There’s nothing quite as exciting as hopping a flight and jetting off on some exotic getaway. In fact, it’s often as much of a gas for seasoned business travelers as it is for young backpackers. But one thing both of these demographics need before setting off on that sojourn is travel insurance. Now, to the uninitiated, travel insurance may seem like some kind of superfluous expense best suited to those traveling with millions of dollars worth of fine jewels in tow. But the reality is that travel insurance is for everyone, from princes to paupers.
So in the interest of protecting traveler’s most vulnerable belongings, here is an overview of the types of travel insurance.
Travel Insurance Tips
The coverage
Travel insurance isn’t a one-size-fits all notion. There are various types suited to various needs. Here are the principal forms of travel insurance:
Travel medical & evacuation – takes care of expenses resulting from a medical emergency while traveling.
Trip Cancelation & interruption – reimburses the traveler for all non-refundable trips expenses in the event he or she is unable to travel. There is also coverage for trip delays.
Flight Insurance – covers travelers in the event they suffer an accidental injury or death on a commercial aircraft.
Baggage insurance – is usually part of an overall vacation insurance plan and covers lost or stolen bags.
Trip cancelation & interruption is typically the most common type of travel insurance policy, but most providers offer a hotline that assists policyholders in the event they suffer a medical emergency.
The cost
The total cost of a travel insurance policy depends on a number of factors, including the overall cost of the trip as well as its length and the age of the traveler in question. Having said that, travel insurance policies typically cost between 4% and 8% of the total cost of the trip.
Domestic insurance considerations
It’s important for those considering taking out travel insurance to consult their other insurance policies beforehand. Some domestic insurance plans will cover medical emergencies abroad, but many won’t. Also, many financial insurance policies won’t cover outside of a designated area. Finding out details like this is crucial for travelers to know which policies to purchase.
These are just a few of the travel insurance tips you should consider. But the process of selecting the right policy is secondary to the ultimate truth about travel insurance: everyone taking a trip should have it.
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written by: Chris McMurphy
Chris McMurphy is a business and travel guru as well as an expert on the intricacies of moving abroad and all things Australia. You can connect with him on Google+
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image courtesy of potowizard, FreeDigitalPhotos.net
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