What Is Travel Insurance?

Tuesday, 02 Nov 2010 01:57 PM

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What is Travel Insurance?
Travel, be it frequent or occasional, means expecting the unexpected. Travel insurance is a form of emergency assistance and trip-cancellation or re-routing assistance to minimize your risks during travel.
 
Cheap Travel Insurance
As with any purchase, cheap travel insurance requires some comparison shopping. Policies range from bundled to customized or flexible travel insurance policies. Each of these covers a set of risks. The risk factors covered can make the premium you pay vary across categories.
Flexible travel insurance policies help you buy cheap travel insurance. You can seek need-based risk coverage and yet still buy cheap travel insurance by doing just a bit of groundwork.
 
Annual Travel Insurance
Annual travel insurance is handy when you plan multiple overseas trips in a year. It is convenient even if you need to stay out of the country for an extended period of time. How cheaply you can get such insurance depends upon your travel plans – how long your trips will be, areas of travel, etc. You may need emergency medical or dental assistance. It handles situations from lost or stolen luggage to emergency returns. Domestic insurance policies seldom cover these risks that an annual travel insurance policy covers. It is advisable for frequent business travelers, students studying abroad, professionals working in another country, or globe-trotting gypsies alike.
 
Trip Travel Insurance
Trip travel insurance covers certain risks that travel insurance does not normally cover. For example, if your trip is cancelled due to reasons beyond your control, trip travel insurance compensates you based on the cost of your trip – typically up to $20,000. Trip insurance also covers trip interruption, travel delay, baggage delay, etc.
 
Travel Health Insurance
Travel health insurance is handy during international travel. Healthcare is vital while traveling, especially when you travel between countries. Most domestic insurance companies do not adequately cover the risks associated with international travel. They cannot cover medical evacuation (the cost of transporting a seriously injured or ill person), repatriation, or trip cancellation for international travel – all offerings provided by travel health insurance. Insurers specially design travel health insurance for U.S. and non-U.S. citizens, individuals and groups, backpackers, and business travelers.
 
Travel Medical Insurance
Travel medical insurance reimburses the expenses you incur during a medical emergency while traveling overseas or living abroad. Travel medical insurance is a subset of travel health insurance. 
 
Student Travel Insurance
Student travel insurance protects students who travel during or after the school year. In case a student is prevented from travelling because of an illness or serious accident, the college is unlikely to refund the travel fee. Student travel insurance covers this risk. Additionally, student travel insurance covers emergency medical expenses, personal belongings, personal accident, legal expenses, and personal liability at an economic price.
 
How to get travel insurance?
Travel insurance policies can be bought across the counter from your travel agent, a travel insurance provider company, or through highly competitive websites that offer quick policies to suit every need and budget.

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