The examination session is well underway, but three months of quarantine has made everyone yearn oh so much for the upcoming summer vacation. For this reason, Michal Czaplicki – a student of the interdisciplinary “Insurance” field at the University of Gdansk – will present some tips regarding travel insurance. What should you look out for? What to focus on when shifting through the heavy volumes of the insurance agreement?

Here is a small insurance FAQ “from Student to Students… and much more!”

When leaving for summer vacation, we wish to rest and unwind, not stress over the fact that we are not properly insured against the effects of random, unfortunate events. The solution to this issue lays in signing a travel insurance agreement, which are most often offered in an insurance package.

Such package can include the following insurances:

👉 Medical expenses abroad

Such insurance forms the basis of the insurance package when leaving abroad. It covers expenses of post-accident treatment or expenses related to illness. When choosing the amount of the sum insured, we must consider the costs of medical services in the countries where we will be located - and they can be much higher than in Poland.

We must keep in mind the pessimistic scenarios, in order not to be forced into additional service or medication payments. It is also important to check the specific cost amounts covered by the insurer, in order to avoid those ourselves.

We must consider any pre-existing conditions and make sure that they have been covered. This may have a big impact on the insurance premium.

It is worth mentioning that when leaving for UE/EFTA countries, we are eligible for a EKUZ card. With it, we will be able to receive medical treatment same as the citizens of the countries in which we are located – based on the same rules as the public health insurance for that country. In addition, one should consider private health insurance, as the each country differs in the way public health service functions. One can be faced with additional costs; for example, being charged for ambulance transportation or hospital meals. One may be faced with paying an “advance” for the medical expenses, or to cover them from their own packet and later be “reimbursed” by public funds.

👉 Consequences of accidents

Generally, one of the basic inclusions in travel insurance when spending vacations both in-country as well as abroad. As opposed to covering medical expenses abroad, the payment is considered as a benefit, not compensation. In practice, it simply means that the more you pay for insurance, the more benefit you will collect in case of an accident.

A common practice among insurers is to determine the percentage of damage to health we have suffered in relation to a given type of accident and pay an analogous amount corresponding to the percentage of the sum insured. The main factor for the insurer to estimate the premium will be what sports we intend to practice whilst on vacation.

It bears remembering that if we have signed another long-term insurance plan – i.e. the university NNW insurance – we are eligible for receiving benefits from both plans. It does not, however, cover the compensation of costs of medical expenses.

👉 Travel insurance

Travel assistance usually includes a wide range of services that we can receive under insurance, such as: costs of the rescue operation, organization of a substitute means of transport, accommodation costs in the event of bankruptcy of the travel agency, coverage of the costs of stay / transport of the injured person’s loved ones, etc. Some of those are separated as different insurances with varying cost amounts to choose from, so it is important to check all the options offered by the insurer.

👉 Third party insurance

Extending the scope of travel insurance to third party insurance is important, as we are not able to predict whether our actions may cause harm to someone during vacation. It may proved crucial in situations such as a family trip, where parents must remain vigilant over children. In addition, we must remember that members of other cultures may prove more demanding, especially towards tourists.

👉 Luggage, sports equipment

The insurance covers theft, loss and damaging of luggage and sports equipment. Physical cash carried in luggage will most often not be covered under such insurance.

👉 In case of resigning from travel

This insurance covers costs of travel preparations, such as cancelling an advance to the travel agency if resigning due to force majeure. One must provide a suitable explanation in such case.

📞The insurer will often require us to, in case of an emergency, contact him through the so called alarm center.

Despite it seeming like an inconvenience, it is the objective of such centers to provide us with the help agreed in the insurance agreement.

🚙 When traveling by car, we must check whether we require an additional motor insurance. For example, traveling through certain countries of Eastern Europe and Balkans will require a Green Card, which is the equivalent of third party insurance in the EU.

🏠 In addition, prior to our journey, we might invest in home insurance, car insurance or insurance against theft. We must remember, however, that even with proper insurance, we must carefully secure our home and car. The insurer may refuse compensation if the precautions specified in the agreement have not been met.

Therefore, it is important to carefully read the Terms of Agreement. It will help us with choosing the insurance which is best suited for our needs.

Michał Czapicki

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Wish to learn more? Want to make it your job? Recently, we have learned how important it is to be insured in all the areas of life and market. Insurance has helped many a company to survive the pandemic. They have, however, been the source of many problems which will, eventually, have to be faced…

The market is still awaiting specialists, which is why the University of Gdansk has introduced the “Insurance”, an interdisciplinary field of study in the II degree. Sounds visionary, does it not? Is a career guaranteed, following graduation? The diploma exempts you from the insurance broker exam. Considering that the standard exam is failed by 80% of those undertaking it, you cannot miss this opportunity.

#studiujubezpieczenia

Translation: Adam Myzyk