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The Best Way to Purchase Travel Insurance
Travel Insurance explained. The Best Way to Purchase Travel Insurance.
When preparing to go on holiday we all go through the same routine, sun-cream, travel money, book for the beach and the passports; however there is one thing most of us forget about thatís just as crucial as remembering your flight tickets...Travel Insurance! We all want our holidays to go smoothly, but the reality is things donít always go to plan, from falling ill, to lost luggage or theft, sometimes the unexpected happens and without Travel Insurance these incidents may prove costly. This article will explain what Travel Insurance is, what youíre protected for and the best way to go about securing cover for your trip.
It can be easy to forget that once you leave your country of residence you are no longer offered protection from the free or subsidized health care service, meaning you could end up paying out thousands in treatment for accident or illness. However, despite this fact millions of travellers take the risk each year and choose to travel without protection from Travel Insurance. The most common excuses used by people without insurance is expense; in the past ravel insurance has had a stigma of being quite pricey and often not fully comprehensive, however this is no longer the case.
Previously most Travel Insurance was sold by travel agents as a add on product, it was often a very basic package, that meant many had inadequate cover or were paying for features they didnít need. However with so many independent insurance companies, banks and budget travel agents all offering insurance products for trips away, rates and features have greatly improved and with the ability to compare all the options on a comparison site, finding the best cover for your needs has never been easier.
Whatís better...annual or single cover?
One of the first decisions you will have to make when taking out Travel Insurance is whether you want to take out single or annual cover, a good way to do this is think about all the travel plans you have in the pipeline for the next 12 months, if you think you are likely to travel abroad on more than two occasions during this time period it will probably work out easier and cheaper to take out annual cover.
Single trip insurance is specifically tailored for the purpose of protecting you for that trip,the type of holiday, length of time you are away and the country you are travelling to will all have an influence on the cost of your policy. For example cover for a one-week ski holiday to France will be considerably higher in cost than a two-week beach holiday in Spain, this is because you are more likely to encounter and injury on a ski holiday than a beach holiday.
On the other end of the spectrum are annual Travel Insurance policies, these are designed to protect you on all your international travels from the date your policy is taken out for a full year no matter how many times you travel and to what destinations you travel to. This means if you frequently travel annual Travel Insurance can prove to be an extremely flexible, affordable and simple way to ensure you are covered no matter what your plans are.
Worldwide vís European Cover
If you choose to take out annual Travel Insurance you will be given to choice to either take out Worldwide or European coverage, there is no wrong or right answer here, just consider where your planning to travel to. If you think all of your travels are likely to be in Europe then there is no need to take out Worldwide coverage as you would be paying for features that you will not end up needing, however if you think your travels are likely to extend further afield itís important to make sure you take out the recommended protection.
When taking out Travel Insurance you should also consider how long each trip you are planning to take is, as some travel insurance providers do enforce restrictions on the time spent abroad for any one trip. If you are planning to spend a considerable length of time abroad ďbackpackerĒ insurance may provide more cost effective and comprehensive protection. In addition the date you choose for your policy to start is also incredibly important, it can be tempting to have your policy start on the date of your departure, however it is actually best to have the policy commence the day your book your trip as this ensures you are fully protected against the possibility of cancellation.
What are the biggest benefits of travel insurance?
Now youíve chosen between single trip and annual cover itís time to get down to the real work and start to compare all the individual policies available. To do this itís best to use a comparison site to do the legwork for you, comparing not only cost but also the features and level of coverage offered by each policy. Medical cover is the most crucial aspect of anyTravel Insurance policy and although many companies will try to get you to take out extra coverage, however unless you have prior medical conditions, any policy that offers £2 million, would be more than enough.
The biggest fear of most holidaymakers is lost luggage or holiday cash and with this in mind it is an important part of most Travel Insurance policies and covers you whilst abroad and in transit. Most Travel Insurance providers offer compensation to the value of your lost or stolen luggage, however it is always good to check, many providers also offer discounts if your luggage is already covered through your bank or home insurance policy, which could save you money.
Do I need cancellation coverage?
Holidays are events we look forward to for several months in advanced, however sometimes unforeseen circumstances can arise which mean the trip is no longer viable and cancellation is necessary, it is at times like this that having a Travel Insurance policy which comes with cancellation cover can prove to be a wise choice. Each Travel Insurance provider will offer a different amount of compensation in the event of cancellation, so check with each provider before taking out a policy, however most will compensate you for the full cost of your trip.
What is Personal Liability cover and do I need it?
A term frequently used within Travel Insurance policies is personal liability, and although regularly mentioned it is a term that can often cause some confusion. Personal liability refers to a feature that will provide cover for any consequences you may encounter due to your actions abroad; this also includes financial protection from legal proceedings against you.
What should I do if I have a pre-existing medical condition?
Honesty is always the best policy with insurers as if they find out that you provided them with incorrect information they are perfectly within their rights to cancel your cover. So, while declaring a pre-existing condition may increase your policy premium slightly, should you need to make a claim it will be worthwhile.
Do I need a different type of insurance for Adventure holidays?
Statistically you are far most likely to make a medical or luggage claim on a winter sports and adventure holiday so itís even more crucial to make sure you are protected. Most Travel Insurance providers offer specifically designed packages for these types of trips; if you are planning this sort of trip it may prove more cost effective to take out a more specialized policy that can provide you with greater peace of mind.
Are there any age restrictions?
All Travel Insurance providers base there fees on statistical risk calculations, statistically the older your are the more likely you are to need to claim, therefore if you fall into this bracket you pose a greater risk in the view of the policy provider. Most policies will cover you up to the age of 65, if you are over this age you may need approach a specialist company to provide your cover. Although it may be more expensive, you will be able to secure cover, so there is no need to worry.
Please Note: www.whichwaytopay.ca is not authorised to give advice under provincial and federal regulations.
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