We all have certain fears about traveling. One of the main concerns is what will happen if a bag is lost or you have to cancel the trip at the last minute. Travel insurance is a plan you purchase that protects you from certain financial risks and losses that can occur while traveling. These losses can be minor, like a delayed suitcase, or significant, like a last-minute trip cancellation or a medical emergency overseas. It?s easy to understand why travel insurance is a good idea, but the logistics of choosing a plan can be trickier to navigate than the new locations you?re traveling to. To help you make sense of travel insurance, here are a few tips you should consider:
Travel insurance can be categorized into two broad categories: trip cancellation and medical insurance. There are, of course, different add-ons or packages in each category, but understanding those two basic ideas should prove helpful.
Trip Cancellation Insurance covers any added expense that may come up while traveling. For instance:
- Actual cancellation of your trip?if something comes up last minute and you need to cancel, you?ll be covered.
- Trip interruption?should you need to return early, those expenses are covered.
- Baggage?various policies cover things like lost or damaged luggage or property.
- Other?there may be other benefits like travel delay, ID theft protection, or car rental coverage, but these vary among policies.
Travel Medical Insurance:
This option is recommended for people traveling for an extended period of time. This is a great idea for snowbirds who travel seasonally in different countries. There may be restrictions with a primary insurance when overseas and travel medical insurance can help with those costs. Some policies will include emergency medical evacuation or transportation should that become necessary.
Wherever you?re traveling and for however long, it?s never a bad idea to find out more about travel insurance. It could just end up saving you a lot of time, money, and stress in the long-run.