|
Travel Insurance
Travel insurance is
insurance that is intended to cover medical expenses,
financial (such as money invested in nonrefundable
pre-payments), and other losses incurred while
traveling, either within one's own country, or
internationally.
Travel insurance 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) travel insurance companies,
travel agents or directly from travel suppliers such
as cruiselines or tour operators. However, travel
insurance purchased from travel suppliers tends to
be less inclusive than insurance offered by insurance
companies.
Travel insurance often offers coverage for a variety
of travelers. Student travel, business travel, leisure
travel, adventure travel, cruise travel, and international
travel are all various options that can be insured.
The most common risks that are covered by travel
insurance are:
- Medical expenses
- Emergency evacuation/repatriation
- Overseas funeral expenses
- Accidental death, injury or disablement benefit
- Cancellation
- Curtailment
- Delayed departure
- Loss, theft or damage to personal possessions
and money (including travel documents)
- Delayed baggage (and emergency replacement of
essential items)
- Legal assistance
- Personal liability and rental car damage excess
Some travel policies will also provide cover for
additional costs, although these vary widely between
providers.
And in addition, often separate insurance can be
purchased for specific costs such as:
- pre-existing medical
conditions (e.g. asthma, diabetes)
- high risk sports (e.g.
skiing, scuba-diving)
- travel to high risk countries
(e.g. due to war or natural disasters or acts
of terrorism)
Common Travel Insurance Exclusions:
- pre-existing medical conditions
- war or terrorism - but some plans may cover this
risk
- pregnancy related expenses
- injury or illness caused by alcohol or drug use
Travel insurance can also
provide helpful services, often 24 hours a day,
7 days a week that can include concierge services
and emergency travel assistance.
Typically travel insurance for the duration of a
journey costs approximately 5-7% of the cost of the
trip.
|
