Friday, 19 October 2012

Travel Insurance - things you need to know about

Travel insurance is a type of insurance that gives coverage to those who travel to foreign countries on holidays or some business travel. This kind of policy protects you from losses while you are travelling. If you lose luggage or some personal possessions and money is stolen or lost, travel insurance will cover these and give you complete peace of mind while travelling.
Many people choose this kind of insurance, but not all of them know really what it is and how to benefit from it. If you know everything about it and what is included in, you will be able to make the most of your protection.

Main categories of the risks that are covered by travel insurance are:
Trip cancellation or delay - Cancellation of a trip is covered by your chosen insurance company if a trip is cancelled for illness, death, bad weather conditions or other specific unforeseen circumstances. When trip is delayed company reimburses you for additional accommodations or travel expenses.
Loss, delay or theft of baggage or some personal possessions and money - This will cover you for any items and possessions lost, delayed or theft while travelling. This kind of insurance is very comfortable to use when your destination place is too far and there is no any charter flight. Lots of luggage is lost in international airports and the flight operator reimburses luggage lost by its weight, not value. In this case travel insurance is perfect.
Medical expenses or medical evacuation and repatriation - It covers medical expenses incurred while travelling. Medical evacuation is just what it says; if you need to be transported to an appropriate medical facility or to return home, emergency evacuation arranges this. Repatriation benefits cover the cost of returning a deceased travellers body back to the place of residence.
Accidental death or injury - Accidental death or injury provides cash payment for accidental death or injury while travelling.
Travel insurance benefits vary, each of the insurance companies offer different policies with different benefits and rules that should be followed if you want the company to cover your expenses. Those mentioned above are most common ones.
In conclusion, it can be said that travel insurance is really essential product across the globe. Your private health insurance will only cover your expenses in your own state or country, but not abroad. You will loose nothing with buying this kind of policy, but without the protection of your travel insurance, you will be very much out of pocket, as there can occur many financial losses. As a rule medical service is very expensive abroad and by purchasing insurance policy for very small amount of money, you can fully get relaxed.
So, if you are planning your trip out, get more information about travel insurance policy, find most reliable insurance company, find out what is provided by this company and just enjoy your travel with peace of mind.
Do not forget to set off on your trip with your travel insurance policy in your pocket.
Travel and life insurance are covered in more detail at Wawanesa Insurance.
Tim Baker owns several web sites dedicated to insurance and insurance companies.