Transit Insurance: An Assurance In Mobility

The transit and mobility sector has turned upside down by the catastrophe of Covid-19. The travel and transit industry in Australia has been struggling to handle the impacts of the pandemic. Bamboozled with changing policies on a quotidian basis, transit insurance policy companies are recording an influx of questions and inquiries regarding the movement of their belongings.

Some insurance policies do not provide coverage for the cost of damaged or lost possessions. While moving leaves the belongings exposed to a variety of potential problems, it is important to fortify the goods from potential abuse in the future, and transit insurance can be a good avenue to consider.

What is Transit Assurance?

Transit insurance provides financial aid for your possessions if the belongings are damaged or lost while transitioning from the pick-up point to the destination, within Australia or overseas.

Transit insurance can be purchased from a specialist insurance provider. Some transit policies should not be confused with a removalist or similar coverage features, and these are different types of insurance.

Do you need transit insurance?

Depending upon the value and number of your belongings and how far you will be moving, transit insurance should be in view. Consider the chances of weather conditions damaging your possessions, theft, etc.; a moving insurance policy will give you solace. Even if you’re moving your prized possessions through the seven continents, transit insurance will fortify your belongings from external damage.

What does transit insurance cover?

It depends upon the policies that you opt for and the provider of that policy. The policy may include coverage for:

• Damage or loss of belongings of the policy purchaser during being packed or unpacked.

• Damage or loss of belongings of the policy purchaser when loaded to the transit vehicle.

• Incidental shortage costs

• Additional accommodation expenses, if required.

The policies can differ with domestic and international transit requirements.

What items are not covered in transit insurance?

There are certain items or goods that the policy provider will not cover if they are exposed to damage during the transit or unloading of the goods to your destination. However, the exclusions will depend upon the type of insurance policy and the provider. Electricals (phone, laptop), pets or animals, chemicals, firearms, and all the items that are excluded from cover under the contents policy. To remove certain items from the exclusion list, get in touch with your insurance provider.