How To Buy A Travel Insurance Policy
Is travel insurance really worth buying? Travel insurance. or holiday insurance, is something you definitely should have when traveling, especially if you travel overseas. You can plan every detail for a trip but you can’t plan for accidents. When things don’t go according to plan, travel insurance can literally be a lifesaver. It’s an expense that is well worth the peace of mind.
There are many types of travel insurance policies available. Travel insurance cover such things as trip cancellation, trip interruption, protection against the bankruptcy or default of your cruise line or tour operator, loss of luggage or personal possessions, and more importantly, medical and dental care, transportation to medical facilities, and accidental death or dismemberment.
In addition to providing the mentioned services, a good travel insurance policy should provide twenty-four hour emergency services and assistance, coverage in many countries around the world, and cover any legal expenses if needed.
However, you may not need to buy the best travel insurance policy. Before buying a comprehensive travel insurance policy, check with your current health care insurance company to find out if you are already covered for accidents and sickness when you travel overseas. If your current health insurance does not travel with you overseas, you need to buy the medical coverage with your travel insurance. Make sure the policy provides at minimum $500,000 dollars in coverage to take care of all but the most extreme situations.
Many homeowners’ and renters’ insurance policies provide coverage for theft of personal property away from your home. Just check to make sure that the limits on the policy is high enough to cover most of your personal effects you are taking with you on your trip. If an airline is responsible for your loss luggage, the airline will reimburse you for the loss.
If you travel with expensive jewelry, sporting gear or electronic equipment, consider buying a floater or schedule for these items with your existing renters’ or homeowners’ insurance policy. This is a relatively low-cost way to ensure that those items are covered in case of loss.
If you already have enough life insurance, you may not need to buy life insurance with your travel insurance. Avoid buying flight insurance sold in vending machines at airport terminals. Those policies are extremely overpriced. The least expensive way to insure your life is through a term life insurance policy, which you may already have.
Check to see what travel protection you may get by using your credit cards to charge for all or part of your trip. Most credit cards offer some level of free accidental death and dismemberment coverage, insurance for car rental loss and damage, and extra loss baggage protection.
Travel agents, tour operators and cruise lines often sell travel insurance. Just be sure that the insurance policy is provided by a third party and is not being offered by the companies themselves that may go out of business before or during your trip.
Many cruise and tour operators offer cancellation waivers for about $60 as coverage in case you have to cancel your trip. While the waivers provide some protection, they often have many restrictions and fine prints. Make sure you read and understand the conditions in the contract before you buy a cancellation waiver.
If you travel frequently, you may want to consider a multi trip travel insurance policy instead of a single trip insurance policy for each trip. If you travel with your entire family, you have the option of trip insurance for every member of your family at a reasonable price.
You never know what could go wrong while traveling. The best time to buy travel insurance is when you book your trip. To get the most bangs for your buck, buy coverage for at least 15 days before your departure. To get the best rates, check online insurance agents like InsureMyTrip.com and Totaltravelinsurance.com, which offer side-by-side comparisons of different travel insurance plans.