Travel Insurance Types
Travel Insurance – Choosing a Policy
There are three main types of Travel Insurance – single trip, annual multi trip and specialist cover, so the first thing you need to do is to choose which Travel Insurance is best suited to your requirements.
The following details provide you with information about the three types of Travel Insurance to help you choose which best suits your travel needs.
Single Trip
If you only plan on travelling once this year then you may only wish to take out “Single Trip” Travel Insurance as this will avoid you paying for extra days that you have no intention of using.
This type of policy will cover you for all the basics during your trip; this is why it is the most popular policy amongst travellers.
A Single Trip Insurance Policy is usually the cheapest option available to travellers; however if you are planning on taking 3 or more trips in the period of 1 year then it may be better for you to consider the “Annual Multi Trip” Insurance policy.
Annual Multi Trip
The biggest advantage of the “Annual Multi Trip” Travel Insurance is that you are covered for all the trips you take within the year (within the specific number of days the provider allows) meaning that this is the most popular Insurance policy amongst frequent travellers.
Annual Multi Trip Insurance can be perfect for people who travel regularly on Business for example as it means that if you have to travel at short notice that you are already covered and do not have to waste time prior to each trip trying to find the cheapest / best options.
Multi Trip Insurance will usually enable travellers to customise the Insurance cover according to their own specifications; however this can mean that disadvantages can occur as some policies have hefty excess levels.
Specialist Policies
Specialist Insurance Policies can be provided for anything outside of the usual policies; so if you are panning a particularly physical activity or require very specific medical cover due to a pre-existing medical condition then a Specialist Insurance policy is probably what is required.
Specialist Insurance is usually provided for the following reasons:
- Winter Sports – such as skiing / snowboarding s you will need cover for you and the equipment
- Pre-existing Medical Conditions – insurance can be tricky if you have an illness as there are many more questions for you to answer to ensure you have adequate cover should you require medical assistance
- Business Travellers – Business cover for working abroad and cover for your documentation is not usually offered as standard; so specialist Insurance is required
An upper age limit is placed on those covered by the policy, with most providers not covering members of the party who are aged over 65 years old. If you or a member of your party is over the age of 65 you may want to find a provider who specialises in offering cover for this age range. Because of the volume of users they may be able to give you comprehensive cover at a better rate.
Backpackers and Long Term Travellers
Most policies have a maximum length of stay, it is usually 45 days for annual multi-trip policies and can be up to 180 days for some single trip policies - not very useful if you are backpacking around Asia for a year! Fortunately there are providers who cater to longer term travellers. They will have tailored policies for backpackers, gap year students, and other travellers that will enable you to stay safely covered for the length of your trip.
Buying travel insurance can be an expensive business, especially when you are purchasing separate policies for more than one person. This is why some providers will now offer discounted policies to insure your whole family under one policy and many insurers will even offer you a discount if you buy your policy as a couple. Group policies are also available, and are perfect for trips taken by schools and organisations. Read our guide to find out more, and make sure that you check the definitions of a family, child, couple and group with your provider before booking your insurance.
What does it cost?
Many people assume that "specialist policy" = "expensive" but this is not necessarily the case. As specialist providers these companies will have helped thousands of people in the same (or similar) situation and based on sheer volume alone they might even be able to offer you a cheaper rate than you would get from a provider who offers fewer policies of this nature.
Travel Insurance – Reasons to buy
If you are thinking of travelling this year then keep in mind that accidents, illnesses and theft can occur anywhere in the world. It is highly recommended for you to take out Travel Insurance to make sure you have financial and practical assistance should it be required.
This is a short guide to assist you in what to look out for in a Travel Insurance policy.
Basic Information
There are various levels of cover available to you when it comes to Travel Insurance and the costs can vary widely.
When taking out any type of Insurance it is best to consider exactly what you need to cover in order to find the correct Insurer for your trip.
Make sure you understand what you are being quoted for prior to choosing your Travel Insurance
The following checklist could assist you in finding the Insurance cover you require:
- 24 hour emergency support
- Emergency medical treatment
- Personal liability
- Cancellation
- Replacement of personal possessions
- Financial protection - Cover for if the airline goes bust
Many good reasons to take out Travel Insurance
Whether you are taking a vacation or a stay-cation there are various reasons why you should not consider travelling without Travel Insurance, so we have listed a few of these real reasons to ensure you take out adequate cover before you decide to travel:
- You have to cancel your trip due to illness
- You can’t go on holiday asyour flight is cancelled
- The airline or tour operator goes bankrupt
- Your baggage has been lost
- Personal belongings such as your purse or passport are lost or stolen
- You are involved in some sort of accident and require medical treatment
- A disaster such as a hurricane or tornado force you to evacuate from your accommodation
- You wish to cancel your trip completely as a terrorist incident occurs in the area in which you are about to travel
