When you plan your trip, you hope you won’t run into any difficulties along the way or during your stay abroad. However, you can’t always predict what’s coming your way. Your travel insurance will protect you, the people you travel with and your valuables, depending on the coverage you choose. Keep reading for tips on how to find the best deals to cover your trip.
What is travel insurance coverage?
You can purchase travel insurance for your business trips or vacations, whether you’re traveling locally or abroad. It is insurance that you take out to cover you against emergencies such as illness, loss of or damage to valuables, or legal action. Your premium is based on your age, destination and length of trip, and whether you have any pre-existing medical conditions. Your insurance provider will advise you on any extras you may need for your trip based on your activities and destination.
Types of travel insurance policies
⦁ Single-Trip Travel Insurance
In this case, you pay to be covered for a single trip. You can choose a short trip or long trip travel insurance policy. It’s right for you when you’re planning a vacation or a one-time trip in a year, or if you’re not a frequent traveler.
⦁ Multi-Trip Travel Insurance
This insurance will work for you if you take more than one trip a year. You can take out annual coverage for all your trips. Discuss with the policy provider that your policy will cover the people named in the policy who may need to take individual trips during the time the policy is active.
What will your travel insurance cover?
⦁ Medical expenses
If you, or someone you are traveling with, becomes ill or injured during your trip, your coverage will pay for treatment.
There may be times when you or your family back home may have to cut your trip short. In such a case, your policy will protect you from cancellation-related expenses.
You may experience a calamity such as an earthquake, flooding, or the outbreak of a pandemic while you are away from home. If this happens, your policy will cover your evacuation, medical and trip cancellation costs.
If you lose your valuables, or if they are damaged or stolen, your insurance will pay for replacement or repair.
⦁ Legal Fights
During your trip, you may find yourself on the wrong side of the law, resulting in your arrest and alignment in court. If you have travel insurance coverage, you won’t have to struggle to raise bail money, or pay for legal representation. Your policy will also cover your fines and court costs.
10 tips for finding the best travel insurance coverage
⦁ Know your destination
If you’re not traveling far from home, your medical coverage can still come in handy during your trip. However, you should consult with your insurance provider to see if you need to include medical coverage in your travel insurance coverage.
⦁ Who is accompanying you on your trip?
You may need to purchase group coverage if you are traveling with a group. Some insurers will allow you to include your minor children in your coverage for an additional cost. This is possible if the children are named on your policy and are not in full-time paid employment.
⦁ The length of your trip
Your coverage must be active from the day you leave home until the day you return. If you travel frequently, you may benefit more if you take an annual policy to cover all your trips in a year rather than paying for each trip.
⦁ The purpose of your trip
If you plan to participate in extreme sports such as boxing, auto racing, and zip lining, you are at greater risk of injury. Choose a travel insurance policy that covers these activities, as most insurers are reluctant to include them.
⦁ Your medical history.
If you have a pre-existing condition, your insurer may ask you to meet additional requirements for them to cover that condition. They may also ask you to provide medical records to prove that you have no pre-existing medical conditions. Insurers argue that insurance is primarily for emergencies, so they are reluctant to cover pre-existing conditions.
⦁ Your luggage
Some insurance policies may limit high-value items such as laptops, surfboards or jewelry. It’s also common for a travel insurance policy to set a limit on the value of items that will be included in the coverage. Read your policy carefully to see what it says about your valuables.
⦁ Your budget
You can only pay for what you can afford. If you’re planning your trip on a tight budget, talk to your insurance provider to get a rate that covers what’s most essential, such as illness.
⦁ Efficiency of service
When choosing the best travel insurance deal, look at how efficient your coverage provider is. You would want a provider that is reachable 24 hours a day and has a network of hospitals that you can access while traveling.
⦁ Claims Settlement
Before you choose a travel insurance policy provider, look at their claim settlement rate. If you find that it pays too few claims compared to a huge list of claims, its claim is unhealthy. Choose a provider with the highest claim settlement rate.
⦁ Additional Features.
Think about specific features you want to include in your coverage that may not be part of the standard travel insurance policy. For example, you may want to include overseas air evacuation, cancellation coverage, or public transportation insurance as additional features in your travel insurance policy.
You may also want to ask your insurer to cover you against arrests and lawsuits during your trip. The cost of your policy will depend on how many additional options you choose.