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Going through a travel insurance PDS looking for specific limits can be time consuming and tedious, which is why we've done it for you. Below are the expensive items comprehensive policy limits for the providers on Finder. Remember that things change all the time, so make sure you read the PDS before signing up for a policy.
When people take out travel insurance, many assume that their policy will cover everything but ... do you know which of your items are covered? Or for how much? When choosing a travel insurance policy, it is crucial to understand the limits and sub-limits apply of your policy.
Your luggage is lost, stolen or damaged, you may only be covered for the repair or replacement of up to a $500 limit per item. If you’ve had your expensive laptop stolen, this cover is obviously inadequate.
You wear your $20,000 engagement ring with you everywhere you go, but your travel insurance policy only provides up to $10,000 of cover for personal items. What would happen if something were to happen to that ring while you're away? Laptops, smartphones, cameras and jewellery are typically the most expensive items most of us take on holiday, so it’s important to understand what level of cover you have in place for them. To find out the specifics, read your product disclosure statements of insurance policies and familiarise yourself with the limits and sub-limits that apply. If you find that your current policy does not offer you the level of cover you need, many insurers will allow you to purchase increased cover options for items like laptops, cameras and jewellery to allow you to top up your cover.
Compare policies for expensive items
When you consider the importance portable electronic devices play in our lives, not to mention the emotional significance attached to many items of jewellery, it's important to make sure your expensive items are protected should the worst happen. In the increasingly connected world, smartphones, tablets and expensive DSLRs accompany us just about everywhere. With this in mind, travel insurance for expensive items is crucial. Of course, it’s just as important that you make sure just how much cover you have in place, and under what circumstances you will be reimbursed when your belongings are lost or stolen.
A laptop is a must-pack travel item for many of us whenever we go on holiday, regardless of whether we’re going interstate or to the other side of the world. Not only is your laptop an important tool for staying connected, but it’s also the perfect place to view and store your travel photos and to watch TV shows and movies during those long airport waits.
Most travel insurance policies will include at least some form of cover if your laptop is lost, stolen or damaged. However, be aware of the fact that you will most likely have to pay an excess when you claim, and that there are limits to how much an insurer is willing to pay to repair or replace individual valuable items. For example, an insurer may set a maximum limit of $1,000 of cover for each individual item.
With this in mind, it might be worth your while to increase the level of cover offered for your laptop and other specified valuable items. This can be done by paying an additional premium.
Whether you’re staring spellbound at the bright lights of Manhattan or the majesty of the Taj Mahal, you’ll want to be able to create a lasting record of that moment in time - which is why a camera is an essential inclusion for many travellers. And while some digital cameras are inexpensive point-and-shoot devices, other cameras such as digital SLR devices with multiple lenses can be very costly to repair and replace.
If your camera is lost, stolen or accidentally damaged on your trip, your travel insurance policy will once again be able to provide cover for the cost of its repair or replacement. However, you’ll need to pay an excess if you make a claim and the level of cover provided can differ substantially between insurers.
Check with an insurer to find out the maximum amount they will pay for your camera and lenses, and consider the extra cost of taking out additional specified items cover if required.
Yes. Provided the value of the ring is within the maximum benefit payable under the policy, you can be covered for the value of the engagement ring. finder.com.au received an enquiry from a user looking to take a $20,000 engagement ring on his and his partners trip to Tahiti. Unfortunately, the maximum cover provided for high value items from the insurance brands on finder.com.au was $10,000 with Southern Cross Travel Insurance.
If the value of the item exceeds the limit provided under the policy, you may be required to take out separate cover to ensure it is adequately protected.
Travel insurance for cameras and laptops features a benefit limit for luggage and personal belongings, which is the maximum total amount they will pay if any of your stuff is lost, stolen or damaged on your trip. While a policy might offer a maximum benefit limit of $10,000, however, be warned that sub-limits often apply to the amount they will pay for any one item. So if an insurer limits its laptop cover to $3,000 and your $5,000 laptop is stolen while you’re overseas, you could be left out of pocket.
Next, keep in mind that there are some important exclusions that apply to travel insurance that you should be aware of. One exclusion is that your items will not be covered if you leave them unattended in a public place, while claims that arise due to your reckless behaviour or because you were under the influence of alcohol or drugs will also not be covered.
Finally, travel insurers will apply depreciation to your items when working out the amount to pay for your claim, so you might not receive as much cover as you would have expected for your treasured laptop or camera.
When examining the cover for expensive items provided by your travel insurance, you need to familiarise yourself with the limits and sub-limits. Every insurer has a maximum benefit they pay for the loss, theft or damage of your personal items, for example $10,000. However, on top of this, a per-item sub-limit also applies. For example, your policy may only pay a maximum of $500 per item. These sub-limits catch many travellers out and leave them with a very and expensive surprise. While they think they have $10,000 of cover in place for their stolen laptop, their insurer then only pays them the paltry sum of $500.
Am I covered if I leave my bag unattended? No. If you leave your luggage unattended your insurer will not pay your claim.
Say visiting relatives in the UK and they give you a new tablet as a gift for your birthday. And then on the way to the station that night you’re mugged and the tablet is stolen. Will it be covered by your travel insurance?
Yes. The good news is that travel insurance does provide cover for gifts you receive during your journey that are lost, stolen or damaged. However, you should be aware that sub-limits and maximum benefit limits apply to the amount your insurer is willing to pay, for example they may pay a maximum of $500 for tablets.
Read the PDS closely to make sure you’re aware of the cover available.
Don’t assume that your travel insurer will cover your laptop for the same amount you purchased it for a few years ago. When you make a claim for a lost, stolen or damaged item, an insurer will apply depreciation to that item to work out how much it is actually worth today. The type of item, its age and the wear and tear it has experienced will all be taken into account when you make a claim, and depreciation usually applies to laptops, cameras, mobile phones, jewellery and other valuables.
However, if you decide to pay an extra premium and take out additional cover for specified items such as laptops and cameras, in many cases your insurer will no longer apply depreciation to your items.
If you’re planning on travelling with expensive items, the simple fact of the matter is that it makes good financial sense to take out insurance cover for those items. It might mean your insurance costs a little more, but the extra cost will be worth it in the long run. Of course, it’s still entirely possible to find ways you can save plenty of money on your travel insurance.
Although the claims handling process can differ slightly between insurance providers, the general steps you’ll need to follow remain the same across the board.
Taking out travel insurance for your expensive items is something you must consider when planning a holiday, as it will give you the peace of mind to simply enjoy your travels. However, make sure to compare your options and read all the fine print before deciding on the best travel insurance* policy for your needs.
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*The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing travel insurance policies.
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