This Is What You Need to Know About Travel Insurance

Travel, by its very nature, has uncertainty built into it. Travel insurance offers a safety net to cover any financial risks that may occur due to travel. Here are the important things to know about travel insurance. 

What it covers: It all depends on the policy you buy. A travel medical plan will cover payment of medical expenses in case you need care that’s not covered by your usual health insurance. There are emergency evacuation and repatriation that has you taken to the nearest hospital or flown home if you’re injured or fall sick. There’s also trip cancellation, interruption and delay coverage, “cancel for any reason” coverage, lost, stolen, or damaged baggage coverage, and even one that helps you find a lawyer abroad and pay for rental car damage. There’s also a worst-case scenario accidental death coverage. 

What affects its cost: Comprehensive travel insurance plans usually cost between 4% and 8% of the trip cost. But the price depends on the length and cost of the trip, which means more extended and more expensive trips cost more to cover. The cost of local health care can also affect health insurance prices. In case you want medical conditions covered, then you will need extra insurance. The risk covered by a policy will also impact its price. And generally, the older you are, the more expensive your insurance cover will be.

Different types: There are several types of travel insurance. There’s travel medical insurance that provides health insurance when you’re traveling. But you need to understand the details before you try and make a claim. International travel requires different health insurance cover as well. Then there’s trip cancellation coverage that pays your prepaid, nonrefundable expenses if the trip doesn’t happen, is interrupted, or delayed for any reason that’s covered. If your luggage gets stolen or is lost or damaged, or even delayed, you can get it covered. Then there’s coverage that brings you home if you’re hurt or fall ill or need assistance. 

How to get it: Ask your travel agent, or buy directly from a travel insurance company or online through a comparison site. Your credit card may also have travel insurance built-in.