Have You Considered Travel Insurance?

Have you ever thought about travel insurance before taking a special trip or vacation? Travel insurance is a quick recovery solution when the unforeseen shows up to ruin best laid plans.

I really like to travel. In fact, my wife and I recently made a major life change and move to have better opportunity to travel more often. After decades of living in the southwest, we relocated to the Piedmont area of North Carolina.

As retirees, we have spent our time seeking out historical sites in the U.S. and Canada. Our former home state required a lot of air travel to get to our favorites haunts, but now we can even explore into New England and Canada by car and train.

I don’t think we’re unique by any means. Travel industry statistics bear out that from day trips to vacations to business jaunts most Americans travel often.

The U.S. Travel Association states that we spend over $600 billion on leisure travel, both domestic and international. Leisure trips alone within the U.S. account for over 75% of all travel.

As fun as getting away from it all is, it is a rare occurrence that our trips always go as planned. Things will and do happen, especially when children are involved.

Aside from the excitement of hopping in the family car or getting on a plane, most of us have one common element in our wanderlust. We rarely consider the “what if” ingredient.

I’m not referring to what if I don’t have fun on my trip, what if we don’t like our destination, what if the weather turns ugly, and so on. I’m speaking about the what if one of us gets sick or has a medical emergency or we face some other major trip disruption, including cancellation.

You might be surprised to learn that trip cancellations do actually happen at no fault to the party losing out and injuries are not uncommon either. These unplanned events carry both the burden of emotional stress and out-of-pocket cost.

Let’s look at a family making a trek across country for a long anticipated family wedding. Everything is packed, personal items checked off the list, dress clothes carefully stowed for the big day, excitement and anticipation coming along as traveling companions. And then during the trip, they have their luggage stolen.

Staggering to think about not doubt, this happens more than you may wish to consider. Added to the shock of dealing with this away from home is the money they’ll spend getting back on track. In this situation, travel insurance could help save the day.

There are good reasons to consider travel insurance, but careful consideration must be given as to whether you really need it. Bearing in mind that trip insurance is a limited situation product, at times it makes good sense to buy a policy.

As with most insurance there are exclusions involved. Common ones include: pre-existing conditions, elective surgery, war and terrorism, and injury or illness caused by alcohol or drug use. You must know what a policy will and won’t cover before buying.

Also, understand policy definitions and clarifications. Looking back on our wedding scenario, stolen luggage isn’t covered if you’ve been negligent. While negligence is easy to understand, the insurer decides what makes up negligence and their definitions can be quite broad.

The reason for travel and destination are equally important selection factors. Is there high risk involved, such as a dangerous political climate with some threat of kidnapping or imprisonment?

Will you be doing a volunteer mission stint in an area of unrest or natural catastrophe? You don’t have to travel far from home to find this.

What about the activities you’ll be taking part in? Is white water rafting involved? Or mountain climbing, wilderness camping, scuba diving, or other extreme activity?

Think about special needs you may have that could require travel insurance. As I noted earlier, we are spending our retirement years traveling. Our Medicare coverage does not extend beyond the United States.

In fact, the last time we were in Canada we hadn’t reached the magic Medicare age. Now that we have, our next trip to Canada will include a ‘look see’ at insurance options.

For a trip we’re planning to Europe next year, we will need to take a very serious look at the medical end of things. Also, your own employer sponsored family insurance may also have some limitations outside of the provider area that must be considered.

You may discover that you don’t have good reason to take out a trip insurance policy. Your traditional health policy may extend to out of network or travel abroad. It may only have certain exclusions that don’t affect you.You may have personal funds to pay for an unexpected disruption or cancellation. A credit card would fill this gap, too. You may not travel often or far enough from home to spend the money on a policy.

As a last word, travel insurance can reduce personal risk before any extended trip or one involving an event that can’t be duplicated. It could be your save the day solution.

I have been an active investor for over 35 years. With the exception of employer sponsored retirement plans, my investments have always been self directed. My preferred investment style would fall into the value with dividend growth and income method.

I have also had a life-long interest in personal finance and have taught community classes to a varied of groups.

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Common Mistakes When Choosing Travel Insurance

Travelling is one of the best plans individuals make to help them get away from their work some time. In addition, travelling is also a good time to have fun with your loved ones. And, travelling can match your adventure needs. However, when planning a trip, most individuals are having a hard time most especially in terms of finances. Not to mention, individuals also need to complete travel documents. It is also best for individuals to opt for travel insurance.

Travel insurance can help individuals make their trip safer. Apart from that, unexpected accidents during the trip can be catered to easily with the right travel insurance. Unfortunately, some individuals make mistakes when choosing insurance for their trip, which can be stressful. To avoid these mistakes, below are some of the following.

Opting for price than covered services

One of the most common mistakes individuals do in choosing travel insurance is opting for the price than the services covered. Of course, individuals can find cheap insurance, but cheap insurance only cover minor issues. Because of this, the travel insurance cannot suffice your needs which can be a waste of finances.

Indicating wrong information

Another common mistake individuals make when getting insurance is indicating wrong information. Some insurance plans can provide you with special promos, but indicating the wrong information can result in denial of services. So, it is best to answer all questions truthfully and call back if you need to verify any information.

Unexpected additional trips

When travelling to another place or country, some individuals make additional trips to their schedule. Surely, there are cases when these unexpected trips are created which can be fun, but this may affect the insurance. Thus, it is best to call the insurance company before the expiry date of the policy and ask if you are able to extend the coverage.

