Your choice of a travel insurance policy is probably the most
important decision you will make in planning your holiday. You
will enjoy peace of mind on your vacation knowing that any
unforeseen circumstances, such as a hospital stay due to
sickness or accident will be taken care of.
In addition, while many travelers have health insurance, it
sometimes does not cover them outside of their network or
outside of the United States. Most medical plans will not cover
medical expenses abroad, which is why travel insurance coverage
is vital to avoid financial disaster. Always check the details
of your insurance coverage before you travel. Additionally, with
out the proper medical insurance, you will not have a say on
where you will be treated if you were in an accident.
Generally, comprehensive travel insurance policy costs 5 to 7
percent of the price of your trip. Your policy may also provide
reimbursement for lost luggage, some degree of medical
evacuation insurance, accidental death coverage, medical
expenses, personal liability, cancellation, loss of baggage and
theft. Your policy should also include all the details of how to
make a claim.
Not all travel insurance plans are created equal. The cost
varies from company and policy to policy. Policies may be
purchased for individual trips or as an annual policy for all
trips taken in the year of insurance. If you purchase an annual
travel insurance policy, it will cover you for one year from the
start date you choose. In some cases, it might be your best
option to purchase a trip cancellation waiver and a third party
travel insurance policy.
Credit card companies usually provide what is called travel
accident insurance, which covers accidents but not incidents of
serious illness. When you travel abroad, you should always
consider buying insurance that includes medical care.
If you are willing to assume a financial risk (the cost of your
trip), you can probably forego insurance for your domestic
travel. Since 9/11, many are looking to travel insurance to
safeguard their trip against any unforeseen terrorist attacks at
their destination. Traveling abroad without insurance can be
risky and impose long-term financial hardships if an accident or
illness occurred.
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