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Travel Insurance

5 Types of travel insurance

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While travel can be a fun and exciting, it can also be stressful.  Unexpected situations that arise away from home can be dangerous and expensive.  For this reason, travelers may want to consider purchasing travel insurance.  Five common types of travel insurance are:

1. Trip Cancellation Insurance

Trip deposits, airline tickets, and hotel rooms are expensive.  Cancellation insurance protects the traveler in the event that a trip is cancelled because of illness, injury, job loss, weather, natural disaster, or other emergency.  These are ideal for travelers who cannot afford or are at a high risk for a trip cancellation, such as those living with an unpredictable illness or a high-demand job.   They are also useful for both domestic and foreign travel.

2. Traveller’s Medical Insurance

Travelers medical insurance is necessary for those with gaps in their regular health insurance policies.  This type of coverage is useful to those who are traveling to an area with adequate medical facilities that are not included in their regular coverage.

3. Medical Evacuation Insurance

Medical evacuation insurance is designed for travelers to remote or underdeveloped areas where medical facilities may be substandard or non-existent.  It provides for emergency transport to your country of residence in the event of a serious illness or injury.   Travelers may also purchase coverage to have remains brought home in the event of an unexpected death.

4. Travel Loss and Theft Insurance

Delayed baggage, theft, and loss are covered by these plans. They help to retrieve or replace lost or stolen items, including money, personal effects, medication, and personal identification such as visas and passports.

5. Travel Accident Insurance

Also called flight travel insurance, travel accident insurance provides disability and term life coverage for accidental death and dismemberment that may occur while on a flight or an insured trip.  This coverage is desirable if the risk of injury or death is considered greater due to the method or location of travel, or if there is concern about extra expenses attending a death or injury far from home.

Many insurers offer package plans combining each type of coverage.  Plans may also be purchased on a long-term basis, such as annually, for those who travel often. Travellers should consult their current homeowners, automotive, and health insurance policies to find out what coverage they currently have and plan accordingly.  Insurance can provide protection and peace-of-mind for those investing in travel.

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