Neglecting trip interruptions

When travelling, there are numerous issues that can interrupt the trip. Therefore, you need to consider all these interruptions when opting for travel insurance since some insurance plans will not cover unexpected changes in your vacation plan such as staying in another hotel which is not indicated in your plan.

Not reading the contract

Finally, it is also important to read the contract. This will help you learn more about the services covered by the insurance. In addition, reading insurance can also help you make sure that you have chosen the right insurance for your trip.

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Why Travellers Need To Compare Travel Insurance Services

Travelling is an exciting activity most individuals opt for. By travelling, individuals can check out new places and destinations. They can also try out new activities and taste different types of cuisines from different locations in the world. And, travelling especially with the whole family can provide individuals relaxation and sufficient time with their loved ones. However, before planning a weekend or a holiday vacation, it is essential to get travel insurance.

As of now, individuals can opt for travel insurance from numerous companies. Apart from that, individuals can also choose from different types options. Because of this, there are issues that may arise that can affect your travel. To deal with these issues, travellers need to compare travel insurance services. And, the easiest way is to go online and look for companies that provide travel insurance services online. By doing so, travellers can enjoy the following advantages.

To match their needs

When it comes to travel insurance, individuals can opt for different types. By comparing insurance from multiple insurance providers, travellers can find the right insurance that can match their needs. This is important to ensure that your travel is safe and comfortable.

To get the most out of their money

Comparing travel insurance will also allow individuals to get the most out of their money. This is essential since there are some insurance that are quite expensive, but do not provide the right services you need. For instance, there are cases when health issues may occur during your trip. Unfortunately, some insurance do not cover such issues, which can affect your trip and your well-being.

To know more about insurance policies

Another advantage of comparing is individuals can obtain better insights about insurance policies. Surely, there are lots of insurance providers to choose from. And, these providers offer different insurance options. By comparing, you can easily know which provider can provide the right option that can suit your needs.

To find the right insurance provider

Lastly, comparing can also help individuals find the right provider. Most providers give insurance for a single trip. However, reliable insurance providers can provide you with annual insurance. In this way, you can cut down your expenses and reduce tasks when planning for a trip.

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Tips to Purchase Your Travel Insurance

Buying travel insurance is not as simple as you think. Firstly, it is way more different than buying an article you’ve long desired and wait for its price to drop soon. It’s even different from buying an airplane ticket where you go online and do a price comparison to look for the cheapest one.

People who are new to it often find it very hard to get their way around it. Firstly, they struggle with the idea of whether they really need to get it or not. Most travelers believe they don’t really need it and coverage is simply spending more money unnecessarily.

To solve your confusions, here is an ultimate guide to buying travel insurance.

1. Do You Need Insurance?

To begin with, there are many countries that won’t let you in if you don’t have it. But the chances are that you’ll get away with many destinations that allow you to get away without it.

So do you wonder why you still need that? You’re right in thinking so. But it’s mandatory to be traveling with valid travel insurance. You plan a vacation because you want to escape all the stresses of life and have the time of your life. That is great thinking, but might not always end up being how you’ve planned.

Accidents never come with an invitation and are never welcomed. But they can become very bitter if you’re not prepared to battle with them. This is where travel insurance comes extremely useful.

2. Buy it Early

We all refrain from buying travel insurance because it is expensive. One of the sensible ways of saving on your buy is to get your travel insurance early. You’d still be only paying for the time you’re traveling.
However, you would still be covered for that time free of any charge.

So if you choose to purchase your insurance three months prior to flying, any changes to your travel plans are likely to be covered by your insurance company. It’s better not to wait last minute for things to go wrong and get your insurance beforehand.

3. Purchase Online

Nearly all of us admire online purchasing simply because there are plenty of discounts available. This is why it may be a great option to buy your insurance cover online.

However, this is not as simple as it may sound. Online purchases are mostly done with a low price indicator. But when buying travel insurance, there’s way more than just looking at the price. Before making the purchase, it is a must to carefully examine your policy and ensure you’ve studied it in depth.

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Your Guide To Choosing The Best Travel Insurance

For many travellers, getting travel insurance is really a necessity especially for those who have had bad experiences. If you travel sporadically or are yet to have the pleasure, then it would serve you well to take the word of the veterans and get yourself covered. It is really a huge advantage for travellers to have travel insurance.

It’s understandable to be reluctant to think of things that could go wrong and just focus on the fun aspect of a trip, but the prudent thing to do is be prepared for any eventuality, especially if you’re going overseas. You have to understand that not all travel policies are the same. Before you go ahead and get insurance for your trip, it’s important to shop around to find something that meets your needs.

To be able to determine which one of your many options does this, you need to do your due diligence. The following are also some of the things you need to find out before making your choice.

First, you need to verify that you actually don’t have any coverage yet. You might be surprised to find out that it was unnecessary to purchase insurance as your bank already provided free basic coverage for its customers. Review the policies that already cover you and your possessions as they may include provisions for travel.

If you’re considering a particular policy, see if it covers all the basics. The best insurance for travel protects you in all the important areas, such as luggage, personal items, excess, medical, and cancellation. Any less than this and your insurance is really rather scant.

Additionally, it is important to make sure that your destination is covered. Did you know that there are areas that are usually not automatically included in the list of places covered by worldwide policies? In any case, if you’re travelling to one location, it should be easy to take out insurance that specifically covers it. Will you be hitting multiple locations or are you scheduled to make several trips in the year? If so, then you might be better off with an annual policy instead of a single trip one.

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