Your choice of a travel insurance policy is probably the most important decision you will make in planning your holiday. If you know that unforeseen circumstances like accidents would be taken care of, you’ll have peace of mind during your vacation.
Health insurance of some travelers doesn’t cover them outside their network or the U.S. Most medical plans will not cover medical expenses abroad, which is why travel insurance coverage is vital to avoid financial disaster. Before you travel, check the details of your insurance coverage. Additionally, with out the proper medical insurance, you will not have a say on where you will be treated if you were in an accident.
The comprehensive travel insurance policy would cost 5-7% of your trip’s price. Provided in your policy are medical expenses, personal liability, cancellation, loss of baggage, etc. Details on how to make a claim should also be included in your policy.
Not all travel insurance plans are created equal. The cost is different from each company and policies. For individual trips, policies may be purchased or as an annual policy for all trips which were taken in the year of insurance. If an annual travel insurance policy is what you purchased, you’ll be covered for one year from the start date you chose. There are cases where your best option is to purchase a trip cancellation waiver and third party travel insurance policy.
Travel accident insurance is usually provided by credit card companies and it covers accidents but not incidents of serious illness. Consider buying insurance that includes medical care when you travel abroad.
You can forego insurance for domestic travel if you’re willing to assume a financial risk or cost of your trip. Ever since 9/11, there are a lot of people who are looking to travel insurance so that their trip will be safeguarded against terrorist attacks. Traveling abroad without insurance can be risky and impose long-term financial hardships if an accident or illness occurred.