Travel Insurance & Travel Insurance Companies
Travel Insurance &
Travel insurance Companies: What
is Travel Insurance?
The basic meaning
of travel insurance is to protect your trip investment.
To define it in simply, travel insurance refers to
financial protection for a person and the money that a person
prepays for his trip. It covers personal accident, medical
expenses, air ambulance, loss of effects, repatriation costs
and all other expenses that may arise as a result of loss,
damage, injury, delay or inconvenience occurring to the person
who is traveling.
Need for travel insurance
arises not only to protect your baggage but to protect you from
some major problems. For example,
#1 : if a person books his family’s tickets for a cruise
to the Caribbean and a few weeks later, a close loved one becomes
Case #2: Family books an airline
ticket joyfully and the next week, that airline has declared that
it has gone bankrupt.
Travel insurance is made for such situations. It can usually be
arranged at the time of booking of a trip to cover exactly the duration
of that trip or a more extensive, continuous insurance can be purchased
from (most often) insurance companies or banks, which covers all
traveling during the period for which the insurance was obtained.
most common risks that are covered by travel insurance are:
Cancellation, Curtailment, Delayed Departure, Loss, theft
or damage to personal possessions and money (including travel
documents), Delayed baggage (and emergency replacement of
essential items), Medical expenses, Emergency evacuation/repatriation,
Overseas funeral expenses, Accidental death, injury or disablement
benefit, Legal assistance etc. Travel Insurance can also be
beneficial in many cases like: Emergency Dental Treatment,
Medical Evacuation/Additional Expenses, Standard Luggage and
travel insurance company basically provides services for travel
insurance, there are several things that need to cover
while taking travel insurance package from a creation travel insurance
company, several times the travel insurance company gives lucrative
offers and it looks cheap to buy that policy, but it does not cover
several aspects, which might end up in loss. So before buying a
travel insurance policy, one must take care of the points that go
with the travel insurance plans that provide coverage for vacation
and trip cancellation, travel interruptions and delays, emergency
medical and health expenses, lost baggage and more.
Always go with the travel insurance plan that is flexible in
choosing the coverage that meets the travel needs. From additional
limits for medical or baggage, to special coverage for adventure
travel, while purchasing a travel insurance policy one must assure
that the policy includes the following coverage: Trip Interruption,
Trip Cancellation, Supplier Default (also known as "Financial
Default"), a Trip Delay Benefit, and at least $25,000 worth
of Air Evacuation in the event of a medical emergency.
Also one must be sure that the policy is real insurance.
One must not get fooled by buying "travel protection"
offered by non-insurance companies. These other companies are often
fly-by-night outfits who are not governed by the same rules and
bonding/reserve requirements that insurers are. Never buy travel
protection or insurance issued by a travel agency, airline, or cruise
line. There is bound to be some contention from fellow travels.
One must read
the entire policy before buying. Usually the policy and
the exclusions can be found online. Always look for a document
titled "Evidence of Coverage". Make sure it covers
you for any scenario that you would like to get covered for.
This is important because some policies do not cover potentially
dangerous activities like scuba diving, bungee jumping, sky
diving, and hang gliding. While reading the policy, don't forget
to review the definitions section which dictates how the insurance
company defines all of the terms (like family member, medical
necessity, and covered trip) and the State Exceptions section
which provides any state mandated exceptions and add-ons which
may affect travel insurance policy.
for carrier exclusions to make sure that cruise, air, or
travel operator that a person would be considering is not on
their list of excluded companies. Excluded companies are not
covered by insurance if they go under. Insurance is usually
based upon the total cost of the trip (on a per person basis).
Be sure to
include the cost of the airfare or other public transportation.
Some companies would cover minor children for free. Very important
point in the event that there is a requirement to make a claim,
one must be sure to collect every receipt and keep them in one
place, when required the documents can be easily found.
Be sure to
keep the receipt from the travel agent with cost of trip,
all unused airline tickets and transportation receipts, medical
bills, copies of theft or other official reports, and any other
pertinent receipts relating to the specific claim. Some travel
insurance companies provide cheap annual travel insurance which
is an alternative choice for those budget - conscious travelers
who are making more than one trip a year. The main feature of
the annual travel insurance against regular travel insurance
is that it saves money.
For a once annual
payment, one can get covered whenever there is need to travel during
the year. The terms and conditions vary between companies, but annual
insurance for unlimited travel is also available. Cheap annual travel
insurance provides substantial cost savings than any regular type
of travel insurance. There are some tips for choosing the best cheap
annual travel insurance: Always sign up with a reputable insurance
company that has worldwide offices which can easily be contacted
during emergency needs.
The insurance company
should have a 24/7 customer assistance which is an essential for
international travelers. Always make sure that the office number
of the travel insurance company ay is available while traveling
abroad. Make sure the travel policy is valid for the whole journey
and includes comprehensive medical and repatriation cover. Always
take a photocopy of travel insurance policy, along with a note of
any 24-hour emergency numbers. Also, a claim could be turned down
if one does not look after his belongings properly. For example,
if someone’s things get stolen off the beach while taking a dip
in the sea, the insurance company might decide that the person has
not taken "reasonable care" and refuse to pay up.
Insurance companies are also growing increasingly concerned about
fraud, especially with travel insurance. If someone claims for anything
that has been stolen they'll probably want evidence that actually
that person owned the item in the first place. Keep photos at home
of personal belongings that one would like to take during travel.
Some insurers even ask for receipts. So basically one must assure
for all the points before taking a travel insurance policy form
a travel insurance company, so that one can travel with peace and
is able to enjoy the travel.
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