Travel insurance is very important in case unexpected events occurs. What happens if: A hurricane damages your destination? Travel insurance is one of the most important things you’ll need for your trip. You wouldn’t have a car without car insurance, a home without home insurance, and you can’t have a trip without travel insurance.
Most travelers think of travel insurance as the first type – a package plan, which is a comprehensive travel insurance policy that combines a lot of coverage options into a single plan that’s intended to cover all the mishaps and disasters that could occur on a trip. Package plans are the most common type of travel insurance sold, but it’s also the most expensive type of travel insurance – costing between 6 and 8% of a traveler’s total trip cost.
The following travelers need a travel insurance package plan: Traveling families and seniors on a budget who can’t afford to lose all their non-refundable trip costs in the event of an unexpected emergency like an illness, a car crash, or a job loss.
What to consider: Does the policy cover indemnity only for medical expenses incurred abroad, or can you also obtain reimbursement for medical treatment continued in your home country? Check your other insurance providers, e.g. car and house as you could get a discount for a travel policy since you are already a customer. Remember our Golden Rule, if you don’t ask the answer is always no. You can always highlight their competitor who charges less for the same coverage.
Cost should not be your only consideration when buying travel insurance. As a general rule, you should only consider policies that include £2 million for medical expenses, £1 million for personal liability, £3,000 for cancellation, £1,500 for baggage and £250 for cash. Note that the level of excess you opt for – the part of the claim that you must meet before the insurer pays out – will affect your premium. Not all insurers allow you to adjust the excess, but the more you are prepared to pay, the lower your premium will be.
Recent years have seen the collapse of a number of airlines and travel companies, so check the small print to see if you’re covered in this event. If you’re not protected as standard, you could add this extra cover for a fee. Before automatically including baggage cover in your travel insurance, check whether you are already covered under your home contents insurance.
You want to make sure your travel insurance policy also covers emergency evacuation and care that is separate from your medical coverage. If you are hiking in the woods and you break your leg, your policy should cover your evacuation to the hospital. If a natural disaster occurs and you need to be evacuated to somewhere else, your plan should cover that as well. This protection should cover an expense of up to $300,000 USD. Additionally, evacuation also should mean from the hospital to your home country. Standard emergency evacuation coverage frequently only moves you if your current facility is inadequate, or if it’s “medically necessary”, and then pays for a flight home after you’ve recovered.
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