Everything you need to know before buying travel insurance
If you’re new to my blog, you may not know that I broke my leg a few months back, while I was in Cambodia.
You can probably guess with the direction this post is going that, I was not under travel insurance during that time.
It's a long story..
You can bet I’m a firm believer in always covering my ass now. For the full story on what happened. Read my post here.
Ah, the lesson(s) I've learned...
I am the bloody definition of traveler on a budget. Literally trying to save a dime at every corner I can.
But, when it comes to travel insurance. I no longer skimp out.
Think about it this way, what is more valuable than your health?
100$ for peace of mind… Totally worth it.
Travel Insurance 101
Basically, travel insurance is designed to cover unexpected medical emergencies and events such as trip cancellation, your personal effects, lost, stolen or damaged luggage by an airline. Or any other related losses incurred while traveling.
Let’s hope you never use it, but, I guess that’s the point right?
Here’s how you can save some money when choosing your provider.
Buy direct and online
Travel agents and airlines can get a huge commission from insurers for selling policies, sometime even up to 50%. That’s insane, don’t give it to them! Seek out an insurance company directly.
Travel in a group
If you’re traveling with coworkers and friends, it would be in your best interest to purchase one policy instead of per individual.
Check your current insurance providers (car/home) see if they can offer discounted rate for travel.
Read the fine print. Contact your bank and ask for the full disclosure, on what your insurance covers through your credit card. I know mine is good for 14 days of travel. If your trip is going to be longer than the time noted, be sure to purchase extended insurance (obvi)
Important considerations to think about before deciding on what policy works best for you
Amount of premium
Are you paying for the right coverage or can you upgrade/ downgrade as you need to, for something that you’re more comfortable paying for?
Under the influence
Many policies will be null and void if something happens while you are under the influence of alcohol or drugs.
Extent of coverage
Does the policy cover only the medical expenses incurred abroad, or can you also obtain reimbursement for medical treatment continued in your home country?
How much will it cost to extend the insurance to your baggage? How much to include items that you might buy abroad, such as furniture or paintings?
Payout time and requirements
Does the contract require you to submit a written report of the incident within a reasonable time? What supporting documents are you supposed to attached to your claim?
What typically is never covered
Sport and adventure activities with a high risk
Travel to high risk countries
Pre-existing medical conditions.
Choose a travel insurance policy with the LEAST exclusions, and pay attention to them when reading an insurance policy.
Read the fine print and always ask questions