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

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
Finder's insurance and innovations editor

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

• Can I get travel insurance for an engagement ring?

  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 received an enquiry from a user looking to take a $20,000 engagement ring on his and his partner's trip to Tahiti. Unfortunately, the maximum cover provided for high-value items from the insurance brands on Finder was $10,000 with Southern Cross Travel Insurance.

  If the value of the item exceeds the limit provided under the policy, you may be need to take out separate cover to ensure it is adequately protected.

• Are cameras covered by travel insurance?

  Yes. Your travel insurance policy will be able to provide cover for the cost of its repair or replacement if your camera is lost, stolen or accidentally damaged on your trip. However, you'll need to pay an excess if you make a claim and the claim limit (the cap on how much the insurer will pay you) differs between providers.

  Check with an insurer to find out the maximum amount they will pay for your camera and lenses. If your camera is worth more than $3,000, you will probably need to add on specified items cover.

• Are laptops covered by travel insurance?

  Yes. Most travel insurance policies will include at least some form of cover if your laptop is lost, stolen or damaged.

  However, you will most likely have to pay an excess when you claim. Insurers will also have a limit on how much they are willing to pay to repair or replace individual valuable items – often between $1,000 and $3,000.

  If you have an expensive laptop, 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.

Sources

1. CoverMore PDS (accessed August 2023)
2. Fast Cover PDS (accessed August 2023)
3. SCTI PDS (accessed August 2023)
4. Tick PDS (accessed August 2023)