Travel insurance is insurance that is intended to cover medical expenses, financial default of travel suppliers, 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 “multi-trip” policy can cover an unlimited number of trips within a set time frame. Coverage varies, and can be purchased to include higher risk items such as “winter sports”.
Would you like to add travel insurance to your purchase?
Here are 9 Reasons to buy travel insurance
1. Your flight has been cancelled.
2. Your bags are lost and your medication is in it. You need to have an emergency prescription filled.
3. Your passport and wallet are stolen, and you need emergency cash and a replacement passport.
4. You’re involved in an accident and adequate medical treatment is not available. You need medical evacuation.
5. You need to cancel your trip due to illness.
6. Your cruise line, airline or tour operator goes bankrupt. You need your non-refundable expenses covered and to get to your destination.
7. You have a medical emergency in a foreign country.
8. A terrorist incident occurs in the city where you’re planning to visit and you want to cancel your trip.
9. A hurricane forces you to evacuate your resort, hotel or cruise.
And the basics types of insurance:
1. Flight insurance
2. Trip Cancellation and Interruption insurance
3. Health Care insurance
4. Baggage insurance
5. Non-refundable insurance
6. Golf travel insurance
7. Adventure/extreme sports travel
8. Credit card coverage
9. Terrorism tips
You can purchase your travel insurance getaway any time you like, but if you wait until there is a hurricane alert to purchase it, you won’t have coverage for hurricanes. Of course, purchasing your travel insurance earlier rather than later is ideal because travel insurance only covers unexpected events.
Generally, travel insurance is sold in packages, combining various categories of coverage. Go through them all, determining what you need and what you don’t, either because you’re not at risk or you’re already covered. If a package doesn’t seem worth it, more customized policies offer certain options. But you may not end up saving that much.
It’s best to estimate the total trip cost and get the insurance protection you need and make changes to the policy if you incur higher-than-expected trip costs later. If you end up with lower trip costs, then you can make changes to the coverage and get a partial refund of your premium as well.