Travel Insurance
Travel insurance helps you protect your travel investment by reimbursing you for covered costs if something unexpected happens during your trip.
Whether it’s a missed flight, illness, baggage loss or accident, travel insurance has you covered and protects you from financial risk.
Travelers know the world is a risky place – especially when traveling. That’s why 48 million Americans own some form of travel insurance. With so many options available and such an incentive to purchase coverage, who wouldn’t? However, not all travel insurance policies are created equal. There are numerous factors to keep in mind before purchasing your policy.
What to look for in Travel Insurance
Here’s what you should look for in travel insurance before you buy: If you are a frequent traveler or have a chronic medical condition, you will likely need a comprehensive travel insurance plan.
If you are traveling with kids or elders, you should determine if you need family coverage.
If you are traveling to a high-risk area, you may need to purchase a higher coverage limit for medical evacuation and medical expense.
If you have existing medical conditions, you should purchase a plan with a pre-existing condition clause.
If you need to cancel your trip, you will want to make sure you have trip cancellation and trip interruption coverage.
If you are traveling outside of your home country, you will want to make sure you have the correct coverage including evacuation and repatriation coverage.
Annuities/Travel Protection Policies
Annuities are long-term travel insurance policies that usually protect against financial loss in the event of death.
They are a type of assurance or promise to pay a pre-specified amount at a pre-determined time.
Travel protection policies are usually short-term policies that provide reimbursement for travel-related losses.
While travel annuities are more commonly associated with seniors, they can be purchased by anyone.
Most travel protection policies are short-term policies that provide coverage for one trip.
Floater Travel Insurance
A floater travel insurance policy covers all members of a group or family.
The primary policyholder buys coverage for the entire group, and each individual’s coverage is added to the policy.
If one person in the group has an accident or needs to file a claim, only that individual’s portion would be paid.
If one person in the group has a serious accident, the amount of coverage paid out could be much more than the cost of a single person’s travel insurance policy.
Guaranteed Roadside Assistance Travel Insurance
Guaranteed roadside assistance travel insurance provides you with a specific number of services, such as tire changes, jumpstarts, fuel delivery and lockout services.
While many of these services are included in base policies, it’s always good to confirm.
Auto Rental Collision Insurance
Auto rental collision insurance is an optional coverage provided by the rental car company.
It is a liability policy that protects you from financial loss if you cause an accident with their vehicle.
Most travel insurance policies do not cover rental cars, so it is important to check with your insurer to see if this coverage is included in your policy.
Which type of travel insurance is right for you?
You need to determine what type of travel insurance policy will best protect you on your trip.
There are a number of different types of travel insurance policies that you can choose from. Here are some of the most popular travel insurance policies available.
Medical Expenses - This travel insurance policy will reimburse you for the cost of medical treatment in the event you become sick or injured while traveling.
Trip Cancellation - This travel insurance policy will help you recover the cost of non-refundable travel-related expenses if you are unable to travel because of unexpected events such as a death in the family, illness, or inclement weather.
Trip Interruption - This travel insurance policy will reimburse you for the cost of ongoing travel expenses if you have to cut your trip short due to unexpected events.
Emergency Evacuation - This travel insurance policy will help you financially if you are injured and must be medically evacuated from your trip.
Emergency Medical and Hospitalization - This travel insurance policy will help you if you become sick or injured while traveling and need medical treatment.
How to find the best deal on travel insurance?
Travelers can shop around for the best deal on travel insurance coverage by comparing policies.
You can do this online, by calling travel insurance companies, or visiting their local branch offices.
When comparing travel insurance policies, you should look at the following factors: The cost of the policy - Travel insurance policies are often priced by age and medical history.
The cost of the policy may be more expensive if you have a pre-existing medical condition.
The policy’s benefits - You should always go with the travel insurance policy with the highest coverage amount.
The policy’s cancellation and interruption benefits - If you need to cancel your trip, you will want to make sure you have trip cancellation coverage.
If you need to interrupt your trip, you will want to make sure you have trip interruption coverage.
The policy’s limitations - Some travel insurance policies have limitations, such as a lower or maximum amount of coverage per person, per trip, or per year.
Final Words: Don’t let your investment go to waste!
Owning travel insurance is a great way to protect yourself from unforeseen travel-related events.
With so many types of travel insurance policies available, it’s important to determine which policy will best protect you on your trip.
You can shop around for the best deal on travel insurance coverage by comparing policies.
In conclusion, travel insurance is a must-have for travelers!
Whether you are traveling for business or pleasure, you should always purchase travel insurance.
Travelers should look for travel insurance policies that offer high coverage amounts and include coverage for trip cancellation, trip interruption, emergency medical, and emergency evacuation.
Travel Insurance