Types of Travel Insurance
A Insurance Article Contributed by Vivek Kumar Singhal
Different Types of Travel Insurance
Opting for the right travel insurance policy can be quiet a task. In the travel insurance market, you will face different plans, options and quotes from different travel insurance agencies. But a comprehensive study of the basic travel insurance plans makes it easier to purchase the right one. Travel insurance policies provide five types of basic coverage, intended for different types of travelers and trips.
Types of Travel Insurance
There are various types of travel insurance policies ranging from Comprehensive travel medical insurance, Medical evacuation, trip cancellation and travel interruption and many others. These may vary from company to company and in terms of cost.
Comprehensive Travel Medical Insurance
This type of travel insurance is for people who don't have any other medical insurance. Since most people who can afford it have health care coverage in their home country, comprehensive travel medical insurance is mainly of interest to long-term travelers who've left their jobs and lost their insurance coverage at home. Or it appeals to those living and working outside their country of citizenship or permanent residence.
Emergency Travel Medical Insurance
Emergency travel medical insurance is for people who have medical coverage at home, but whose health plan at home doesn't cover them while they are traveling outside the country. Emergency travel medical insurance only covers emergency services abroad; once you get home, you're back on your own for any necessary follow-up treatment or continuing care.
Most health insurance plans in the US include their own provisions for emergency care while abroad, at least for trips of less than 30 days. So it is better to check with your current insurer or HMO(Health Maintenance Organization) before you waste money on an emergency travel medical plan that duplicates your existing coverage.
Medical Evacuation Insurance
Medical evacuation insurance covers the cost of an air ambulance, attending physician and nurse, etc., if you are seriously injured, or become ill, as a result of which you can't come home on a scheduled commercial passenger flight.
Trip Cancellation and Travel Interruption
Trip cancellation and travel interruption insurance covers the cancellation or refund penalties and the cost of getting home if you have to cancel your trip, or have to cut it short, for some specified reasons. These covered reasons do vary but typically include injury or illness to you, a traveling companion, or a member of your immediate family.
Supplier Default Travel Insurance
Supplier default travel insurance covers the amount of money you lose because of the bankruptcy of an airline, cruise line, tour operator, or other provider of travel services.
Source of Travel Insurance
Now we come to the sources that provide these kind of travel insurance plans.
Some travel agencies and travel suppliers offer travel insurance as an option along with travels services that you opt to buy from them.
Some regular insurance agents also handle travel insurance, especially long-term comprehensive travel medical insurance. If you're going for a trip for six months or more, or if you plan to travel regularly throughout the year, it will be wiser and cheaper to include travel coverage with your regular health coverage.
They are some specialists that provide these kind of travel insurance policies. Insurance companies also offer travel insurance, but there options and policies of working may vary, so it is better to check thoroughly before buying.
Some of the well established travel insurance companies are American Express, Global Travel Insurance.com, Travel Insurance Services, STA Travel, Travelex etc are just to name a few. Be sure to read the Insurance policy carefully before buying the desired policy, also make sure that the travel insurance policy complies to the country/countries you would be traveling to.
