W hen it comes to booking vacations, there is always a level of uncertainty. Travel insurance acts as a safety net, allowing you to take risks with confidence. Let us guide you on how to pick the right travel insurance.
Insurance is designed to protect you from major financial hazards that you don't want to face on your own. Travel insurance may not be necessary for low-cost trips, but it can provide peace of mind when booking expensive reservations, especially when taking a large foreign trip. Throw in the COVID-19 pandemic and it becomes even more uncertain. Here’s what you CAN do to minimize the risk
There are several various policies to choose from, and the best one for you will depend on your specific circumstances. Follow along as we examine the most common travel insurance requirements, identify what factors influence the cost, present several travel insurance options, and look into exactly how to be covered. Here are some of the things and policies you might want to look into
This is probably the most important policy you might want to look into, especially if you or your travel companion(s) have any medical condition. A medical emergency might lead you to a financial catastrophe if you aren’t prepared for it. Instead of relying on your travel agent blindly, thoroughly arrange your coverage and benefits.
If you get sick or injured while on vacation and require emergency care that isn't covered by your regular health insurance plan, the Travel Medical Plan will pay for it.
As we said before, traveling can bring forth very uncertain circumstances especially in the times of COVID-19, the lockdowns, and the flights getting canceled every 3 months. It is important to look for it if you are planning on traveling anytime soon in the future.
With the trip cancellation policy, if your vacation is cut short or canceled due to unforeseen circumstances, you might be reimbursed for any lost travel and/or lodging expenses. The policy determines which causes are appropriate for reimbursement. You can also purchase a Cancel For Any Reason add-on for your current insurance.
If you're wounded or sick while on vacation, this policy covers you being brought to the nearest hospital or being flown home if necessary.
This policy covers the payment for baggage that has been lost, stolen, or damaged.
If you are planning on renting a car (again, that depends on the length of your travel and the country you are traveling to) you might want to look into this policy where the damage to a rented car is compensated.
If you're going to a developed country like the United States, the United Kingdom, or Singapore, you'll need a lot of coverage, especially if you're going for further than 2 weeks. If you only have a little insurance policy, a quick trip to the hospital might burn a significant hole in the wallet.
If you're thinking about participating in adventure sports, you should look into travel insurance covering these hazards. If your child is traveling for education, you should look into long-term travel insurance for students, which can cover expenditures for you or your spouse traveling to care for them if they become ill in a foreign location.
Do not rely solely on your travel agency to choose your insurance policy or fill out your proposal form, especially if the trip is more than a month or the traveler is over 45 years old. The more senior the traveler, the more cautious you should be.
Make sure you understand each cover's terms of service, benefits, and deductibles. If baggage delay coverage is crucial to you, for example, you must not only consider the policy's sum insured as stated in the brochure, but also the policy's hourly deductible. For example, the policy may pay a lump-sum payment for the aggravation of a baggage delay, or it may require bills to cover real expenses incurred as a result of the baggage delay.
Check whether the insurance company does indeed have a toll-free number or a call-back service for the area you are traveling to evaluate the claims services. If you travel frequently, you might want to look at annual policies that cover many trips, which would of course be more convenient.
Now that you know how to pick the right travel insurance, enjoy your trip and stay safe!