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While going on a trip can be exciting, there are always some risks that come along with the fun.
By taking out travel insurance, you can have the peace of mind of knowing that you’ll be reimbursed financially if you need to cancel your trip, if you become ill while you’re away, or if your belongings are lost or stolen while traveling.
We explain the main types of policies and the factors you should consider as you compare the best travel insurance policies.
This type of policy is designed to protect you if you’re unable to go on a prepaid non-refundable holiday, need to return home early, or experience a delay.
If you do need to cut your trip short, your insurer will normally compensate you for the portion of your holiday that you were unable to use.
Be aware that most insurers will only pay out if they believe you have a reasonable excuse for canceling or interrupting your holiday, such as:
Your own illness
The passing/death of an immediate family member
Extreme weather
The trip delay component of your insurance should reimburse you for expenses such as meals or accommodation if your trip is delayed by factors beyond your control.
These types of policies will cover you if any of your belongings are stolen, lost, or damaged while you’re away.
Note, however, you may need to first explore other ways of seeking compensation before your insurer pays out. For example, your provider may require you to attempt to claim compensation from your credit card company or homeowners insurance.
In addition, you may need to file a claim against your airline if your luggage is lost or damaged in transit. If, however, the value of your items exceed the airline’s maximum payout limits, your travel insurance may cover the difference.
If you’re unwell or get injured during your trip, travel medical insurance will cover any expenses associated with seeking and receiving treatment.
Before you buy a policy, it’s essential that you consult the fine print to see whether your insurance will cover any pre-existing conditions you may have.
Also, note that medical insurance does not extend to any concerns you have about a potential risk. For instance, the fear that you may contract a contagious disease is not typically a valid reason to cancel or postpone a trip.
If you are traveling in a remote location and need medical attention, emergency medical evacuation coverage will pay for your transportation to the nearest appropriate medical facility.
The repatriation component of your insurance will cover the cost of returning you to your own country, if needed.
If you or one of your traveling companions suffers an accident that causes death or serious disability, this type of coverage may provide a payout to any beneficiaries. The disability portion of the insurance typically covers the loss of a limb or a person’s sight.
Under the flight insurance portion of your policy, your provider will pay compensation for deaths or injuries that take place while traveling on, boarding, or leaving an aircraft operated by a properly licensed airline.
If you would like the peace of mind of knowing that your belongings are protected and that you will have access to medical care, you may decide to take out travel insurance whenever you go away. There are, however, certain circumstances when buying coverage may be especially sensible.
You might, for instance, want to consider insurance for trip cancellation if you’re paying for a trip in advance and would not be able to afford to rebook if your plans were interrupted.
While travel health insurance is always important, it could be especially valuable if you’re taking part in any extreme sports during your trip or have a pre-existing condition that could put you at a higher risk of needing medical attention.
Likewise, international health insurance for travel could be a good idea if you’re going overseas and your health insurance will not cover you while you’re out of the country.
While many people believe they will need separate cruise insurance if they are going on this type of holiday, taking out a standard travel insurance policy should be sufficient.
In addition to the types of coverage discussed above, many insurance policies will provide you with access to 24/7 emergency services, which may include:
Medical referrals
Support with canceled flights
Assistance with lost or stolen passports
Access to emergency cash
Many insurance companies also allow you to include add-ons on your policy if you would like to increase the level of coverage. Common examples include:
Additional coverage for extreme sports
Dental and vision riders
Coverage for cancellation for any reason
Rental car travel insurance (typically collision)
Deciding on the best travel insurance will depend on your personal circumstances. However, some travel experts recommend that your travel insurance fees should be between 5% and 10% of your trip’s total cost.
When you’re obtaining a travel insurance quote, remember to check for any limits on the amount you can claim on your policy. With baggage and personal effects coverage, many travel insurance companies include maximum payout limits of around $1,000.
In the case of medical or evacuation claims, some of the more comprehensive policies will pay out up to $1 million per person.
Before you buy travel insurance, however, you should consider whether you already have coverage elsewhere. For instance, you may not need accidental death or flight accident coverage if you already have life insurance. Likewise, certain rewards credit cards also offer some travel insurance as part of their perks.
Choosing between a single and a multi-trip policy may be one of the most important considerations when you’re buying travel insurance.
Single trip, or one-time insurance, is often suitable when you’re taking a single trip for a predetermined length of time. In this case, you should not need travel insurance beyond the dates that you have planned to be away.
A single-trip policy will normally allow you to visit multiple destinations, as long as you do not return to your normal place of residence during your vacation. However, many insurance companies will only cover you for trips up to a maximum of 30 days.
Purchased on an annual basis, a multi-trip policy will cover you during a certain period, regardless of how many trips you take. These types of policies tend to be more appropriate for those who travel frequently and normally stay in effect for one calendar year from the date your coverage begins.
Before you take out a multi-trip policy, you should be aware there is often a strict limit on the amount you can claim for trip cancellation during your policy term. This could mean that you are out of policy if you need to cancel several non-refundable trips.
Furthermore, multi-trip policies may also include a limit on the number of days that you are able to be away from your normal residence. Although every policy is different, this period is often between 30 and 75 days. As with single-trip insurance, your provider may require that each individual trip does not exceed 30 days.
When you’re picking a travel insurance provider, cost will usually be a consideration. In certain cases, however, you may find that cheap travel insurance doesn’t offer all the protection that you need.
When you’re getting a travel insurance quote, you should also consider the following factors.
As with any financial decision, it's a good idea to read the fine print carefully before you choose a travel insurance policy. This way, you can identify any hidden loopholes that could make it difficult for you to file a claim. For instance, certain travel insurance companies may not cover any incidents that occur under the influence of alcohol.
If you’re above a certain age, you may find it more difficult to find a travel insurance provider, or you may end up paying more for your coverage. In this case, you may be able to find a more attractive deal with a provider that specializes in helping customers over the age of 65.
Before you select your insurance company, it is sensible to check the reputation of any brand you are considering. One of the easiest ways to do this is by visiting sites such as Trustpilot or the Better Business Bureau.
If you frequently travel with your family, you should investigate if the provider you are considering offers family travel plans. Depending on your circumstances, you may discover that bundling your coverage is more affordable than buying separate policies. Remember, however, that this isn’t a guarantee, and it’s always wise to compare a range of quotes.
Finding the right trip insurance policy for your next trip will depend on factors such as your destination, your health, the value of your personal possessions, and the activities you’re planning to participate in while away.
Remember, the best travel insurance coverage for you will fall within your budget and also provide all the protection you need should the worst happen.