Tuesday, 24 April 2012

Cheap Travel Insurance - What You Must Know and do before buying a suitable Travel Insurance

   Vacation is a time when we unwind ourselves, we just want to forget everyday’s worry and want to soak ourselves in a new experience to create a sweet memory for future.

So what can ensure the peace of mind in a strange land? Yes the answer is Our “Travel Insurance”
Travel insurance can help cover medical expenses or financial losses you might incur while travelling. It's often pitched as the best protection for those travelling domestically or overseas. Here we are helping you to understand the travel insurance concept in a better way and find out what type of policy would be suitable for you. How you should prepare yourself before actually start paying for protection against the unforeseen and unpredictable.
Video on Travel Insurance Advice 

The Five Main Category of the Travel Insurance

  • Trip cancellation
  • Travel medical
  • Major medical
  • Emergency medical evacuation
  • Accidental death/flight accident
Trip Cancellation Insurance

As its name says, trip cancellation insurance or sometimes known as trip interruption insurance or trip delay insurance, covers you in the event that you or your traveling companions need to cancel, interrupt or delay your trip.Policies differ in terms of which reasons are acceptable, but it's fairly typical for this insurance to cover cancellation or interruption for the following reasons:

  • Sudden business conflicts
  • Change of mind
  • Delay in processing your visa or passport
  • Illness or injury
  • Weather-related issues

Some policies may include additional coverage, which would insure you against one or more of the following events:
  • An act of terrorism
  • The vendor (cruise line, tour company, airline) going out of business
  • An accident on the way to the airport
  • Fire or flood in your house
  • Jury duty
The insurance pays the difference between the refund you get from the vendor and the amount you originally paid for the trip. Make sure the insurance you buy is not from the same carrier you purchased the trip from; that way, if the carrier goes out of business, you'll still be protected if something goes wrong during your trip.

Travel Medical and Major Medical Insurance

Both of these types of insurance provide medical protection if the policyholder becomes ill or is injured while travelling. The difference between these two types of insurance is the duration of coverage:

  • Travel medical insurance provides only short-term medical coverage; the duration can be anywhere from five days to up to one year, depending on the policy.
  • Major medical insurance is for travellers who are planning to take longer trips of six months to one year or longer.
These types of insurance can help you cover medical expenses and locate doctors, hospitals, healthcare facilities and foreign-language services if you become ill or injured while travelling overseas. Whether you purchase medical insurance separately or you already have it, find out if you will need prior approval from your insurance company for any type of medical care. Check to see what pre-existing medical conditions, if any, are excluded before you sign up. Make sure you read all the fine print and know what the policy covers and what it doesn't.

Emergency Medical Evacuation Insurance

This type of insurance provides coverage for medically necessary evacuation and transportation to medical facilities. This becomes extremely useful should you become stranded in a remote rural area without easy access to needed facilities. Paying with cash overseas can lead to unexpected problems.

Accidental Death and Flight Accident Insurance

These types of insurance pay benefits to a traveller’s surviving beneficiaries, as with life insurance. Benefits are paid out in the event of an accident resulting in death or serious injury to the traveller.

Specialized Coverage

There are also more specialized forms of travel insurance. For example, some focus on the needs of business travellers, extreme athletes or expatriates. So, if you are planning to participate in high-risk or extreme sports while away, selecting an insurance that is made specifically to cover you in case of a sports-related injury might be more cost-effective and needs-specific than selecting an insurance policy that provides more general coverage.

Common exclusions in many type of the travel insurance policies.

Like most insurance policies, travel insurance has many exceptions. Here are some common ones. So check well what they have included before proceeding
  • Prior medical conditions
  • Pregnancy
  • Sports activities (including scuba diving, rock climbing and organized sports)
  • Self-inflicted injury
  • Suicide
  • Mental illness
  • claims arising from war (declared or undeclared)

Purchasing Travel Insurance

What type of Travel insurance you need?

There are several questions to ask yourself when trying to determine whether to buy travel insurance or deciding what type of insurance you'll need
  • Will you be travelling overseas?
  • Are you planning to participate in extreme sports?
  • Can you afford the cost of the trip back home if an emergency arises and you need to get back?
  • If you or someone who is travelling with you gets sick, will you be able to afford medical care?
  • Your general health condition.
  • Where are you travelling.

You can purchase travel insurance in three ways: 

  1. Per-trip coverage is the most common type of travel insurance. This policy is for travellers who don't travel as often, and it provides protection for a single trip.
  2. Multi-trip coverage provides protection for multiple trips during one year, but none of the trips can exceed 30 days.
  3. The annual policy is for frequent travelers; it provides coverage for a full year.

Preparation before purchasing the insurance policy.

When deciding whether to purchase a policy, think about the  as many scenarios as you can which can ruin  your vacation . 
  • Get familiar with the cancellation policies of hotels, tourism cruise lines and other travel service providers.
  • Review existing policies and agreements with credit card companies. In some cases, credit card companies already cover issues, such as lost luggage or car rental liability.
  • Become familiar with price schedules, terms, conditions and exclusions of the insurance you choose. 

Finding Travel Insurance

Here are some tips to get your search started:
  • Research your current coverage by checking with your existing health insurance provider and your credit card provider. American Express offers travel insurance to card members.
  • Ask your travel agent.
  • Explore the web.
Compare Features

Weigh your needs against the types of coverage offered. Remember to read all the fine print. Consider:
  • what's covered, and what isn't
  • the cost
  • the deductible

How to buy cheap travel insurance

After analysing your situation and need, go to the below listed website to compare and get the cheap deal in travel insurance .Some of the website also provides you the personal consultation to find out the best value for your money.

Read some good tips on Tescocompare.com

Leave the worry behind and enjoy the holiday !


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