When it comes to travel insurance, there are a number of different ways that you might find yourself needing to make a claim. Even an accident in a nearby country can cost tens of thousands of dollars to solve once you take into account the cost of replacing goods or high overseas medical expenses.

So, in order to help you better understand the risks that insurance can cover you for while you are abroad, here are three of the most common accidents which Australians experience.

Loss, theft and damage

Roughly a third of all travel insurance claims come from issues with possessions, according to a 2002 analysis of issues Australians encountered overseas. Common issues will often involve the loss or theft of goods, or damage as a result of visiting overseas. While tourists are always being warned to keep an eye on their bags, these risks are clearly still an issue for many.

Even seasoned travellers can be susceptible to these losses, with plans quickly unravelling when things go wrong.

Respiratory problems

The other two thirds of travel insurance claims come from medical problems, with respiratory problems appearing as the most common health-related claims. While most people might associate travel insurance cover with food poisoning, it is in fact breathing issues which are the most common medical hazards.

Musculoskeletal injuries

After to respiratory illnesses, broken and damaged bones come in as the second most-common injury. In fact, 16 per cent of travel insurance claims are for musculoskeletal injuries, compared to 20 per cent of breathing problems. These accidents occur all too often overseas, as people try new experiences which may also put them in harm's way.

While these are all risks for tourists, the good news is that the almost two-thirds of travel insurance claims are accepted, making it unlikely that a genuine claim won't be processed quickly.