Travel insurance covers the traveler for any cancellation or interruption in the journey or flight, medical treatment, property damage, loss or theft, and travel delay. One can choose from several types of travel insurance, such as travel medical insurance, group travel insurance, multi-trip annual insurance, flight accident insurance, and trip cancellation or interruption travel insurance.
If you are planning to purchase travel insurance, here are five things you should consider:
Medical requirements: For people with ongoing medical treatment who may require medical attention while abroad, opting for long-term medical travel insurance is a good idea. A medical emergency can arise anytime and anywhere. Travel insurance can take care of this in the event that a situation arises.
Number of trips annually: If one is likely to travel back and forth or has multiple trips scheduled, or is unlikely to stay in one place for a long period of time, multi-trip annual travel insurance is more suitable. This type of insurance provides coverage in case of trip cancellation, changes in schedules, changes in trip plans, and in case of emergency medical requirements.
Multiple people traveling together: If many people are travelling together, and are likely to stay in the same location, a group travel insurance plan is a suitable option. Group insurance provides coverage to all members of the group for any medical requirements, medical emergencies, trip disruptions, trip cancellations, and flight accidents. The premium for group travel insurance is much lower than the total premiums for individual travel insurance.
Cost of travel, cancellations, and interruptions: If you are travelling to a distant place, and if the cost of travel is high, you can obtain trip cancellation or interruption insurance. This ensures that you can obtain alternate flights at a fraction of the full fare cost. This insurance also provides coverage for hotel accommodations and medical coverage for the duration of your stay.
Flight accident insurance: This covers the cost of medical treatment, accommodation, and travel back to your original location in case of flight accidents. Although the airlines provide insurance for any accidental death, airline insurance generally does not cover people for accidental injury.
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