6 Easy Recommendations for Traveler’s Insurance
Traveling abroad can be exciting and relaxing. However, life’s events often have unexpected occurrences that preclude us from following through with our best plans. A sick grandparent, child or spouse may cause a cancellation. Alternatively, natural disasters, a canceled flight, a hotel fire, lost luggage or a death in the family may also interfere with even well-planned vacations. When this happens, travelers should have insurance to ensure that nothing stands in the way of a vacation and any money used towards the vacation.
There are many benefits of travel insurance. For instance, if your luggage is lost on a flight and is non-recoverable, travel insurance will give you a settlement for your luggage up to the amount specified by the policy. Typical amounts include $1500 or more, depending upon the contents and the luggage type.
1) Know the Types of Insurance Available
There are basically two types of travel insurance available to the consumer. Basic trip insurance will only cover the financial loss of the trip in the event that the vacation is canceled or delayed because of unforeseeable circumstances. Travel insurance goes one step further. This type of insurance covers emergency medical assistance, lost baggage, damage to a rental car and may even offer emergency cash in the event of a major catastrophe.
2) Ensure that You will be Covered for All Health Issues
Travel insurance will also cover illnesses, hospital visits and other medical emergencies that may arise on vacation. If the traveler is in the hospital for an extended period due to injury, the hotel costs may be covered, as well as, a return trip if the flight was missed while in the hospital. Each traveler is allotted an amount of coverage based on the policy type. Nearly every medical condition is covered.
Most basic policies do not cover complications that arise because of pregnancy. Pregnant women traveling should ensure that they will have ample care while traveling abroad. Couples must buy a policy that covers every situation 100%. This type of coverage ensures payment regardless of the reason for cancellation or the medical problem that occurred.
Some travel insurance will also cover pre-existing conditions. For instance, one health insurance company will cover the following conditions: cancer, HIV, respiratory, bowel, bladder, renal, liver, bone, muscle, uterine, prostate, blood disorders, autoimmune, neurological, blood pressure, cholesterol, stroke, epilepsy, thyroid, thrombosis and disability. Always inquire to ensure that these conditions are covered.
3) Determine the Validity of the Insurance
Unfortunately, not all businesses are reputable. Customers must ensure that the insurance company has been approved by companies such as the Better Business Bureau or received another designation that would rate their credibility as a company.
Ensure that the policy may be canceled for any reason, unless you have purchased a policy that states the terms of the cancellation. There is nothing worse than purchasing a vacation package and insurance only to find out that both investments were lost due to policy exclusions. Read the policy carefully and ask several pertinent questions.
4) Cheaper Does Not Always Mean Better Value
Some travel insurance is better than others. Most often it is tempting to purchase the policy with the lowest premium. However, in the case of travel insurance, the lower premium often indicates less coverage not less value. Therefore, not only should you verify the validity and reputation of the company, but you should also try to compare insurance companies. In some cases, it is better to purchase the insurance to ensure that no problems occur that leave you in a financial bind while on vacation. Vacations should be about relaxation, not about adding additional stress.
5) Consider Your Travel Location
Consider the location to which you are traveling. For instance, you may be traveling to the Caribbean on vacation. The Caribbean, Canada and the United States are often the locations with the highest premiums. Some Mexico locations or other places in the world are considerably lower for trip insurance. There are numerous factors that play into travel insurance. Travelers must consider all aspects when receiving a quote. For instance, a trip to Europe, Australia, South America or an Asian country may be more economical than a trip to one of the more expensive countries. Factor this information into your expenses when reserving a trip abroad.
6) Know the Insurance Cancellation Policy
Most insurance companies also allow cancellation of the insurance within a given window. The typical length of time is 14 days. Within the 14 days, clients have time to decide whether or not they will keep the insurance or cancel the insurance for the trip. This is helpful for clients that need time to decide if the insurance is what they need for their particular situation.
Travel insurance is essential when traveling abroad to protect yourself and your family from impending disaster. Consider purchasing the insurance to ensure that you do not experience any financial strain from unforeseen events before, during or after the vacation. Numerous companies offer policies that will assist with this endeavor.
