A good travel insurance policy may be one of the most important things you take with you on your next trip. The experts recommend investing in a plan that offers coverage for some of the common scenarios that can spoil any well planned vacation.
Whether you’re worried about your trip being cancelled, your luggage getting lost, or your travel company going out of business, it’s a good idea to have a travel insurance policy that you can count on to reimburse your pre-paid expenses. In addition, you’ll probably want your policy to pay for medical care in case you experience ill health while you’re away.
Factors To Consider
All travel insurance policies aren’t created equal. What you get can expect from yours depends on the type of plan you select. When shopping for travel insurance, there are some important factors you’ll want to consider to help you find the right match.
The Numbers Game
Are you traveling for business or for pleasure? And are you going alone, as a couple, or taking an entire family? If you have multiple family members traveling, a family plan will usually be more cost effective than purchasing individual policies. In addition, you may need a plan specifically designed for international travel. The length of your trip will also come into play, since the coverage is limited to a certain timeframe. If you’ll be traveling for an extended period, you’ll need a policy that takes this into account.
Your destination will also affect the type of coverage you’ll need to get. If you’re traveling within the United States, your current health insurance will probably cover your medical expenses and you may just need to worry about trip cancellation and lost luggage. But if you’re traveling abroad, your insurance might not pay foreign medical facilities directly, or may have high deductibles or caps on the total coverage allowed. Without a travel insurance policy in place, this could ultimately leave you with some hefty bills.
Your age will also impact the cost of travel insurance. Seniors can generally expect to pay more than younger travelers. People with preexisting conditions may need to buy special travel insurance that either costs more than a standard policy or excludes their presenting issues.