There are many types of insurance policies. The insurance business is a billion dollar industry and has expanded considerably in the past few years. However, many people who are buying insurance policies for the first time get swindled. There are many insurance agents that oversell their products. Often times, people who buy insurance policies are disappointed when their claims are rejected. That is why you need to buy your insurance policy very carefully.
Insurance policies are available for virtually everything. In some cases, it is imperative that you get insured. For instance, auto insurance is a statutory requirement. Before bringing your car on the road, you must have insurance coverage. This protects you from liability in case you get into an accident. On the other hand, travel insurance is also a requirement in many countries. If you are a frequent traveller, you may already have travel insurance. However, for people who are planning for their first trip abroad, there are many things that you should know.
What Is Travel Insurance?
Travel insurance policies are designed to cover any medical expenditure or any other unforeseen costs that may arise on your trip. For instance, what if you face an in-flight accident or your trip gets cancelled due to the negligence of another party? Such insurance products are primarily designed to protect you against losses that may be incurred while travelling.
Ideally, you are required to get travel insurance before booking your trip. In many countries, you must show proof of insurance before you exit the airport. However, buying travel insurance is not as straightforward as it may seem. There are many different types of policies that you can choose from. Travel insurance is designed to protect travellers in case they get injured or contract a disease in countries where medical costs are high, such as the US.
Types of Travel Insurance
Broadly speaking, there are two main categories: single trip travel insurance and multi-trip travel insurance. As is obvious, single trip insurance provides you coverage for the duration of one trip. Multi-trip insurance gives you insurance coverage for at least a year, over the course of multiple trips. You can make as many trips as you like within the period of coverage.
There are a number of different types of insurance products in each category for you to choose from. Here are some of the most common insurance products:
Medical Travel Insurance
Medical travel insurance products are designed to give you peace of mind and the ability to relax while traveling in a different country. You don’t have to worry about incurring any additional medical expenditures in case you fall sick or get injured. People who have pre-existing medical conditions are required to consult with their insurance agent before signing a policy. In any case where information is hidden from the insurance company at the time of signing the policy, the insurance company will not be held liable to pay anything.
Declaring your existing medical conditions is not as difficult as most people think. All you have to do is fill out an online form and submit it. The company may ask you a few specific questions in order to determine the severity of your condition. Once all the answers have been given, the insurance company will send you a quote.
Family Travel Insurance
If you are traveling alone, getting insured is not a problem. However, if you are traveling with your whole family, it’s a whole different ballgame. You will have to think about your kids and your spouse as well. Obviously, the insurance premium is calculated differently if you are applying for family insurance. Many insurance companies offer a discounted family rate, so the insurance rates will differ in comparison to individual plans.
Adventure Travel Insurance
Thinking of going skiing or mountain climbing? Going on an adventure may be exciting, but you need to play it safe. If you are going on an adventure sports holiday, you will need to get adventure travel insurance. Because the risk of injury is high, the insurance premium is slightly higher than that of conventional travel insurance. If you look at the products offered by established companies such as Now Travel Insurance Services, you will find a lot of information about adventure travel insurance. Once you are insured, you can go indulge in your favourite adventure activity without having to worry about exorbitant medical costs or any additional expenditures.
Cruise Travel Insurance
Going on a cruise is a fantastic way to enjoy your vacation. However, there is a whole host of variables that you must take into account when planning for a cruise. What if you miss your port of departure? What if, due to some medical condition, you are confined to your cabin and cannot enjoy the cruise at all? These are just some of the many factors that you need to consider when applying for cruise travel insurance.
Companies such as Now Travel provide insurance coverage for emergency air evacuation, missed port departure and many other events. Of course, the premium goes upwards as the amount of insurance coverage increases. All medical conditions are taken into consideration when applying for cruise travel insurance.
Wedding Travel Insurance
It’s an exciting time for a couple when they are planning their wedding in a different land. However, you should also factor wedding travel insurance into your plans. What if something goes wrong on the big day, and you incur serious losses? By getting the wedding insured, you can plan for the big day without having to worry about anything at all! Most insurance companies allow you to insure the wedding ring, your expensive wedding clothes and even the venue! The insurance premium is calculated based on where the wedding is being held, as well as other risk factors.
These are just some of the most common travel insurance products offered by major companies. You can choose the one you want, and apply over the internet too.