Travelling with expensive items? Get the right cover

How does travel insurance cover expensive items?

Most travel insurers offer you the option of increasing item limits under the specified items benefit. You will need to pay a little more to get this included in your policy.

Travel insurers can cover you for specified items ranging from $1,500 to $10,000. They don't typically cover you for more than $10,000.

If you don't specify you want an expensive item covered, it will be considered an unspecified item. This means you will only be covered for items up to a certain claim limit. (A claim limit is the maximum total amount of money you can claim back if something you own is lost, stolen or damaged while you're travelling.)

These limits can vary between insurers. You can find them in each brand's product disclosure statement. Here's an example of what they often look like:

• $3,000 for personal computers, video recorders or cameras
• $1,500 for mobile phones
• $1,000 for small mobile hand-held computers including tablet devices such as iPads
• $750 for any other unspecified items

Our expert says

"Travel insurers including Fast Cover and Tick can cover you for a specified item for up to $5,000. SCTI goes a little further than others – it can cover items for up to $10,000 – while others such as Cover-More simply state that 'you may be able to increase the item limit on a specific item by paying an additional premium' but doesn't say by how much."

Gary Ross Hunter

Journalist

Finder survey: What features are important to Australians when taking out travel insurance?

What isn't covered?

There are some important exclusions that apply to travel insurance that you should be aware of. These include:

• If you leave expensive items unattended in a public place.
• Items with no proof of purchase (you will need an original receipt).
• Unreported items (you must report theft or loss to the police and your travel insurance provider within 24 hours).
• Claims that arise due to your reckless behaviour.
• Claims arising because you were under the influence of alcohol or drugs.

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Frequently asked questions

• How much extra does it cost to add specified items cover?

  The cost for adding specified items cover varies significantly between insurers and depends on several factors. These include the value of the item, the type of item, your travel destination and the length of your trip. Insurers generally calculate the additional premium based on the increased risk they are taking on by covering higher value belongings. You will usually see the additional cost when you get a quote and select the option to specify an item.

• Is there a limit to the number of expensive items I can specify on my policy?

  While most insurers allow you to specify multiple expensive items, there is often an overall limit to the total value of all specified items you can cover under a single policy. Each insurer will have their own specific terms and conditions regarding the number of items or the aggregate value.

• What documentation do I need to specify an item or make a claim?

  To specify an item for cover, you will generally need to provide proof of ownership and its value. This typically includes an original receipt or a valuation certificate for items like jewellery. If you need to make a claim, this documentation is essential. Insurers will require proof of purchase, such as original receipts, bank statements or warranty cards, to verify the item's value and your ownership. For jewellery or high value art, a professional valuation report may also be necessary. Keeping digital copies of these documents is a good idea.

• What if my item is worth more than the maximum specified limit offered?

  If your item's value exceeds the maximum specified item limit offered by a travel insurer, you will not be able to fully cover it under a standard travel insurance policy. For example if an insurer offers a maximum of $10,000 cover for a single specified item and your item is worth $15,000, you would only be covered up to the $10,000 limit. The remaining $5,000 would not be insured.

• Can I add specified items cover to my travel insurance after I have purchased the policy?

  Some insurers may allow you to amend your policy to add specified items after purchase, but this is not always guaranteed and may incur an administrative fee. There might also be a waiting period before the new cover takes effect. Always contact your insurer directly as soon as possible if you need to make any changes to your policy after it has been issued.

• Does my home and contents insurance cover expensive items when I travel overseas?

  Some home and contents insurance policies offer limited cover for personal belongings while you are temporarily away from your home, including overseas travel. However this cover is often restricted to a lower value than your travel insurance policy and may have specific exclusions or higher excesses. It might only cover specific perils like theft from a hotel safe, not accidental damage. It is crucial to check your home and contents policy wording carefully or contact your insurer to understand the extent of any overseas cover. Travel insurance is typically designed to provide more comprehensive protection for your belongings while you are travelling.

• Are items like sporting equipment or musical instruments considered expensive items?

  Yes sporting equipment and musical instruments can certainly be considered expensive items for travel insurance purposes. Many individuals travel with high value bicycles, golf clubs, surfboards skis, guitars or violins. Like other valuable belongings these items may fall under a general luggage limit if not specified. If they exceed the unspecified item limit you would need to add them as specified items to ensure adequate cover. Some insurers also offer specialised cover for specific activities such as winter sports cover which might include higher limits for skiing or snowboarding equipment. Always declare these items and activities when getting a quote.

• Can I specify my mobile phone for a higher cover limit?

  Most travel insurance policies provide some basic cover for mobile phones under the general luggage or unspecified items benefit, but it might not cover the full replacement cost. If your mobile phone is particularly expensive and its value exceeds the standard unspecified item limit, many insurers will allow you to specify it. This means you pay an additional premium to increase its individual cover limit up to a higher maximum. Always check with your chosen insurer if specifying your mobile phone is an option and what the maximum cover limit for it would be.

Sources

Written by

Gary Ross Hunter

Journalist

Gary Ross Hunter has over 6 years of expertise writing about insurance, including life, health, home, and car insurance. Having reviewed hundreds of product disclosure statements and published over 800 articles, he loves simplifying complex insurance topics for everyday readers. Gary has contributed to major outlets like Yahoo Finance, The Sydney Morning Herald, and news.com.au, and holds a Bachelor of Arts (Honours) in English Literature from the University of Glasgow, along with a Tier 2 General Advice certification, ensuring his work adheres to ASIC’s RG146 standards. See full bio

Gary Ross's expertise

Gary Ross has written 558 Finder guides across topics including:

• Health, home, life, car, pet and travel insurance
• Managing the cost of living