Planning a leisure trip is one of the most exciting things. You think of destinations you can visit and activities you want to enjoy. But during this planning stage, don’t forget to ask yourself, “do you need travel insurance?”
Travel insurance makes traveling hassle-free. It provides financial coverage for potential mishaps so you can enjoy your trip to the fullest. This is why we have prepared a guide to buying the best travel insurance for you.
Allianz, AXA Assistance, Seven Corners, and many other companies offer a variety of insurance plans. So, you can choose a plan that best fits your needs.
But before we compare those plans, do you know what is travel insurance and why it’s useful for travelers?
What is Travel Insurance?
The importance of travel insurance for foreign and domestic trips is undeniable.
Travel insurance provides financial protection or coverage for common issues people face while traveling. For instance, losing luggage or falling ill. With the insurance plan, you can be comfortable knowing that the insurance company has your back. And you can file for a claim if an unfortunate event occurs.
Choosing an insurance plan can be difficult. But you can find the most suitable plan with some planning. For instance, you can opt for a single-trip coverage or choose an annual plan if you are a frequent traveler. Similarly, some plans are targeted toward tour groups while others offer unique plans for individual travelers.
So, which travel insurance policy do you need?
38% of Americans buy an insurance plan for trips due to the benefits of travel insurance. Let’s find out why they do so:
- Access to quality medical care facilities
- Protection from extremely high medical costs in an emergency
- Prevents disruptions to leisure and business tours
- Offers you peace of mind
A Complete Guide to Buying the Best Travel Insurance
It’s important to know the costs included in your insurance plan. You may want to choose a plan that offers coverage for different scenarios such as:
Medical Expense
We know that the cost of emergency medical care is extremely high in the US. On average, an American spends $2,168 per ER visit. The cost may be even higher when you travel internationally.
With travel insurance coverage, you won’t have to worry about such high costs if you fall ill during a trip. Your insurance will cover the cost of hospital stays, surgery, and emergency treatment as per your plan. Also, the insurance will ensure you have access to medical transportation or an ambulance when needed.
Travel Expense
Falling ill when you’re in a foreign land can be a nightmare. You may not be aware of healthcare facilities or who to contact in an emergency. But when you’re insured, your coverage will take care of the expense.
For instance, it may help you travel back home and cover additional accommodation costs. Or if you need to return due to the death of a family member, the policy will provide coverage.
Theft or Loss of Luggage
Losing your luggage while traveling isn’t uncommon. The airline may misplace it due to mishandling. This may create lots of hassles if your documents and important possessions were in the luggage.
Further, someone may steal your traveler checks, cash, or credit cards during a planned trip. So, you may want to get an insurance plan that covers the cost to replace documents.
Cancellation Charges
Picture this.
You book a special cruise trip for your anniversary. You and your partner are ready to go on the vacation of your dreams. But a week before your trip, your partner gets an injury. So, you both can’t go on vacations.
Cruise trips and other tour plans charge a deposit before the trip. And you can’t claim refunds if you cancel less than 2-weeks before the tour. But with your travel insurance, you can claim the amount.
Miscellaneous Expenses
No matter how carefully you plan, mishaps can happen. You may end up damaging the property by mistake or may cause injury to someone. Not only does this create legal issues, but you also have to bear huge costs.
This is when your travel insurance plan comes to your rescue!
It covers legal costs in case someone sues you. Also, your plan may include coverage for prospective problems you may face during the journey. So, weigh your options to make the right decision.
What are Your Options?
You may want to buy travel insurance before your next vacation. So, it’s important to ask how to get travel insurance.
We advise you to do your research beforehand. Don’t fall into the trap of scammers. Rather, choose suitable plans from verified and reputable companies.
Allianz Travel
Allianz Travel is one of the leading insurance providers not only in the US but globally. They offer specialized plans for single trips, annual plans, and car rental insurance.
Looking for medical emergency insurance? Then check out their OneTrip Emergency Medical Plan. It offers emergency transportation of up to $250,000 and medical assistance for up to $50,000. The plan also covers baggage damage/delay, travel delays, and accidental coverage.
The plan is available to all US citizens. But you need to inform them of your pre-existing medical conditions for coverage.
Travel Guard
Travel Guard is another trusted insurance provider. They have different plan categories: Deluxe, Preferred, and Essential Plans.
These plans cover trip cancellation, interruption, baggage issues, medical expenses, and car rentals. But the coverage amount varies for all three plans based on your premium. You can customize the plan for coverage of lodging expenses, existing medical conditions, and rental vehicle damages.
Their website doesn’t provide a flat fee for insurance plans. But you can compare plans and get a quote by entering the details of your trip.
Travelex
Travelex has been providing insurance services for 25 years.
Planning to go to a foreign land or take a trip to a scenic destination in the US? You can opt for their domestic or foreign travel insurance plans accordingly.
Their Travel Select plan includes premium offers and protection is free for children under 17. With Travel Basic plan, you can get primary coverage along with 24/7 assistance services.
Further, the Travel America plan is suitable for domestic travelers. You can enjoy a convenient trip without worrying about medical expenses and car rental challenges. The cost of the plan is $60 and you get shared protection benefits for up to 8 travelers accompanying you.
Information You Need to Provide for Coverage
So, have you compared the plans and decided which one is best for you? Now thoroughly review the policy and terms & conditions before purchasing the insurance plan.
Most companies let you buy an insurance plan online with your credit card. But you need to provide basic information for confirmation. This may include:
- Names of travelers you want to buy insurance for
- Contact information (address and phone numbers)
- The current age of travelers
- Medical history along with any pre-existing health conditions
- Payment information to process the travel insurance plan
- Information of beneficiaries
- Destination and duration of the trip
Travel Insurance for International or Domestic Trips
Do you need travel insurance for domestic trips within the US?
This is a common question travelers have. Let me tell you, regardless of where you go, there’s always a chance of a mishap. So, why not be on the safe side and take preventive measures?
Your insurance plan will offer coverage for delays, loss of personal items, and other costs. This way, you need not worry about unexpected expenses and can focus on enjoying the trip.
As for international trips, insurance plans are crucial. Some countries compel tourists to get travel health insurance before entering their borders. This includes Cuba, Anguilla, the Bahamas, Belize, Indonesia, Israel, and Chile. Jamaica, Cambodia, Fiji, and some European countries may also ask for travel insurance.
Conclusion
Purchasing travel insurance may seem useless. But is it really though?
With travel insurance, you can save thousands of dollars in worst-case scenarios. Also, you have someone to guide you in an emergency when you’re in a foreign place.
So, do your research to buy a plan that covers your needs. Make sure the insurance provider is reputable with a straightforward claim process. Trust me, the decision will make your life easier!
Did you read our guide to buying the best travel insurance? Do you want to add more tips for readers? We welcome your responses in the comments section.