Whether your next dream holiday is an African safari, Caribbean cruise, ski trip to the French Alps, backpacking in Thailand, sunning yourself on the beach in Barbados, or a quick budget city break, the one thing you cannot afford to skimp on is travel insurance.

If you think your holiday budget is tight now, stop for a moment to imagine what the state of your finances might be like if you left home without travel insurance and the worst happened. Suppose you contracted a tropical disease in Africa, slipped on deck or fell overboard on your cruise, got caught in a tsunami in Thailand, broke your leg skiing (or injured another skier - liability), or stepped on a stinging sea creature while paddling in tropical surf. Medical bills could leave you literally gasping in disbelief as you limp back home.

Travel insurance is one area where it is not wise to bag the cheapest policy on an internet comparison-site - or rely on the one that came free with a membership. Always delve a little deeper to ascertain the levels of cover offered with a policy. They may be adequate - but they may not.

Even the wealthiest travellers, celebrities and glitterati, take out travel insurance. They may be able to afford any unexpected costs, but most are too well advised to take such a chance.

The type of travel insurance you choose depends largely on the type of holiday, the activities you plan to participate in, and the destination. The costliest problems are usually associated with Medical Expenses, Personal Liability, and Legal Expenses. Although other aspects of insurance are important, replacing personal effects and lost luggage may be insignificant in comparison. The amount of cover for Medical Expenses and Personal Liability is usually in the millions with any policy. If you are confused or unsure about the levels of cover included, it is wise to call and obtain advice from an established company - one that you trust.

Getting injured of falling ill overseas could be potentially crippling to your long-term financial health - or put a very serious financial burden on your family. In some areas of the world, especially remote locations and island nations, you may need transfer by air to the nearest country with adequate medical facilities. One thing you can count on is that hospitals and medical facilities will not skimp when they hand over the bill for their medicine and services.

One of the most expensive scenarios might involve having a heart attack, a subsequent long-term stay in intensive care, and eventual repatriation (being transferred home) via air ambulance with a medical escort. If this happened in the U.S. the costs would be truly astronomical, potentially running into tens or hundreds of thousands.

We are talking worst-case scenarios here, and the intention is not to cause undue alarm. However, when you put the cost of your holiday package on a credit card, you know that you may still be paying for it next year. Imagine the consequences of an additional £50-100,000+ in uninsured medical costs on top of that. It would put an end to your holiday plans for many years to come. It simply is not necessary or smart to expose yourself and your family to such potential financial devastation.

If you think travel insurance is not necessary because you plan to spend all your time relaxing and sunbathing on the beach - think again! Save the skimping for your swimwear! If necessary, pay a little more for adequate insurance and buy yourself not just peace of mind, but a whole lot more cover where you may need it most!

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If you're about to head off traveling, whether it's a business trip, a beach bum holiday or a round-the-world no-holds-barred adventure, you need travel insurance. Anything can happen, and often does - looking at the annual statistics showing the thousands of travellers who get into sticky situations. It's important to know exactly what your travel insurance covers, so you know if you're getting the right cover for you.

What's Normally Included

The following areas are normally covered by travel insurance, but it's important to know to what extent. For example, if you buy certain budget options, you may well be covered for theft of property, but if your laptop is worth $2000, it's a bit pointless if your policy only covers you up to $500. You should also look at the 'excess' - this is the amount you need to pay yourself in the event of a claim, before any payments are made back to you.

o Overseas medical/hospital expenses: The amount you are covered for can differ wildly depending on which policy you opt for. If you have a pre-existing condition, the company should be aware of it, or your cover may be void.

o Overseas emergency medical assistance: As above, if travelling to countries with high healthcare costs, such as the USA, it's a good idea to have this one marked 'unlimited'.

o Luggage/Personal Effects: Consider the figure given for this - if you are travelling with particularly expensive equipment, it should be covered. This also covers travel documents.

o Accidental Death: Arguably benefiting your loved ones more than you, but worth considering.

o Permanent Disability: Most policies cover this.

o Delayed Luggage Allowance: If your clothes arrive a week after you, you might need some fresh ones.

o Personal Liability: If you cause an accident, you'll need to pay damages.

o Cash: Cover for money stolen from your person.

o Cancellation Fees and Lost Deposits: If for any (good) reason you are forced to cancel or delay your trip, such as illness or poor weather.

o Alternative Transport Expenses: such as in the event of flight cancellation

o Additional Expenses: a whole range of unforeseen circumstances can lead to you incurring extra costs.

o Hijacking: An unlikely one, but expensive policies often cover for this. If you're not worried, don't fork out for it.

o Loss of Injury: Again, some more expensive policies will cover you if you sustain an injury overseas and cannot work upon returning to Australia.

o Travel Services Provider Insolvency: In the unlikely event of your airline going bust before you have a chance to board, some policies will have you covered.

Top 5 things to look out for when choosing travel insurance

Many people find it a pain buying insurance, but make sure you don't get caught out!

1. Ensure that if you're likely to do a dangerous activity, such as paragliding or scuba diving, that you check if you're covered for it - many insurance companies hate such activities as they cost them too much money.

2. Make sure that you have enough cover. Medical costs can be huge in certain countries, while budget insurance deals can leave you paying for half of your stolen camera despite being covered. If you're carrying a lot of expensive gear, make sure you're covered for all of it. Also, check what the excess is. If you have to pay $100 and your MP3 player that accidentally went scuba diving with you was five years old already, think twice.

3. Do you have existing medical conditions? You might not be covered - so own up before to make sure.

4. Other general exclusions include acts of war, loss of property due to extreme carelessness, or self-inflicted injury.

5. And finally, make sure you are covered for the full duration of your trip - a common error is to get international dates mixed up - just because your Sydney-bound flight leaves L.A. on the 14th, doesn't mean it's still the 14th when you arrive! Last minute bungles do happen!

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