Finding out the best travel insurances might sound like something you’d not want to do. Can you imagine driving a car without car insurance or getting a medical treatment without health insurance?
But then why would you travel the world without travel insurance?
While travel insurance might seem like an unnecessary expense, it does provide a vital safety net to ensure safe travels. It is especially designed to make sure you do not lose a lot of money should an emergency befalls on you abroad. Be it stolen luggage, an injury, damaged electronics, or a death of a family member back home, a travel insurance can take the financial pinch out of your difficulty.
You can pack with you a dozen bags on your vacation all you want. But if you leave home without an insurance, you are overlooking the single most important aspect of travelling.
How to Find the Best Travel Insurances
That said, travel insurance is also complicated and confusing but fret not! We can break it down for you to help you understand it and how to find the best travel insurance for your trip!
Understand What a Travel Insurance Covers
A typical travel insurance policy covers medical emergencies, delayed flights, trip cancellation, stolen or lost luggage, and other accidents that might occur. A good travel insurance plan covers the following as a standard guide:
- A medical emergency leading to trip cancellation
- Delay or cancellation of flights or trips
- Emergency evacuation
- Financial protection before and during your trip
- Lost, damaged or stolen personal items, including luggage, jewelry, electronics, etc
- A natural calamity or political uncertainty at your travel destination threatening safety
- 24/7 emergency services assistance
It is also important to find a travel insurance plan that offers extensive coverage for medical expenses. Most providers offer a coverage of up to
Most good companies will offer protection up to the value of $100,000 for medical expenses overseas. Make sure to consider this as a minimum when looking for the best travel insurance in your area. You can also add extra protection in your plan by considering various other types of cover.
For instance, many providers do not offer coverage for accidents due to participating in extreme sports. In that case, you can upgrade your plan with an extreme sports add-on when getting travel insurance.
Consider the Location You are Travelling to
Travel insurance policies are often set by area as well. Most common options could be Worldwide, worldwide except US, or Europe. So if you are planning a trip to somewhere in Europe, make sure your destination counts as Europe for your travel insurance company. For example, Switzerland might not be included in the EU but it is part of Europe.
Also make sure that your policy covers you for for day trips over national boundaries if your policy is country-specific, like USA into Mexico or Greece into Turkey, etc. It is also important to remember that if the Foreign and Commonwealth Office has warned against travelling to a specific region, your insurance will consequently become invalid in that area.
Check for Trip Cancellation and Interruption
More often than not, most plans include some form of trip cancellation and interruption coverage. This is to provide you protection for nonrefundable expenses, like a prepaid booking for a hotel or plane ticket.
So if you have not added cancel for any reason to your plan, you will have a limited set of acceptable reasons to claim this. A medical emergency, death of an immediate family member, and bad weather are some of the commonly accepted reasons for this.
Compare Travel Insurance Plans
The best travel insurance policy depends largely on you and your trip. Make sure that your plan covers the cost of your entire trip as well as the activities you are planning to do. When you start looking for a travel insurance policy, you find a wide variety of plans. Most travel insurance policies are sold as a package that are often regarded as a comprehensive plan. This will include a variety of coverage.
In order to find the best travel insurance, reach out to different insurers and visit comparison sites. Both the options will allow you to customize a policy by choosing types of coverage as per your unique needs. So search, compare, and plan before you settle for the right option that meets all your needs.
Know the Best Time to Buy Travel Insurance
Remember that your travel insurance policy period is the duration of your trip from door to door and covers you for every place you are planning to visit. As a rule of thumb, you must buy your travel insurance as soon as possible after booking your flights and hotels. Especially if you are going to a place affected by a natural calamity, book sooner than later. After all, you cannot expect to get coverage for delays or cancellations due to a storm that already has a name.
Travelling can be fun and all but it also always carries some degree of unpredictability. And while it is also a fun part of your trip, you do want to be sure that you have the safety net if anything goes wrong. A travel insurance plan offers just that. It is designed to provide coverage for the big financial risks that you shouldn’t have to bear alone.
But when it comes to choosing the best travel insurance, comparing different plans from different providers is your best bet. The time you spend to understand and choose the best option will be worth the confidence you will get when you embark on your journey. So, follow these above tips to find a policy customized to your needs and at exactly the price you can afford.
If you need help with financial planning for your next trip, the Doctor Money app is your go-to option. Download the app and let it manage your money matters for you. So keep calm and quench your wanderlust!