Risk & Insurance

Types of Travel Insurance Explained

In today’s world of uncertainty and increased frequency of unexpected events, risk transfer by means of travel insurance is more important than ever before. Preparing for the unexpected places you in an offensive position, especially when you leave the comfort of your home, town, city, or even country, in search of adventure and a break from the norm.

An unexpected illness or injury can really put a dampener on your downtime, not to mention your bank account, and is never something that is welcomed with open arms. A well-armed travel insurance policy, on the other hand, may not stop what happened, it will, however, put your financial worries at ease. Let’s take a look at some of the types of travel insurance policy options, covering domestic, international, and annual (multiple) trips.

Domestic Travel Insurance

It is easy to overlook the risk when travelling within the borders of your own country. You feel an innate sense of security travelling and operating within a comfort zone, not paying much attention to the risks that you are not safeguarded against. Things can, and do, go wrong without travelling overseas, and the financial burden should not be yours alone to bear. The airline losing your luggage is no fault of yours, so why should you bear the financial burden?

Domestic travel policies provide you with cover for things such as lost or stolen baggage, or last minute cancellations, and can even pay the excess on your rental vehicles’ insurance claim and third-party damages. Domestic travel insurance policies can also be purchased to cover multiple trips around the country, saving you both time and money, and providing peace of mind.

International Travel Insurance

No one should leave their country without it, and with the fluctuating economies of the world, not having medical cover in a foreign land could be financially devastating. It’s a small investment that could really go a long way. International travel insurance is somewhat like an all-inclusive emergency medical package, financed to the teeth to take care of any and all of your emergency needs. Delayed flight, stolen cameras and memories, lost luggage or a medical emergency are all expenses that you will be covered for. Convenient travel insurance comparison websites like iselect can help you to compare and choose the policy that best suits you.

Annual Travel Insurance

Frequent travellers, whether for leisure or business purposes, should seriously consider an annual travel insurance policy to better suit their needs. Faster and more convenient than making arrangements every time you leave, travellers planning multiple trips within a 12-month period will be much better suited to one of these policies. Be sure to review the terms and conditions carefully, as these policies do differ slightly from regular policies, so pay close attention to the details.

Travel insurance, whether for domestic or international travel, once-off or multiple times in a year, is cover that no traveller should be without. They’ve got your back when no one else has, and cover your unexpected expenses when you need it most.

Related Articles

Back to top button