Insurance falls into two categories: mandatory and elective. Put simply, what you must buy (to comply with a rule, regulation or law), and what you choose to buy (because it makes sense to have protection). Travel insurance falls into the latter category as it isn’t a typically a legal requirement for most destinations, but it’s wise to have it if you’re considering a trip.
Like a lot of “choice based” insurances, many people only realise the value of it when they have a loss or a situation to manage and realize later that if they’d had insurance, they would have had invaluable financial and practical assistance. Consider cancellation of your trip by the travel company, for example, loss of your baggage by the airline, or theft of your passport and mobile phone. All losses that could have been covered by a travel insurance policy, rather than you having to pay yourself.
So, How Much Does Travel Insurance Cost?
Prices for travel insurance depend on a number of variables, such as scope of coverage, period of coverage etc, as well as a difference in the Insurer’s own rate scale, so make sure you consider your personal circumstances and needs, do your research and then shop around to get some price comparisons.
Why Should I Buy Travel Insurance?
The reasons for someone buying travel insurance are personal and therefore vary from individual to individual, but a typical motivator is peace of mind in covering medical care expenses if they or their family are taken ill or have an accident whilst overseas.
What Type Of Travel Insurance Cover Is Best?
The type of travel insurance plan you choose depends on a number of factors such as when you’re travelling, where you’re travelling to, what your plans are when you’re there and whether you have any pre-existing medical conditions. The last point is really important as cover varies from policy to policy and insurer to insurer with regards to any conditions you suffer from already, so always make sure you declare this and shop around for a travel insurance quote that suits your needs if this is a particular concern.
What If I Have A Serious Illness, Can I Still Get Cover?
Your travel insurance premium is probably going to be more expensive if you suffer from a serious health condition, but don’t be alarmed. Many insurers will consider cover for those with pre-existing conditions and when compared to the costs of medical treatment that could be needed, the costs are still affordable. A piece of advice though. Don’t ever withhold or falsify information relating to medical conditions because this could seriously affect your ability to claim when you need it most, or even invalidate your entire policy.
When Should I Buy My Travel Insurance Plan?
When you‘ve booked your trip, you should think about purchasing your policy. This is important as some covers start as soon as you’ve purchased, such as cancellation for example. If the tour operator cancels your trip for whatever reason your policy could assist with recouping your losses, such as cost of the holiday or any deposit paid.
I’m Travelling With My Family – Do We Each Need A Travel Insurance Plan?
Travel Insurance Plans are flexible in that you can purchase them for individuals or cover a number of family members. If one individual travels more frequently than the others than it might be worth considering purchasing a sole policy for them: however, a family travel insurance plan is a convenient and cost effective way of covering multiple members of your family. Top tip: each Insurer has their own definition of “family” so always check the product details carefully when it comes to the number and type of family members that can be covered.
I Travel A Lot – Do I Need to Buy A Policy Each Time I’m Going Away?
Most Insurers offer Travel Insurance Plans on two bases: single trip or annual. Single Trip covers you for a
one-time travel only be it a one-way or return trip, so if you are looking to buy travel insurance to cover a specific holiday, and it’s the only trip you intend making in that year, then this would be the ideal policy for you.
If, however, you’re a frequent traveller, it makes sense to consider an Annual/Multi-Trip policy. These run for a full 12-month period and have just one date for you to remember: your renewal date. And with only one premium to pay that’s fixed when you take out the policy, this is a convenient and cost-effective form of travel insurance plan.
With travel becoming a popular pastime again, travel insurance is once more a prominent product and this blog should have illustrated just a few of the reasons why it really is advisable to buy.
