travel insurance have access to a 24/7 worldwide emergency medical assistance helpline. Policies provide cover for a host of common travel risks. It’s quick to apply for and take out cover online and policies are available for people up to the age of 84. Columbus also allows you to take out cover for individuals, couples or the whole family. You can also take advantage of discounts for insuring more than one person.
- This Australian-owned company is quickly developing a reputation for offering high-quality and affordable travel insurance cover. Policies from Insure4Less are designed to be simple and straightforward to understand, enabling customers to choose the right policy for their needs as quickly as possible. The application process is quick and easy thanks to the online process and the clear policy wording. This simple approach to insurance has seen Insure4Less provide cover for more than two million travellers. The company also provides a 14-day money-back guarantee if you change your mind. Customers with this company have three cover levels to choose from: Essentials, Excel and Excel Plus. These policies are designed to meet the needs and budgets of a wide range of travellers. Insure4Less also offers a range of flexible features on its policies including cover for acts of terrorism, free cover for working overseas, and the ability to extend your cover while you are overseas. As a final benefit, the company guarantees that all valid claims will be paid within 10 working days.
- Travel Insuranz is a 100% online company, which allows it to save money on overheads and offer more affordable policies to its customers. In fact, the company’s travel insurance premiums start from less than $1 a day. Travel Insuranz is fully Australian owned and offers customers the peace of mind that comes with knowing its policies are backed by the financial strength of Lloyd’s. The company has provided essential financial protection for more than two million travellers and has paid out more than $30 million in claims. A 14-day money back guarantee is offered for customers who change their mind. Travel Insuranz also promises that all claims which are valid and fully documented will be paid within 10 working days. All policies include 24/7 medical assistance. Customers can choose from a Classic, Premier or Deluxe insurance plan to suit their needs and budget. Cover is also available for student travellers and for those planning multiple trips.
Travel Insurance Direct
- Travel Insurance Direct is another company that is 100% Australian owned. The company has insured more than one million Australians and prides itself on offering excellent and friendly customer service. Travel Insurance Direct customers can choose to take out a Single policy or a Family policy. Each of these policies provides unlimited cover for medical, hospital and ambulance costs you incur whilst overseas. The list of benefits offered on the company’s policies is quite extensive and includes the loss or damage of luggage and personal effects, travel delay, cancellation costs, additional expenses, medical evacuation, theft of cash, the theft or damage of credit cards and important travel documents, luggage delays, resuming your trip, personal liability and rental vehicle excess cover. Accidental death and total and permanent disability benefits are also offered, and those planning a skiing holiday can apply for optional snow sports cover as well.