A Guide to Travel Insurance
A dream vacation can turn into a financial nightmare without travel insurance. The sensible question is not "should I get a travel insurance policy", but "which travel insurance policy best fits my needs?" Here are some questions to ask yourself before you finalise your travel insurance policy.
How long is my trip?
However, if you are planning multiple trips in the course of a year, or are generally a frequent traveller, then an annual travel insurance policy will better meet your needs. This ensures you have constant insurance regardless of when or where you travel.
Who is travelling?
If a large company employs you, it is worthwhile to check if your employer provides a collective travel insurance scheme at a discounted rate.
Some companies target those still in education with special discounts and policies, often referred to as back packers insurance, and specifically offer travel insurance schemes to cover gap years and travelling students.
If you are over 65, look around for the right deal for you, as some companies will not offer travel insurance to your age group because of the higher risk of making a claim.
If you are travelling to and in a remote location, check access to medical facilities and services and include emergency evacuation or air ambulance cover in your policy as necessary.
What type of holiday am I planning?
Many activities and adventure holidays are not included in standard travel insurance schemes but add-ons are available to extend your cover to include winter sports or activities such as kite surfing, water sports or climbing.
Specific insurance policies are also available for cruise holidays and backpacking or trekking vacations, and other schemes will provide financial protection for sports gear such as fishing or golf equipment. Consider carefully the items you need to take, and the risks involved in the type of holiday you plan.
You should also consider personal liability insurance, which will protect you financially in the event that you damage third party property or are held liable for an accident whilst travelling.
In light of the increasing risk across the globe, some insurance companies offer and specialise in Kidnap, Ransom and Extortion (KRE) insurance for international companies and individuals who travel regularly.
