Travel Insurance - Don't Go Abroad Without It
By David Chandler
Your choice of a travel policy is probably the most important decision you will make in planning your holiday. You will enjoy peace of mind on your vacation knowing that any unforeseen circumstances, such as a hospital stay due to sickness or accident will be taken care of.
In addition, while many travelers have health insurance, it sometimes does not cover them outside of their network or outside of the United States. Most medical plans will not cover medical expenses abroad, which is why travel coverage is vital to avoid financial disaster. Always check the details of your coverage before you travel. Additionally, with out the proper medical insurance, you will not have a say on where you will be treated if you were in an accident.
Generally, comprehensive travel policy costs 5 to 7 percent of the price of your trip. Your policy may also provide reimbursement for lost luggage, some degree of medical evacuation insurance, accidental death coverage, medical expenses, personal liability, cancellation, loss of baggage and theft. Your policy should also include all the details
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Not all travel plans are created equal. The cost varies from company and policy to policy. Policies may be purchased for individual trips or as an annual policy for all trips taken in the year of insurance. If you purchase an annual travel policy, it will cover you for one year from the start date you choose. In some cases, it might be your best option to purchase a trip cancellation waiver and a third party travel policy.
Credit card companies usually provide what is called travel accident insurance, which covers accidents but not incidents of serious illness. When you travel abroad, you should always consider buying that includes medical care.
If you are willing to assume a financial risk (the cost of your trip), you can probably forego for your domestic travel. Since 9/11, many are looking to travel to safeguard their trip against any unforeseen terrorist attacks at their destination. Traveling abroad without can be risky and impose long-term financial hardships if an accident or illness occurred.
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