There is no one-size-fits-all approach to travel insurance purchase. The kind of travel insurance package you purchase will depend upon what kind of travel you take, where you go, the number of trips you take, and the kinds of risks you could likely incur.
What Is Travel Insurance?
Travel insurance is a kind of insurance that is meant to cover losses, financial mishaps while traveling, and medical expenses incurred while traveling, either within the customer’s home country, or for an international venture.
Temporary travel insurance can often be arranged at the time of setting up a trip to cover just that trip, or a multi-trip policy can be purchased earlier on. Or, an unlimited number of trips can be covered in a more comprehensive package. Coverage will change from provider to provider, and higher risk items like “winter sports” can be tacked on to travel insurance plans.
What Are The Most Common Kinds Of Risks Covered By Travel Insurance?
• Sickness, accident, or medical emergency
• Evacuation during an emergency situation
• Returning a minor to his place
• Cancelling a trip
• Accidental disablement, injury, or death
The list goes on much longer, and it is worth talking to your travel insurance agent about in person to discuss those things you most likely to happen to you or a family member while traveling. Ask whether or not your travel insurance package will cover family members too. If it will not, then consider asking for a bundle deal if you get coverage for your family members as well. You may want to take more family vacations now if you’re in a state of semi-retirement or your kids want to see Europe, for example.
What Are The Most Common Travel Insurance Packages?
Single Trip Travel Insurance
This will give you coverage for one holiday or vacation, and it is perfect if you are just going to be traveling one or two times a year. With this, you are not paying for days when you will not be on vacation or a business trip. There is usually not an upper age limit for consumers purchasing single trip travel insurance.
Annual Multi-Trip Travel Insurance
If you’re making over three trips per year, then this is the ideal travel insurance package for you. You’ll get coverage for an unlimited number of trips in a yearly period. This kind of policy is excellent if you have to go on trips that are unscheduled or if you want to take advantage of getaways at the last minute.
A yearly multi-trip travel insurance plan will give you unlimited coverage, but it may be limited to a particular geographical area. Discuss this with your travel insurance agent. For example, it could be limited to Europe. Or, you could purchase a worldwide package. There may be a maximum duration for each trip, and it may be one month or so. There could be an upper age limit like, for instance, of 75.
Long Trip Travel Insurance
This is the best option if you want the freedom to travel for a long period of time. Pick the European option and get coverage for a year. Pick the worldwide option and get coverage for two years. Of course, these durations aren’t fixed to all travel insurers. You can often get more or less coverage, over less or more of a geographical area, by simply fine-tuning and tweaking your package with the insurance agent, right in his office there.
Long trip travel insurance may be best if you are thinking of working outside of the country for a long period of time. Coverage can include a temporary work placement program for up to three months, but there may be stipulations on the kind of work that is covered. For example, construction work, childcare, fruit growing or orchard work, or nanny care may not be covered. Talk to your travel insurance agent about what kinds of work are covered.
Winter Sports Travel Insurance
Skiing and snowboarding can be great fun, and they can be really dangerous too. If you enjoy taking trips during the winter, and you like to go on winter adventures, then this may be the kind of travel insurance for you. You may only be covered in recognized areas like resort areas or runs or pistes designated for public use. If you choose to veer off and go skiing or snowboarding in undesignated areas, you may not be covered.
European Travel Insurance
If you’re going to be traveling within Europe or the UK, then you should take out a European travel insurance policy. A worldwide travel insurance policy is going to cost more, and will not be worth it, especially if it is unlikely that you will ever venture outside of Europe. You will be able to find a list of countries included in this policy if you visit the travel insurance company office and take a look at their policy firsthand. Some companies list their policies online.
Worldwide Travel Insurance
If you’re considering traveling around the world, then you’ll need to take out worldwide travel insurance. This kind of coverage may be more expensive if you’re going to more dangerous areas around the world. Some countries could incur higher travel insurance costs. Different countries have different risk profiles.