Do you like to travel? If so, you may want to look into travel insurance.
It’s coverage that financially protects you from unexpected issues that may occur while traveling domestically or internationally, before or during your trip. A recent study found that 31% of travelers purchase this type of insurance. This number has been steadily increasing and is predicted to grow since the pandemic. Covid-19 caused a numerous amount of trip cancellations which made many individuals and families lose a lot of money because their trip could not be refunded. Because of this, many individuals realized the importance of travel insurance.
There are a variety of scenarios travel insurance can be helpful. As each plan and amount of coverage can differ, it’s important to be aware of all the occasions you can utilize your plan. These are the most used instances where travel insurance would come in handy:
To see a full list of benefits click here.
As there are many benefits listed above, there are specific instances that are not covered by travel insurance. The first being a traveler with a pre-existing condition. This individual would know about their health issue ahead of time and should plan accordingly to get the help they need, but that expense would need to be covered by themself. Another occurrence not covered is pregnancy care. This includes any costs associated with prenatal care or childbirth. Other non-covered matters include:
There is a big misunderstanding between travel insurance and travel protection. Although many people use these terms interchangeably, they are very different. Travel insurance encompasses everything listed above. It really allows the individual to have peace of mind because no matter the case scenario they will be compensated accordingly. Travel protection is very limited. It only protects the traveler 24 hours to a day in advance if anything arises. Some protection plans may not refund you the entire amount. It’s important to read the policy before agreeing to it. Travel protection is also most times less expensive than travel insurance. Because of the pandemic, there have been more uncertainties, new regulations, travel restrictions, which is why more people choose travel insurance over travel protection. If you are visiting a family member in a state close by, then you may not need everything insurance has to offer and would be better over with travel protection.
Travel insurance usually costs between 5 to 10 percent of your entire trip. The price varies based on a few factors:
Beginning with age, the older you are the more your travel insurance will cost. This is because it is more probable that a 45 year old cancels a trip rather than a 20 year old. An expensive trip or vacation will cost more to insure also. This is because there is more to reimburse if something were to happen. When it comes to coverage type, there are different plans that affect the price of insurance. The more features and people added to the plan will increase the price. With this being said, depending on what you choose and need will dictate the price.
In order to find the best coverage that meets all your needs for an affordable rate doing research is crucial. Find out which plans are flexible and include the essentials. As mentioned before, costs will vary making it important to compare different rates. You can use this tool to get a free quote as a starting point or click here to see reviews on different travel insurance companies.