Every traveler hopes for the best when taking a trip, but it's important to consider how you'll handle the unexpected. Even though it's not something we like to think about, accidents on the road, medical emergencies, or other disasters could cause significant financial losses. There are ways to reduce these risks, and stay on track while traveling.
How Does Travel Insurance Work
Travel insurance comes in many different forms, each offering coverage for a specific trip or activity. Travel insurance is important for your needs, budget and to ensure you have full coverage when you depart.
Pre-existing condition coverage
Most companies consider your medical history when deciding whether to approve a policy. It's called a "look back" period, and it varies from one company to another. However, the average is 90 to 120 days. It's also important to know that you may have to pay more if you do not disclose your condition during this time.
Flight cancellation and delay
Most comprehensive travel policies will cover cancellations, delays and weather-related issues. This coverage is invaluable, since it allows you to cover the cost of a hotel while you wait for your flight.
Lost luggage and emergency assistance
In the event that your bags are lost or you need medical attention in an emergency, you'll need to find the nearest hospital for treatment. Travel insurance will usually cover the cost of this up to policy limits.
Missed connections
If your travel plans fall through, missing a connection flight can be a nightmare. Trip insurance will cover missed flights, cruises and other transportation connections. This insurance can cover your hotel costs, meals, and other expenses up until the flight is rescheduled.
Medical and dental emergencies abroad
If you have a health insurance plan that covers you abroad, but you have to pay up front for a procedure or an overnight stay, your travel insurance policy can help cover the cost. This coverage is not included in most insurance packages and is considered an add-on.
Accidental death
If you get sick or injured on your trip, you can use travel insurance to cover funeral costs. This can help you return money to your beneficiary.
You'll need to provide documentation of your situation while filing a claim, such as a medical bill or a statement from your airline. The insurance company then checks your medical record to reimburse you.
Purchasing travel insurance at the same time as your tickets is the best way to ensure you get the coverage you need for your trip. This is true, especially if you plan to go on a trip or vacation.
Online or direct from an insurance company, you can purchase travel insurance
Most major travel agencies sell policies, but you can also buy one from most supermarkets, banks or online retailers. You can add travel insurance to other travel plans such as package deals from your airline or travel agent.