The last thing you want to worry about when planning a well-deserved vacation is that something is wrong. But the sad reality is that things don’t always go as planned.
That’s why it’s important to have a back-up plan — orat least. By having a travel insurance policy, you ensure that you stay protected against losing most (if not all) of the money you have invested in your trip. For example, if there is a problem with your air travel, car rental or an expensive pre-booked tour.
You just need to keep track of your receipts and related documents to file a claim for reimbursement from the insurer (just be sure to carefully read the full list ofin case of cancellation).
If you’re looking to protect your vacation and your wallet, get travel insurance for your next trip!
3 things to look for when choosing travel insurance
After spending weeks (or even months) researching your dream vacation, you’re probably not thrilled to think about spending more time scanning insurance policies.
However, there are many reasons to considerespecially if you are . So, when browsing policies online, here are a few things to look out for.
- The cost
- Types of coverage
- The reputation
Given the current state of the economy withchances are you want to look for the most cost-effective and comprehensive plan.
Travel insurance is usually a small percentage of the total cost of your trip – around 4% to 8%, according to the US Travel Insurance Association. However, these percentages may fluctuate depending on the specifics of your trip (whether it includes expensive tours, amenities, etc.).
The best way to find these types of plans is to use an online marketplace like Squaremouth to compare multiple providers and policies at once. Simply go to the Squaremouth site, insert your travel information (dates, destination, etc.) and with a single click you can view dozens of options. Start now!
You can sort the prices from lowest to highest if you have a specific number in mind.
Comprehensive travel insurance is usually a popular choice, covering a variety of situations such as trip cancellation, interruption and more. “The most common benefits of a policy include coverage for travel expenses, medical emergencies, travel delays and baggage,” travel insurance company Squaremouth said.
Types of coverage
Again, most travelers will likely opt for comprehensive coverage to cover a variety of potential emergency issues or unexpected events. But there are times when you should increase your coverage. Remember to factor in the additional cost of add-ons or upgrades if you deem them necessary.
For example, if you are traveling overseas, the United States advises that you consider purchasing travel insurance and emergency medical evacuation insurance, as Medicare and Medicaid likely won’t cover your medical expenses in another country. Coverage for pre-existing conditions is also usually not included in comprehensive travel insurance policies.
“Even if a country has nationalized health care, it may not cover people who are not citizens. Before you go, consider your insurance options in case you need care during your travel,” suggests the Centers for Disease Control and Prevention (CDC).
If you travel frequently, it may also make more sense to purchase annual travel insurance, which includes one year of medical coverage. It can be more affordable instead of buying separate insurance policies for each trip throughout the year. However, it’s not for everyone, so be sure to do your research and crunch the numbers before deciding.
“Annual travel insurance policies are ideal for travelers who plan to take multiple trips within a 12-month period and need basic travel insurance benefits. Most often, these policies include benefits Emergency Medical Evacuation and Medical Annual policies provide long-term travel insurance coverage, but are not intended for a one-year trip,” adds Squaremouth.
There are manyso read the list carefully to determine what you actually need and where you can cut corners.
When browsing online marketplaces like Squaremouth to see what benefits are included, be sure to click on “Full Policy Details” for an accurate account of everything included in the price. Check out the different types of coverage plans available to you right now.
Don’t press buy without doing your homework. You’ll want to make sure the travel insurance provider has a good reputation from a customer perspective.
In this case, Google can be your best friend. You can often find links to customer reviews on the websites of most travel insurance companies or you can turn to the Better Business Bureau or other verified sources.
The more reviews, the better. It will provide you with a more complete picture of the company’s reputation and allow you to sift through the travel insurance provider’s pros and cons of other travelers. Plus, you might find some helpful tips along the way.