Travel insurance is a type of insurance policy designed to protect people who are traveling. When you visit a foreign country, it is likely that your regular insurance will be of no use, and if you or someone you love were to become injured, you could be forced to pay out of pocket for your medical care.
What Are The Different Types of Travel Insurance?
Travel insurance can help you out with a wide variety of possible circumstances, from medical bills to lost luggage. Policies can vary depending on the location you are traveling to, the activities you will be doing there, and the length of your stay. The most common type of travel insurance is cancellation insurance, which covers you if you need to cancel your trip or cut it short due to circumstances beyond your control, such as troublesome weather or an illness.
The next most common type of travel insurance is medical insurance, which covers the cost of any hospital visits and medications that you might need during your trip. Medical travel insurance can also possibly help you get evacuated from the area and taken to a different hospital, if needed. Depending on where you will be traveling, you may not have access to proper medical care in your local area. For this reason alone, medical travel insurance is not something you should be without.
How Do You Know That You Need Travel Insurance?
It's a safe bet to say that everyone should have travel insurance, though there are plenty of people who get away with not having any. Aside from medical insurance, which you should never go without, there are a few specific situations in which you should make sure to have a complete insurance package. The first is when you are planning a trip for sometime in the distant future. The further you are from leaving on your trip, the more likely it is that some unforeseen circumstances will change your plans. You also may want to invest in insurance if you are going on a cruise, because cruise lines are notorious for not reimbursing money when bad weather or other circumstances cause the cruise to be cancelled. Lastly, if you purchased your trip as a part of a package or special, definitely get insurance. Package deals usually only stand as long as everything goes according to plan, meaning that one minor disaster could potentially cause your rates to skyrocket back to the normal amount. Having travel insurance will ensure that you aren't hit with any unplanned expenses.
What Are Some Major Travel Insurance Companies?
When purchasing travel insurance, there is always the risk that the company you buy from will not pay out when the time comes. To avoid ending up in this unpleasant situation, you should purchase your travel insurance from a company with a longstanding positive reputation. Companies such as Kanetix, Access America, American Express, Travel Guard, and Travel Insured International all have a rating of an A or better from the Better Business Bureau. When you choose one of these companies, you can guarantee that you will be taken care of in the event of an insurance claim.
Is it Too Late to Purchase Travel Insurance if You Are Already Traveling?
Most companies will allow you to shop online and purchase a travel insurance package, even if you have already left on your trip. It's never too late to purchase protection, and if you're thinking that it's a good idea, you're probably right.
Jeremy Finch writes on taxation, insurance, finance, business, the corporate world, entrepreneurship, and other similar issues.