Travel insurance is a handy thing to have should you get into a fix when you’re abroad. You may have an accident, fall ill, miss a flight, lose some or all of your baggage, or be the victim of theft.
The financial loss you could incur as a result could be substantial. Resultantly, it’s best to weigh up the potential risks of any trip abroad, as well as what risks you’re willing to take, and then figure out whether you need to take out a travel insurance policy before travelling.
Some travellers like the peace of mind of having travel insurance, whereas others feel that they shouldn’t bother with it. Making the right decision for you is done by taking all considerations and eventualities into account and understanding which travel insurance options you have to hand.
Five Insurance Policy Types
Travel insurance can essentially be split into five types of coverage, namely trip cancellation or trip interruption, flight, medical, evacuation and luggage insurance. Additional cover is normally tacked onto any one or a combination of the above coverage types.
Comprehensive travel insurance, on the other hand, provides cover for all of the above scenarios. Depending on where you purchase your travel insurance from, a travel insurance package is likely to cost you between 5 and 12 per cent of the total cost of your trip.
Your age is one of the biggest determining factors when an insurance agency comes to creating a quote for you. Children have it best – coverage is usually inexpensive for those aged 17 or under.
Trip Cancellation/Interruption Insurance
This kind of insurance will allow you to recoup the money you have laid out prior to going on a holiday. It is highly recommended to get this kind of coverage should you have poor or unreliable health, or may have to take care of a loved one at the last minute.
If you have a health insurance policy, it is always recommended to check with your insurer first before taking out any medical travel insurance cover. This is because your existing health policy may already cover you for any eventualities that may occur when you are overseas.
The is a worst-case-scenario insurance to cover you should you need to be taken to a hospital or need to be flown back to your home country in the event of a really serious accident. The bill for this being carried out is likely to be cripplingly expensive. While it is a rather extreme eventuality to have to consider, it is a consideration to make prior to taking out a travel insurance policy nonetheless.
Losing items that are either dear to your heart or very handy when your luggage is lost or stolen can have a serious impact on your holiday and beyond. Take note of reimbursement caps on any luggage cover you may take out, because these are likely to have limits to how much you can actually claim.
Flight insurance is cover for the highly unlikely event that the aircraft taking you to your destination has a crash. Seeing as the odds of this actually happening are so high, it does not really make sense to take out such a policy.
What GasanMamo Can Do For You…
Travelling abroad soon? Here’s what we can offer you: https://www.gasanmamo.com/personal/travel-insurance/