Travel Insurance Basics
Even if you Don't Travel Frequently, Consider Insurance Protection
Mar 27, 2008
If you are planning on taking a trip this year, go armed with travel insurance. When booking your holiday or arranging your flight, you will probably be offered travel insurance as part of an overall package. Although it sounds convenient and easy to add this item as part of the cost on a single bill, taking some time to understand what you're buying and shopping around may get you better deal and better insurance coverage for the money you spend.
How Often Will You Be Traveling This Year?
Before you begin, make an assessment of how often you will be traveling this year. It may sound extravagant, but an annual rather than a single trip policy may be your best choice if you're making as few as two to three trips a year. Annual policies are also convenient if you are a bargain hunter and inclined to shop for last-minute holiday deals. Your policy will be in place, and that's one less item on your list of things to do.
When You Purchase Travel Insurance, What's Covered?
Travel Insurance Loss Coverage
Typically covered items include stolen or lost baggage and belongings within certain policy limits. Specific limits on valuable items like jewelry, cash, or travelers' checks will also be listed. Pay attention to the listed limits on the coverage you select, and keep them in mind when packing for your trip.
Travel Insurance With Medical Coverage
Medical coverage will typically include the cost of basic care and more elaborate features like the cost of an air ambulance should it become necessary. Compensation for a shortened or canceled trip as a result of illness or other extenuating circumstances is also a basic part of many packages.
New for Old (Full Replacement Value)
New for old coverage options are available in which the insurance carrier will pay the full cost for replacing items that have been lost or stolen, or the entire cost of repairing an item that has been damaged.
Preexisting Conditions and Travel Insurance
To avoid confusion and a possible loss of coverage, discuss any preexisting conditions that you or family members may have. It is also wise to discuss any possibly strenuous or dangerous activities you plan on undertaking that could result in accidents or injury.
Being prepared for the unforeseen will make your holiday more enjoyable, and taking the time now to research your best travel insurance options makes good sense. A little thought and planning will help you select the right holiday insurance for your needs, and at a price you can afford.
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