Travel Insurance is insurance that is intended to cover medical expenses and financial (such as money invested in nonrefundable pre-payments) and other losses incurred while traveling, either within one’s own country, or internationally.
At the time of a trip booking, people can puchase temporary travel insurance to cover the exact duration of that trip. A person can also purchase a more extensive, continuous insurance from some of the travel agents, travel insurance companies, or from travel suppliers such as travel operators or cruise-lines. However,travel supplier’s travel insurance can be less inclusive than insurance offered by larger insurance companies.
Find out more about the three most popular Travel Insurance companies and get free quotes:
Student travel, adventure travel, business travel, cruise travel, leisure travel, and international travel are all options that can be insured.
The most common risks that are covered by travel insurance are:
- Medical expenses
- Emergency evacuation/repatriation
- Trip cancellation/interruption
- Accidental death, injury or disablement benefit
- Overseas funeral expenses
- Any delayed departure
- Loss, theft or damage to personal possessions and money (including travel documents)
- Delayed baggage (and emergency replacement of essential items)
- Legal assistance
- Personal liability and rental car damage excess
Some travel policies will also provide cover for additional costs, although these vary widely between providers. In addition, often separate insurance can be purchased for specific costs such as:
- pre-existing medical conditions (e.g. asthma, diabetes)
- sports with an element of risk (e.g. skiing, scuba-diving)
- travel to high risk countries (e.g. due to war or natural disasters or acts of terrorism)
- pre-existing medical conditions
- war or terrorism – but some plans may cover this risk
- injury or illness caused by alcohol or drug use
Many times, the insurance company covers pregnancy-related expenses if the first trimester is when the travel occurs. After that, insurance coverage varies from insurer to insurer. Travel insurance can also provide often 24 hours a day, 7 days a week coverage that many times can include concierge services and emergency travel assistance. Typically travel insurance for the duration of a journey costs approximately 5-7% of the cost of the trip.