How to Choose the Right Travel Insurance Plan
Whether you are required to go on a business trip in the near future or you wish to take the family on a holiday abroad, the presence of a personalised travel insurance package is critical if you hope avoid any unexpected surprises along the way. The main intention of these plans is to provide you with financial security and other forms of help in the event that your trip takes an unexpected turn. Examples can include a sudden illness, a cancelled flight or a vehicle breakdown. Let us therefore take a quick look at some of the main types of travel insurance plans before moving on to examine how you can encounter the best deal for your requirements.
The Different Types of Travel Insurance
Travel insurance can be broken down into two primary categories:
- Vacation plans
- Medical travel insurance
Vacation plans tend to cover the most possible options and they will also provide you with financial remuneration in the event that a trip is suddenly cancelled. Roadside assistance, lost luggage, damaged belongings, and medical emergencies are likewise addressed within these bundles. While vacation plans are slightly more expensive due to their comprehensive nature, they provide policyholders with a centralised resource in the event that unexpected situations arise.
Medical insurance plans are more basic in nature. Their primary purpose is to offer insurance to those who are travelling abroad. While many of the situations mentioned above are not covered, the fact of the matter is that worldwide medical insurance is often required when engaging in certain high-risk activities such as winter sports or hiking. The good news is that these plans can often be provided for couples or even an entire family at reduced rates.
How to Choose the Best and Most Cost-Effective Option
One of the first questions to ask is whether the insurance will be required for a single trip (such as a cruise) or it needs to be used for more frequent journeys. Plans designed around a single trip are obviously cheaper, as their coverage is limited to a certain period of time. Couples can also choose this type if they plan on travelling to an area of the world known for specific hazards (such as changeable weather conditions or higher crime rates). Of course, it is wise to speak with a representative in order to determine other variables such as:
- Is coverage offered worldwide?
- Are there any situations not addressed (such as dangerous winter sports or camping)?
- How many individuals can be covered under a single plan?
- Might the rates be reduced over time if no claims are filed?
There can also be times when a travel provider (such as a cruise ship agency) includes insurance within their nominal fees. Determine if this is the case as well as if the coverage levels are adequate for your needs. You could very well be wise to purchase a supplemental package.
A Look at the Top Travel Insurance Providers
Let us finally list the top four providers as well as their interesting offers:
- The TSB Silver Account for senior citizens
- The Santander annual insurance package
- Barclays Travel Plus insurance package
- The Lloyds Club Platinum Plan
Feel free to examine these options in greater detail.