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Travel Insurance Limits – Know Before You Go

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We all enjoy vacationing. We are picky about our travel destinations and take months to plan a perfect holiday! All little details matter and we all get excited over planning those travel itineraries. Some of us prefer a quiet holiday on a beach or a rainforest. While some adventure-freaks love finding activities that give an adrenaline rush, such as scuba diving and skydiving.

According to a research conducted by US Travel Association in 2017, US travel industry has been flourishing and travel spending has been increasing every year. Below are the major sources of travel spending:

2017 sources of travel spending

While we are busy planning travel activities, we often ignore travel insurance. Moreover, most of the careful travelers who go through the trouble of getting travel insurance are not aware of the insurance coverage technicalities. While traveling there are hundreds of circumstances that could cause you to cancel your trip, return home early, or force you to seek emergency medical treatment. Travel insurance is extremely important.

To determine what travel insurance you need, consider the following:

1. How frequently do you travel

Your travel frequency helps you decide if you need annual travel insurance coverage or a trip specific coverage. If you normally do more than two trips per year, it will make sense to get an annual travel insurance policy. After all, who wants the hassle of frequently spending time on getting insurance?

2. Determine how far are you traveling

Medical care and emergency medical transport are very expensive in the United States. Your existing health coverage might not cover travel and you might need an additional travel insurance policy for your travel dates and location within the United States. Moreover, if you are traveling internationally, medical costs can be unpredictable and depend on how expensive the health care system in that country is. If one has a medical emergency while traveling, they will first be taken to the local hospital to stabilize the medical condition before evacuating them to their home country. This can turn out to an expensive affair if you are not covered by travel insurance.

3. Define your personal risk

Not all travelers are alike. Some might like a peaceful location with minimal activities while some prefer adventurous holidays. Travel insurance premiums and coverage vary by activity. If you have a pre-existing health condition, it is very essential to check with your insurance provider if you will be covered. Most travel insurance policies do not account for pre-existing illness. Make sure you read the terms and conditions well while deciding which insurance to take. Depending on your risk appetite, determine which policy will be needed.

Consider if your travel insurance policy covers the below factors:

  • Activities considered ‘high-risk’, like hang-gliding, parasailing, skiing, and SCUBA diving
  • Pre-existing medical conditions
  • Cancelled trips due to unforeseen conditions
  • Medical emergency abroad
  • Emergency Evacuations
  • Lost bags and delayed flights

Travel insurance is one of the most important things to buy for your trip — no matter how long you are going away for it is a must-have. While you pack your bags for the next most awaited holiday destination, make sure that you set some time aside for determining the best travel insurance policy to cover your trip. Bon Voyage!

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