Travel Insurance
Many people think their credit card accident cover, home insurance, or private health cover is sufficient when they travel either within one’s own country, or internationally and they deeply regret later for not taking out “Travel Insurance”.
Travel insurance is insurance that is intended to cover medical expenses and financial (such as money invested in nonrefundable pre-payments) and other losses incurred while traveling, either within one’s own country, or internationally.
Temporary travel insurance can usually be arranged at the time of the booking of a trip to cover exactly the duration of that trip, or a more extensive, continuous travel insurance can be purchased from travel insurance companies, travel agents or directly from travel suppliers such as cruiselines or tour operators. However, travel insurance purchased from travel suppliers tends to be less inclusive than insurance offered by insurance companies.
Travel insurance often offers coverage for a variety of travelers. Student travel, business travel, leisure travel, adventure travel, cruise travel, and international travel are all various options that can be insured.
The Real Cost When Things Going Wrong if you don’t have Travel Insurance
An emergengy outside your hometown can be extremely expensive, especially when you need to be returned home it could cost you many thousands unless you are adequately insured.
For example, Air ambulance from Florida-to-New-York trip ranging from $3,500 to $9,000, and one from California to Virginia ranging from $4,500 to $18,000. Cross countries ambulance will cost you more, it could be around $60,000 to $100,000 from Europe.
What should your travel insurance policy cover?
* Medical expenses
* Emergency evacuation/repatriation
* Overseas funeral expenses
* Accidental death, injury or disablement benefit
* Cancellation
* Curtailment
* Delayed departure
* Loss, theft or damage to personal possessions and money (including travel documents)
* Delayed baggage (and emergency replacement of essential items)
* Legal assistance
* Personal liability and rental car damage excess
Some travel insurance policies will also provide cover for additional costs, although these vary widely between insurance providers.
In addition, often separate insurance can be purchased for specific costs such as:
* Insurance for pre-existing medical conditions (e.g. asthma, diabetes)
* Insurance for sports with an element of risk (e.g. skiing, scuba-diving)
* Insurance for travel to high risk countries (e.g. due to war or natural disasters or acts of terrorism)
Insurance for Cancelling or Cutting a Trip Short
A good insurance policy will cover you for cancelling or cutting a trip short. Check carefully to see exactly what you’re covered for:
* accident
* illness
* pregnancy (unknown when you buy the policy)
* jury service or witness summons
* home emergency: fire, storm or flood, burglary
* redundancy
* strikes
* bad weather – affects the departure of flights and ships.
Ensure your travel insurance policy:
* will refund the full cost of your holiday
* pays out if you need to cancel or cut short a trip because you fall ill for example
* covers pre-paid expenses such as excursions
* covers extra costs incurred to get home
Travel insurance buying tips
* shop around to find a good price and the right travel insurance rather than opting to travel without cover
* cheaper insurance policies will usually have less cover – for some the price seems most important, but is it worth the initial saving?
* consider annual multi-trip insurance if you make several trips a year – you’ll save time and money.
Travel insurance can also provide helpful services, often 24 hours a day, 7 days a week that can include concierge services and emergency travel assistance.
