Getting a quote for travel insurance is usually the last thing people think about when they are getting ready to take a trip.
Yet, the next time you plan for business travel or your family vacation you might want to consider a travel insurance policy.
Why is that?
Because a travel insurance policy can protect you from financial loss should you get sick or injured while traveling abroad.
Let me explain…
What travel insurance covers
The last time you were at the airport did you notice those kiosk offering travel insurance as you wait for your flight?
Too often that’s the only time you might have asked what travel insurance covers, or thought about possibly getting a policy “just in case.” However, buying a policy from one of those kiosks is the last thing you want to do, because you are basically paying for almost no coverage at all.
So how can you find the right insurance provider?
First, by knowing what travel insurance covers, such as:
- cancelled trips
- medical emergencies while overseas
- emergencies and evacuations
- lost bags
- rental car collision coverage
Travel insurance policies typically provide a range of coverage, allowing you to select the type of coverage(s) most appropriate for your travel plans.
Protection for cancelled trips is probably the most common and widely known.
And for good reason.
For starters, many aspects of taking a vacation require you to prepay. That means deposits or reservations for cruises, car rentals, home rentals, booking hotels abroad, airline tickets, etc. all of which require you to pay a hefty deposit or pay in full prior to taking your trip.
What’s more, many of these deposits are non-refundable.
So, by having this coverage your financial investment prior to making the trip is covered should you need to cancel for reasons covered by your policy.
Having a medical emergency while traveling abroad is another good reason for getting travel insurance.
This is crucial, and often overlooked.
For example, did you know that you may not be covered by your existing health insurance policy while traveling abroad. It’s true. In fact, many Canadians purchase this type of policy before traveling to the United States. After all, their medical expenses are covered while living and traveling in Canada, but the same is not true should they get injured or sick while visiting friends or family in the U.S.
Additionally, if you are going on a cruise it’s a good idea to consider this type of coverage as well.
Because the country of registration and ownership is the “default” country while traveling on a cruise. Which means that even if your cruise departed from Miami for the Caribbean your health insurance policy might not cover you for injury or sickness while on-board.
This insurance policy may seem a bit “exotic.”
However, emergencies can (and do) happen while traveling overseas. Just think back to the tsunami in Indonesia a few years back and realize that natural disasters or terrorist events can happen anywhere, anytime.
For instance, did you know that evacuation expenses can cost upwards of $50,000?
This type of coverage will pay for any emergency evacuation expenses such as airlifts and medically equipped flights back home, and oftentimes will transport you to the hospital of your choice for care.
If you are traveling to “third world” countries or places that are prone to natural disasters or political unrest, consider getting this type of coverage.
Did you know that most of the major, well-known health insurance companies offer this type of insurance?
That was new to me.
And though name recognition goes a long way toward feeling comfortable with a particular company (i.e. their ability to honor your claim), it makes sense to ask specific questions about any policy you consider buying.
Ask about any exclusions that may apply to your policy.
For example, if you’re injured while engaging in “dangerous” sports such as hand-gliding or scuba diving, will the policy still honor your claim?
Only by knowing the limits of the policy, along with the reputation of the company, can you be reasonably certain that you have the right travel insurance policy for your needs.
Make getting a travel insurance quote part of any trip’s “to-do” list. And budget a bit of your trip or travel expenses to pay for the insurance.
After all, whether you are traveling for business or pleasure, covering all your bases before you leave not only provides you with peace of mind… it also makes sound financial sense.
Are you traveling to the greater NY area?
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