Travelling can be one of the most exciting and enjoyable experiences in life. But it can also be fraught with danger, uncertainty, and risk. If you travel a lot for work or leisure, you should consider getting travel insurance to protect yourself from unforeseen events that could ruin your trip.
What Does Travel Insurance Do?
Travel insurance is meant to help you with any issues that could happen while traveling. For example, it can cover costs like medical expenses, repatriation, or stolen and lost items.
What Does it Cover?
Let’s get started!
Travel insurance covers things like lost luggage, theft of belongings including credit cards and passport (lost or stolen), medical emergencies when abroad such as a sudden illness or accident, trip cancellation/interruption if the traveller needs to return home early for an emergency reason, flight cancellations due to weather conditions in the destination country.
It will sometimes provide other types of coverage depending on what kind of policy is purchased by the traveller – so read your insurer’s policies carefully!
It is essential to get travel insurance for any medical emergencies that might happen while traveling. It can cover costs like a sudden illness or accident. It also covers the cost of repatriation if you need to be airlifted back home due to an emergency.
Let’s have a closer look;
- Emergency medical transportation back to your country of origin or home residence
- Outpatient treatment in the destination country up to a predetermined amount, with an allowance for additional expenses depending on the type and extent of the injury. This could cover costs like X-rays, lab tests, medicines, and other treatments needed while you are abroad
- Emergency dental treatment
- Outpatient maternity care in the destination country up to a predetermined amount, with an allowance for additional expenses depending on the type and extent of the injury. This could cover costs like X-rays, lab tests, medicines, and other treatments needed while you are abroad.
- Costs relating to pregnancy termination procedures allowable under the health plan.
Cancellation / Cutting Your Trip Short
If you cancel your trip or need to cut it short due to an unforeseen event like illness, then the travel insurance will cover some of the cost.
They cover expenses like the cost of rebooking flights and new travel arrangements, medical costs for injury or illness incurred before departure, a percentage of your prepaid hotel reservation if you can’t make it there.
Personal Belongings And Baggage
With travel insurance, you’ll have peace of mind knowing that if your personal belongings or baggage are lost or stolen during the trip and can’t be covered by an existing policy, then it will be reimbursed.
If your travel plans are delayed for reasons beyond your control, then you’ll be covered.
Airlines and trains can delay, cancel, divert or overbook flights without warning, so it’s important to have the right cover in place before you fly. In a worst-case scenario, such as an emergency evacuation during times of civil unrest or natural disaster, travel insurance will cover the cost of a one-way flight back to your home country.
If you were injured abroad, there could be some very high medical bills and not being able to work while recovering would put both your livelihood and that of your family at risk.
Travel insurance will cover the cost of medical treatment and transport home. Taking out a policy that provides personal injury coverage up to $5000 when injured is one way of ensuring this won’t happen. I know it sounds like a lot, but considering how much money can change hands during these types of trips and the potential for danger, it’s worth considering.
One of the most common reasons for travelers needing an insurance claim is when their passport gets lost or stolen while they are abroad – many policies exclude such occurrences, so it’s important to read through every detail before taking out travel insurance with them just in case!
Here’s an interesting fact:
$500 is the maximum amount you can claim for lost or stolen passports. Again, it sounds like a lot, but we want to ensure that if they are unfortunate enough to lose their travel document abroad and need an emergency replacement from the embassy to return home, you’re covered.
If you’re unable to travel due to an event that is out of your control, such as being delayed for more than 12 hours on the day and time you were scheduled to depart from a country or region, it’s possible to claim up to $200.
It’s also worth considering the potential benefits of personal liability coverage. For example, some provide up to $500,000 in personal protection against claims arising from bodily injury or property damage caused by vandalism a burglary theft.
Types of Travel Insurance
Single Trip And Annual Travel Insurance
A single trip will cover you for one trip to a specific location for a certain period only.
Annual travel insurance covers you all year round for trips abroad over 12 months.
Winter And Extreme Sports Cover
Winter and extreme sports cover will include an extra level of travel insurance for winter sports enthusiasts.
This cover offers a variety of different winter activities, including snowboarding, skiing, and ice skating.
And the good news?
Whether you’re an amateur or professional athlete, these can be a great relief for your travel insurance company – as it’s unlikely they’ll have to pay out on any claims related to this type of sport.
Annual extreme sports coverage is also available if you visit locations frequented by riskier types of activity like bungee jumping off high buildings or skydiving from planes.
Backpacker Travel Insurance
Backpacker travel insurance is also a good idea for travelling on an adventure of equal parts sightseeing and trekking.
This type of cover offers protection from injury or illness when you’re away from home but still exploring new places to see.
Family Travel Insurance
Family travel insurance is the best option for those travelling with their children.
It gets better:
This type of cover includes protection from illness, accidents, and injury when you’re away on holiday – protecting both your child’s independence and well-being as they explore new places in a safe environment.
Many parents might be tempted to book without travel insurance because it can seem like an unnecessary expense that could go towards other aspects of the trip. But by booking this way, you’ll find there are plenty more benefits than just financial ones!
What Affects The Price?
The price of a travel insurance policy will depend on your age, the length of time you’re away, and the type of holiday.
Some people might experience an increase in the price of travel insurance if they’re on medication or have pre-existing medical conditions.
If you are pregnant, some companies may charge more because there is a greater chance that you could need treatment while away, and your regular GP won’t be available to provide any help.
What Is The Importance of Travel Insurance?
It may seem like an unnecessary cost, but it will protect you and your family financially if something goes wrong while travelling, which could lead to other issues such as stress or illness if they cannot return home immediately.
What Are the Policy Types for Business Travel Insurance?
Single Trip Insurance – most commonly taken out by people on holiday for a week or two. However, this type of travel insurance can also be taken out if you’re visiting any country in the world and intend to return home again.
Do I Need Travel Insurance?
You may not think travel insurance is necessary if all your trips have been without incident so far. However, anything could happen whilst abroad, such as terrorism or civil unrest, which means the funds for an overseas medical evacuation can be used up very quickly!
What Does My Travel Provider Cover?
It can be hard to keep track of what your travel provider covers in terms of cancellation fees, so it’s always best to double-check the small print and ensure you have appropriate coverage in place before booking a holiday.
To sum it up:
Travel insurance is an essential part of any holiday and can protect you from being personally liable for cancellation fees. It’s always worth checking though to make sure that your travel provider covers the specific event which has happened, otherwise you could be left with a hefty bill when it doesn’t even need to happen!
All travel insurance policies are different so make sure you thoroughly read the small print to understand what they cover and don’t.