Travel insurance is highly recommended when you travel for either leisure or business. Some business travelers may get coverage from the employer, but if not, it’s not wise to venture out without a good travel insurance policy. Travel insurance protect against many hazards of traveling, including accidents, injuries, theft, lost luggage, cancelled flights, and even terrorism. There are many travel insurance policies offered to consumers, but picking through them can be challenging. Dong some research and understanding what travel insurance packages entail will help you in your quest. Here are several suggestions for choosing a plan that best fits your needs:
Understand the Types of Coverage Available
There are many types of travel insurance coverage, as there are with other policies. Most policies offer medical insurance. However, the policy may vary in how this is provided. For example, some policies offer emergency medical evacuation when in a foreign country, but not when travelling domestically. Travel insurance plans offer a combination of protection like baggage insurance, airfare insurance, and trip cancellation and interruption insurance. You should buy a policy according to your needs. You may already have your medical costs covered by your existing medical insurance policy. In that case you don’t have to pay for a travel medical insurance plan. If you only worry about your trip getting cancelled unexpectedly, then you can buy a relatively cheap trip cancellation insurance policy. But if you want it all, you will need to find a comprehensive plan. First, write down what you need covered. Then go shopping for the many different types of travel insurance plans available.
Single Category Plans are More Affordable
Understandably, not everyone wants to dish out thousands of dollars on travel insurance. If that’s the case, then a single plan that covers only one aspect of travel may be sufficient. If you only want travel medical insurance with emergency evacuation, there are plans out there that cost as little as $50 per person. It’s best to travel with any type of travel insurance than none at all. So, if money is a big concern, at least obtain a single category coverage plan.
Don’t Assume Your Health Insurance Covers Your Travel
Don’t make the mistake of assuming that your current health insurance plan would cover you when you are in the Maldives. Some plans only cover domestic travel. Therefore, before you go, always check with your agent to make sure you are covered.
Adventure Travelers Need Special Plans
If you plan on engaging in thrill-seeking activities that pose unique hazards on your travels, then you will need a travel insurance policy that extends coverage for these activities. Not all do, so be aware. Regular plans do not cover costs for activities considered “higher risk” like bungee jumping off a cliff. You will need a policy that offers coverage for hazardous sports.
Also consider buying a policy that includes coverage for trip cancellation. If you have to abruptly cancel your trip for any reason, the travel insurance could reimburse you at least two-thirds of all costs. This is a very flexible type of plan suitable for casual travelers.