Nowadays, travel insurance is necessary even if you are travelling locally, not to mention its immense importance in case of international travel. Travel insurance minimizes the financial risks you may experience while travelling, which is, illness, accidents, cancelled tours, missed flights, theft, terrorism, lost baggage, emergency evacuation, travel agency bankruptcies and many more. Deciding on whether to invest in travel insurance and how to choose the best policy that works for you is quite tricky. Take a look at some of the factors you should consider before choosing on a policy.
1. Trip Interruption and Cancellations
Most travel insurance companies include on the spot travel cancellations, and interruption coverage to reimburse for non-refundable expenses. These expenses usually include a prepaid flight ticket or hotel room booking charges. You might consider adding cancel for any reason (CFAR) insurance to your travel insurance policy, so you may easily be compensated in case of a sudden illness, death of a family member and weather changes. You may also choose to use travel deal websites that offer many benefits like these as well.
2. Trip Delays and Missed Connections
Flight delays are more common than you think. Whether it is due to technical faults or weather changes, flight delays often come up at the last minute and may disrupt your travel plans. In this case, an insurance policy will reimburse your additional expenses such as flight tickets and hotel bookings if the flight is delayed at least by six hours.
3. Baggage and Claims
A good travel insurance plan will cover the cost of damaged or lost baggage and personal belongings on top of the additional cost of purchasing items if the luggage is delayed or lost.
4. Emergency Medical and Dental Care
If you are looking into choosing a travel insurance policy, make sure to choose the one which covers the best cost of medical and dental care in case of an accident or illness in another country. Your travel insurance should also cover medical evacuation in case of an emergency. However, keep in mind that travel insurance is not a substitute for your regular health insurance. Non-emergency expenses such as cosmetic procedures, physicals, eye exams and even childbirth are not usually covered by travel insurance. What you can benefit from is the cost sharing of medicines and prescriptions on the basis of medical insurance. You may still get a discount on 90 day supply of medications and get them delivered anywhere within the country.
5. Travel Insurance Add-ons to Consider
If you are an elderly, then basic travel insurance may not be sufficient for you. In case you have a pre-existing medical condition, travel with expensive gear or participate in sports while travelling, you might consider an upgrade or add-on to your travel insurance plan.
6. Does Travel Insurance Cover Global Pandemics?
The answer is no. Take into account the current coronavirus pandemic, most insurance companies consider this as known or foreseeable events and do not cover the medical costs related to the pandemic. You should consider a CFAR add-on in case of travelling during a pandemic.