Vacation Travel Insurance
Vacation travel insurance can be tricky. In many places in the world, physicians still expect payment at the time of a medical service. You simply cannot hand over your insurance card at a foreign hospital and expect it to go through.
Aside from travel health insurance, there are other reasons to consider having a travel insurance policy. If your regular policy doesn’t follow you when you travel the distance, consider purchasing vacation travel insurance.
According to Bankrate.com, the Insurance Information Institute reveals that travel insurance packages can often include the following coverage: travel delay, trip cancellation, lost-delayed baggage, emergency evacuation, 24-hour traveler assistance, medical, dental and accidental death.
Some offer options for rental car collision, as well as damage coverage. Man-made events, such as oil spills, are generally not covered by travel insurance, according to Bankrate.com.
According to Good Housekeeping, types of coverage that you should look for are as follows: travel health insurance fills in potential gaps in your regular health insurance; trip investment insurance covers trip cancellation; and personal belongings insurance covers lost baggage and car rental damage.
Insurance is sold in three ways: through a cruse line, travel agencies and websites. It’s best to get travel insurance through an American company that adheres to American standards.
Most prices range between 5 to 8 percent of the cost of a trip, according to Good Housekeeping. You can also buy a cancel-for-any reason policy for broader coverage. If you travel frequently, an annual policy may be a better deal overall.
Travelers should consider buying vacation travel insurance within seven to 21 days of booking the trip in order to get the most coverage, according to CNNMoney.com.
After 21 days, you may not be able to get certain protections, particularly if the tour operator or airline goes bankrupt.
According to “Travel and Leisure” magazine, experts advise making sure you know about the coverage you may already have before you buy a plan. Travel agents can be useful resources in discussing the pros and cons of specific plans.
The U.S. Travel Insurance Association offers a list of good companies in good standing of business and ethical standards (see Resources).
The “Los Angeles Times” recommends reading the full certificate of a travel insurance policy, which can run 20 or more pages. Like all other insurance policies, the details matter.
For example, many insurance companies will not cover already existing medical conditions if you purchase the policy more than two weeks after making the first deposit toward the trip.
Travel insurance does not cover every problem, so it is important to read the policy and ask questions to the insurer.