Guest Post: Richard Laycock, Insurance expert at Finder, shares his tips on putting more money in the bank before you move overseas.
Around 1 million Aussies have made the decision to pack up their lives Down Under and move overseas. Many of us make this move to pursue new work and study opportunities, to be closer to family or just to make a fresh start where no one knows our name. Whatever your reason for moving, being properly prepared can make it all the more enjoyable.
Organising your travel insurance before you jet off should be a priority for all budding expats. Knowing that you are covered in case things go wrong will give you greater peace of mind. So what do you need to know about travel insurance before moving overseas?
One-way insurance policy
If you’re planning on travelling overseas and aren’t sure how long you’ll be gone for, then one-way travel insurance is a necessity. This covers you in the same way as standard travel insurance, but it doesn’t require a return date and allows you to make a claim without returning to Australia.
Do your research and make sure you select a policy that will provide you with the level of cover that you need for the whole time you’re there. Comparing providers is a great way to guarantee that you get the best coverage at the best price. If you’re moving internationally for your job, ask your employer if they will provide insurance for you, to make sure you’re not purchasing unnecessary cover.
What am I covered for?
While one-way travel insurance varies among providers and policies, there are a few basic inclusions that you should not leave Australia without. Even if you have Medicare or private health insurance in Australia, this will not cover any medical expenses that you incur overseas (unless you go somewhere with a reciprocal healthcare agreement, like England). Look for a policy that will cover all of your medical expenses and give you access to a 24/7 emergency assistance line. Coverage for the cost of cancellations and lost or stolen luggage is also important. You should also look for a policy that covers you for the cost of additional expenses that arise from unforeseen circumstances and ensure that you have personal liability coverage, in case you accidentally cause harm to a third party.
What’s not covered?
If you act negligently or unlawfully and need to make an insurance claim as a result, there’s a chance that your policy won’t protect you. Keeping your personal items with you at all times is also important, as your policy usually won’t cover you for theft if you leave your belongings unattended. Being under the influence of drugs and alcohol and participating in high-risk activities may also prevent you from making a claim. This makes it all the more important to keep your wits about you while overseas.
What else do I need to know?
Booking a one way plane ticket doesn’t mean that you can leave all your problems behind. Problems can sometimes arise while travelling, which makes the need for travel insurance absolutely essential before jetting off on your next adventure.
You may need to have emergency funds available for instant access while your travel claim is in being approved. It is therefore a good idea to send some funds to a local bank account of the country you’re moving to before you go.
For instance, if you’re moving to the UK, companies like WorkGateways will assist you in setting up a bank account before you arrive.
To transfer your funds to your overseas bank account, use international money transfer specialists, like WorldFirst, and have more of your money be transferred across.
Up to seven times cheaper than the Big 4 Banks, WorldFirst don’t charge any fees on international money transfers and offer competitive exchange rates.
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