Major Types of Travel Insurance
There are different policies for travel insurance. It’s important to note that each travel insurance policy has a different coverage level. Therefore, before you buy travel insurance, consider what it covers.
Trip interruption or cancellation insurance
Perhaps, this is the most worthwhile or usable travel insurance. That’s because it’s quite expensive to interrupt or cancel a prepaid travel. With this insurance, you can alleviate the involved risk of losing all your money if the unforeseen happen leading to trip interruption or cancellation. Standard trip interruption or cancellation insurance covers nonrefundable losses or penalties that you incur for canceling a prepaid flight or tour for an acceptable reason.
Before you purchase medical insurance while traveling, check with your current medical insurance to find out if you are covered already. Some insurers cover their customers for overseas travels. However, some don’t. Additionally, check the exclusions of your policy that may include pre-authorization requirements. Nevertheless, even if your current health plan covers you while traveling internationally, consider purchasing a special medical insurance cover. That’s because the additional coverage will be supplemental. That means it will cover the expenses that will not be covered by your current health plan. These include deductibles.
When you consider the price of items that you can lose while traveling, you definitely get worried about theft as a travel risk. That’s why you might consider buying an insurance policy that protects you against theft. An ideal theft protection policy covers tablets, laptops, Smartphone, cameras, and eBook readers among other valuables. You can easily find an insurance company that specializes in providing options that provide coverage for theft.
This cover caters for the cost of evacuating you from the place where you get stuck to a place where you can receive medical treatment in case of an emergency. In some cases, this insurance will get you back home following an accident or take you to the nearest hospital. This travel insurance is worth purchasing when traveling to a remote location.
This covers luggage loss, damage, or delay. Although major comprehensive policies include this coverage, you can purchase it separately. Nevertheless, this insurance comes with a strict reimbursement cap for items like eyewear, camera equipment, electronics, and jewelry. Some airlines cover baggage during flight.
This is also called crash coverage. It’s basically a life insurance policy that covers you while traveling in an airplane.
This is an insurance policy that covers rental cars’ collisions. Some comprehensive travel insurance policies cover it while others provide it as an upgrade.
These are the major types of travel insurance. Consider the insurance policy to buy depending on where you plan to travel to, the risks involved, your current policies, and the transportation method that you plan to use.