Many Kiwis Buying Travel Insurance Too Late

Warehouse Money Data Shows Many Kiwis Buying Travel Insurance Too Late

With winter here and school holidays approaching, many of us are rushing to book overseas holidays – but Warehouse Money is cautioning Kiwis not to leave buying their travel insurance to the last minute.

On average Kiwis buy their travel insurance within 1-7 days of leaving for their well-earned holiday. But what they don’t realise is that it’s also possible they’ll need to claim on their travel insurance before heading off on holiday and not just when they are actually on holiday.

Warehouse Money Travel Insurance data showed that in the past six months, 44% of travellers who bought Warehouse Money Travel Insurance bought it within seven days of travelling, with a staggering 15% buying their travel insurance either the day before, or even the day of, their intended travel.

“What people should be aware of is that most comprehensive travel insurance policies provide cover not just for things that might go wrong during time out of the country, but also for the myriad of very real things that can occur before leaving,” says Hadyn Halls, Executive General Manager for Warehouse Money.

“Things such as a death in the family, a close family member falling ill, or even suffering a broken leg or something similar. These sorts of things do happen and can prevent travel – which may then leave you out of pocket. Unless you have comprehensive travel insurance already in place.”

With so many Kiwis currently booking a winter holiday away or making plans for school holiday trips overseas, Halls is encouraging Kiwis to think travel insurance soon after they book their travel and accommodation.

What is key to remember, he says, is that whether you get your travel insurance one day, one week or several months before you head away should make no difference to the cost – with most providers. Yet it can be an absolute saviour if something does go wrong – with travel insurance often able to recoup the majority of your unrecoverable travel costs.

“It’s really a no-brainer,” says Halls. “Some of us buy our air tickets and accommodation months out from travelling so Kiwis would certainly be doing themselves and their families a big favour by not leaving their purchase of travel insurance to the last minute.

Most comprehensive policies, such as Warehouse Money’s Comprehensive Travel Insurance, include cancellation cover – which covers cancelled flights and transport, cancelled accommodation or even pre-paid holiday activities. Page 2 of 2

Depending on the type of fare or deal purchased, travel companies may often only refund part – and sometimes none – of travel costs in the event you have to cancel. If a 50% deposit has been paid, this can hurt, particularly if the deposit is non-refundable. But with a comprehensive travel insurance policy already in place, customers may be able to recover the deposit so they are not out of pocket – subject, of course, to any excesses that may apply.

Halls also points out that more and more flight and accommodation deals are being sold in flash sales by travel and accommodation providers, and also on a growing number of daily deal sites. Often these purchases are non-refundable which can leave Kiwis out of pocket unless they have travel insurance.

Ultimately, Kiwis don’t need to take chances with their travel says Halls.

“For a start, travel insurance is normally quite affordable relative to the benefits it can provide. And for something that can be as simple as a quick online purchase or phone conversation, it could really save the day.”

ENDS

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