How to Buy Travel Insurance
What Is Travel Insurance?
Travel insurance pertains to an insurance product that covers unforeseen losses sustained while on domestic or international travel. Before you travel, you take out travel insurance to protect you against unexpected events that can happen while you are away.
Travel insurance is essential if you are planning vacations or trips since unexpected things can happen. For example, your flight could be canceled, or you may need to be reimbursed for the hotel, car rental, and meals you purchased. Or your passport gets stolen, and you need to pay to replace it. Perhaps you get sick or injured during your trip, and you need to see a doctor. Travel insurance covers you for any of those things. And while some insurance policies may not cover every circumstance, they can still go a long way toward helping you recover and recoup the costs of your trip.
Whether you have had a great experience dealing with a company in the past or you’ve just purchased your first policy, these tips will help you navigate the sometimes-confusing language of insurance policies.
When to Buy Travel Insurance
It is not uncommon for people to buy travel insurance before traveling, but that’s often too late. Whether or not you should purchase travel insurance depends on how likely you are to have a covered claim, your age, the destination, and your reason for traveling. The key is to research the travel insurance policy you are thinking about buying and look at what else you can cover with your travel insurance policy.
Pick the Trip Insurance Policy That is Right for You
With so many insurance companies on the market, it can be challenging to pick the right one. To find out which policy is right for you, you will need to decide what kind of coverage you want. Start by thinking about the type of trip you are taking. If you are going to visit family, you will need a policy that covers you no matter where you are staying. Or, if you are going on an all-inclusive cruise, you will want to make sure you are not responsible for anything that happens outside of the cruise line’s ports of call. You may want to look into a policy that protects you against unexpected medical or dental bills for more coverage.
Take a Look at the Travel Insurance Policy Fine Print
There are many things you want to consider before buying a trip insurance policy. When doing so, you will likely come across a fine print that outlines limitations on coverage, and certain exclusions. You need to read this fine print carefully. Afterall, if you are looking to get travel insurance for your next trip, the last thing you want to find out is the fine print states you are not covered for something that you really do require cover for.
Here is a look at some of the restrictions you might see in the fine print for popular travel insurance policies.
Understand Pre-Existing Condition Exclusions for Travel Insurance
When it comes to travel insurance, pre-existing condition exclusions can be a deal-breaker for some travelers, and that can be a little frustrating. But before you throw in the towel, read carefully—and cover your bases—when you apply for travel insurance.
When traveling, purchasing travel insurance that covers pre-existing medical conditions is always a concern since pre-existing conditions will almost always result in higher premiums or coverage exclusions. The good news is that coverage for pre-existing conditions in travel insurance can be negotiated, and many companies do cover them. After your doctor verifies that you have the qualifying condition (or symptoms), you can inquire with your provider about coverage.
Travel Insurance Refund Policies
Most travel insurance refund policies require you to submit a claim form in order to get your money back. Many insurance policies require that you submit a completed claim form within a certain time frame. Sometimes, you might not even know that you can get a refund until you are already traveling. To make sure you get your refund, you will need to understand your insurance policy’s refund policies.