Travel insurance Trip-ups

In my opinion, the best personal finance pages produced in New Zealand are in the business section of the Sunday Star Times.  It is pretty much the only thing I read in that newspaper, but it is worth purchasing just for these articles.

In particular, Rob Stock produces some thought provoking and valuable articles.  I often rip them out so that I can refer to them for blog articles, and for general awareness of issues for all of us in the business.

A recent theme of Robs articles is to do with Travel insurance and being tripped up by policy and insurance wording.

There are three good articles that I want to share with you.  I suggest that you take the time to read them and be aware of the implications of these articles.  In particular, for those of you who travel, the two travel insurance articles are particularly significant.
A cautionary travel insurance tale, Sunday Star Times
Exclusions for travel for people who aren't travelling from New Zealand.  But the important thing here is to read your policy document and don't assume that you are covered.
Insurance alert for couchsurfers, Sunday Star Times
Beware of insurance traps, Sunday Star Times
This article outlines  a 'rule' that Rob has taken from the Insurance Ombudsman each year since 2000.  To summarise:

2000:  At Claims time, expect an investigator

2001: Fess up to your crimes

2002: Get permission to 'modify'

2003: They will get your medical notes

2004: Don't rely on the broker

2005: The insurer is not always right

2006: Your interpretation of your medical history may not match an insurer's

2007: Each year is a new year (with Fire and General Insurance policies)

2008: Switching brings danger

2009: You have to tell an insurer about previous claims

2010: Even relatively trivial things matter

2011: Once it's in black and white, it's gospel to an insurer

2012: Don't guess

2013: Insurers will go back a long way to avoid a claim (Moneyworks note, some insurers are far worse than others!)

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