10 Common Travel Insurance Questions and Answers

Besides winning you prompt medical attention and paying your emergency bills, travel insurance offers more. In plain terms, travel insurance is an insurance coverage plan that provides you with reimbursement, medical care, and support during your travels. It comes in handy in emergencies such as loss of luggage, medical emergency, trip cancellation and other unforeseen circumstances.

Everyone – including you. You may not have been taking it seriously because you’ve never been in dire situations. Others who have found themselves in some mess at some point won’t need much prodding. Ultimately, the answer boils down to a risk assessment, and the easiest way to do so is to answer simple questions like these:
– Are you prepared to risk losing your payments if your trip is cancelled?
– In a situation where you have to leave your trip early for any reason, are you willing to pay extra fares?
– Would you be willing to find yourself a doctor and cover any medical charges if you ever become ill or injured while on holiday?
– Do you have a credit card or a general insurance policy that includes travel insurance as part of the package?
If you answered no to any of these questions, it is prudent to consider travel insurance on your next trip.

Travel insurance is not spectacularly different from other types of insurance. If something goes wrong while travelling and you need to activate your coverage, you’ll need to file a claim to be reimbursed.

First, you need to consider your trips – how often you travel, how much time and money you spend on each iteration and your luggage size. You should also factor in the level of risk associated with your planned activities and any comorbid medical conditions you may have. Because of the ongoing pandemic, finding an insurance policy that accounts for disease outbreaks is also essential. In all, find yourself a policy with the proper degree of cancellation, curtailment, and baggage benefits.

Typically, the cost of travel insurance nestles between 4% and 12% of the overall trip expense. The figures may vary depending on your trip, and other variables mentioned earlier.

Travel insurance is sometimes priced in age bands, increasing with age. Travellers aged 60 and above usually fall into higher price groups. It is generally perceived that older people have more health risks and higher chances of filing claims to their policies.

Occasionally, yes. Most comprehensive insurance policies are time-sensitive, and they usually cover all costs, including flights and lodging. For instance, many travel insurance firms require you to acquire Cancel For Any Reason insurance within 14 to 21 days of paying for your trip. If you make additional payments, such as buying flights closer to your departure date, there’s usually a window period to add them to your overall trip costs. You must keep track of these timeframes so that you can enjoy the benefits of your chosen insurance policy.

Travel insurance does not cover every detail of your trips – just some cardinal aspects, as highlighted below:
– Trip cancellations and changes to travel plans: When you need to extend, shorten, or cancel your trip, not having insurance might cost you a lot of money and limit your options. Getting yourself travel insurance coverage offers you more luxury and flexibility.
– Lost or damaged luggage: With the hustles and bustles of a journey, sometimes even caution itself becomes helpless. No matter how cautious you try to be, chances are that your bags may get lost or stolen. Your devices may get broken. Travel insurance can assist you in adjusting better in such unforeseen situations.
– Personal liability: When you travel, there is a potential that you will accidentally but unlawfully inflict financial damage or injury to others. Some insurance policies also compensate subscribers for losses they might have incurred because of their mistakes.
– Medical emergencies: When travelling abroad, you may get injured, fall ill or need urgent medical intervention. In most cases, most people rely on good Samaritans for salvation, which is not a bad thing per se. With travel medical insurance, though, you can be your superhero – not bad, right?

Most travel insurance policies won’t cover predictable events, pre-existing conditions and government-imposed travel restrictions. Similarly, situations such as known storms, wars, and wild adventures are usually excluded from policies. And if you happen to purchase the policy outside of the allowed time frame, you may end up being on your own.

In the past, the headache of finding the most suitable travel insurance policy belonged to individual travellers. With the recent surge in the number of insurance companies and policies, finding a policy by yourself may get you drowned for weeks. Insurance brokers, like Insurance Direct Canada, are your best bet for getting yourself the best personalized deal.