Few travellers these days, whether they’re heading off on a lengthy overseas trip or just a quick getaway, set off without a cache of expensive electronic items in tow. But many forget to organise travel insurance for laptops and other items.
Unfortunately, the greater the number of valuable belongings you take with you on holiday, the more you stand to lose if you’re not sufficiently covered by insurance.
If you’re packing an iPhone, laptop, camera or other expensive electronic gear, it’s worthwhile checking your travel insurance policy – particularly in regard to the amount of excess that applies before you qualify for a payout.
Policies may cover you for thousands of dollars in lost or damaged items, but you will most likely have to cover the first part of the cost yourself. For example, if you lose a camera worth $1000, chances are you will have to pay a few hundred dollars in excess to claim back repairs or replacement.
Similarly, if your loss is below the level of excess for a claim, you’re not eligible for any reimbursement.
There may be limits on payments for individual items, meaning you might only get back a fraction of the value of your possessions if your policy doesn’t match the value of the items carried. Different providers offer different caps on individual items so you should not overlook these details when deciding on a policy.
Also, while general baggage can be covered for theft from locked areas (car boots, lockers etc.), some policies won’t provide travel insurance for laptops, iPads or mobile phones if they are simply left out in the open.
The popularity of portable electronic devices in recent years (especially with younger travellers) not only increases the risk of theft, but can easily take the value of your luggage over your travel insurance cap. So when you start buying those shiny new toys for your upcoming trip, it’s worth taking the time to re-evaluate your travel insurance cover too.
This is general advice only and does not take into account your individual needs, objectives or financial situation. Before you buy any policy, make sure you read the product disclosure statement.