Most of us have several insurance policies, certainly for our cars and home. Plus, the majority of parents insure their life too. Yet, according to the latest statistics, many of us still do not buy travel insurance.
When uninsured medical evacuations can cost upwards of $50,000, not buying travel insurance can turn out to be a huge mistake. Very few families have that kind of money saved up.
If one of you were to fall sick before your holiday, you might have to cancel. Provided you have bought the right type of travel insurance, the cost of your holiday would be refunded to you. So, potentially, you could book another holiday.
Those are just two examples that demonstrate the wisdom of buying travel insurance. But, to be able to benefit, you need to buy the right type of policy. These are some of the things you need to check when purchasing travel insurance.
Ask yourself if there are any important exceptions
If you are planning to go skiing, abseiling or try a bungee jump, while you are away, make sure those activities are included in your coverage. Often, they won’t be, so you will need to buy some extra insurance.
Check out what is covered and to what extent
You also need to read the list of what is covered. What is included varies considerably from policy to policy,
As does the level of coverage and the excesses. Given the fact that medical evacuation typically costs up to $50,000, you would not want to buy insurance that only provided $10,000 for that eventuality.
Even if the level of coverage is sufficient, you still need to be careful. You need to know under what circumstances it is OK for you to use an air ambulance. In most cases, you will have to get permission from your insurance company before using one. You can find out more by reading this article.
Buy from a reputable source
There are hundreds of firms out there that offer travel insurance. Many of them come and go. Generally speaking, it is best to stick to buying from the more well-established firms. The fact that an insurance provider has been around for decades is generally a good sign. It is a good indication that they offer a good service. If they did not, they would soon go out of business.
Of course, you should still check them out and read the policy before buying. Reading what others have to say about their service on travel forums is a good way to find out how good they are.
Buy your travel insurance early enough
Having done all of that checking, don’t spoil things by buying your travel insurance too close to your date of travel. If you do that and the airline you are planning to fly with goes bust before you buy your policy, you will not be able to make a claim. The same would be true if a member of your party, or one of your close relatives, were to fall sick before you had bought your insurance.