Travel insurance is not something to be taken lightly. If you are travelling in and out of the country, or even within the country, you should make sure you are covered against the potential risks that can occur while you are away from home. Why you need travel insurance
This article will go over why travel insurance is so important, and what you should look out for when choosing a provider. You never know what could happen while you are on your trip, so make sure you are protected with travel insurance!
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How does travel insurance work?
Before we get into why travel insurance is important, let’s first talk about how it works. Many times people assume that their credit card or homeowner’s policy will cover them if something happens when they are traveling but that’s usually not true.
If you have something stolen from your hotel room and someone has to break in to steal it, for example, neither your credit card nor your homeowner’s policy would cover that.
A more comprehensive plan is required. Travel coverage typically covers a range of situations such as trip cancellations, lost luggage and medical emergencies that result in hospital stays abroad.
What happens if I don’t buy travel insurance?
If you’re traveling outside of your home country, there are several things that can go wrong and make it difficult to access high-quality medical care. You might get sick or suffer an injury while on vacation, and there may not be a local doctor or facility nearby.
Your passport could be stolen or lost, which means that, when it comes time to leave, you won’t have any way to get home without paying a hefty fee.
Is travel insurance worth it?
Sometimes, people think that they can’t afford to pay for travel insurance. If a trip costs $1,000, paying an extra $150 for coverage seems like a waste of money.
What they don’t realize is that not buying insurance can be more expensive if something goes wrong and they have to cancel their trip. That same $1,000 trip might become completely lost if there’s a family emergency or severe weather that causes it to be canceled or postponed indefinitely.
How much does travel insurance cost?
Depending on your destination, trip duration and other factors, travel insurance can cost as little as $15 per month.
There are even policies that offer multi-trip coverage for no extra charge—so if you’re a frequent traveler or planning several trips in a single year, getting an annual plan is almost always more economical than paying monthly fees.
Should I buy single trip, annual multi-trip, or annual policy?
The biggest question for most people is whether to buy a single trip, annual multi-trip, or annual policy. The answer depends on many factors such as how frequently you plan to travel and how far in advance your book your trips.
On average, an annual policy is cheaper than an individual policy covering each trip in separate policies but remember that an annual policy covers only one trip of up to 12 months per year.
Is pre-existing medical condition covered by my policy?
Make sure to find out if your condition is covered by your policy. If it isn’t, then in some circumstances, you may be able to get a medical waiver.
As with any other type of insurance, policies vary so it’s important to read through yours thoroughly and reach out to your provider with any questions or concerns that arise during planning and execution of your trip.
How do I make a claim for my trip expenses?
Before you go on holiday, contact your insurance provider to find out how much it would cost to make a claim. Many providers charge fees for filing claims outside of their country of operation, so it’s important to find out before leaving if you will be able to file a claim while abroad.
I have paid for my trip in full. Should I still buy a policy?
It depends on how much your trip costs and how long it will take you to save up for it. If your trip costs a significant amount of money and if you’re not sure when you’ll be able to save up for another vacation, then yes, travel insurance is probably worth purchasing.
How long will it take to get reimbursed by the insurer?
If your claim is being handled by an insurer with a good reputation, it should take no more than two weeks to get reimbursed.
That’s because insurers are supposed to reimburse you within 30 days of receiving your claim, but many have ways to drag out that process and eat up your time (and patience). If it’s been more than a month and they still haven’t paid up, give them a call or fire off an email.