And, regardless of the coronavirus pandemic, purchasing travel insurance is strongly advisable as it gives you peace of mind and can protect you against all sorts of expenses and financial losses you may incur while abroad.
What is Travel Insurance and What Does it Cover?
Travel insurance is a type of insurance policy that provides coverage for various things while you’re abroad, such as health coverage, baggage insurance, and other expenses you may incur during your travels.
The exact coverage will depend on the policy you buy, and you should note that there is significant variation even between policies of the same type. For example, one health insurance policy may provide coverage for medical treatment for existing conditions, while other cheaper policies might not.
As with all types of insurance, it’s very important to read the fine print so you can understand exactly what’s covered and under what circumstances your policy may be voided.
How Much Will I Need to Pay?
The cost of a travel insurance policy is determined by a wide array of variables and factors, including but not limited to:
- The duration of your trip
- The type and level of coverage you want to purchase
- Your age and any pre-existing medical conditions you have
- The cost and availability of medical treatment in the country you’re visiting
Due to the countless different combinations of these variables, it’s very difficult to provide an accurate estimate, but you will typically pay anywhere from a few dollars up to $20 per day of coverage.
How Much Coverage Do I Need?
When trying to consider how much coverage you should purchase, you should think about the considerations outlined below so you can make an informed and rational decision:
Where Are You Visiting and What Will You Be Doing There?
If you’re going on a skiing trip or will be visiting a remote part of a country, it makes sense to purchase a stronger health insurance package, as the likelihood of you needing to use the policy is relatively high.
On the other hand, if you’re just going on a business trip to a city, the chances of you needing medical attention are fairly low, so you might decide not to shell out a lot of money on a strong health insurance policy.
Do You Have Any Existing Medical Conditions?
If you have any existing medical conditions, it’s strongly advisable to take out a good, near comprehensive healthcare policy as you may need treatment or access to expensive medicine while abroad.
The Cost of Your Travel
If you’ve booked an expensive trip, it makes sense to purchase a sufficient amount of cancelation coverage so you won’t be left out of pocket if you need to cancel or reschedule for any reason. On the other hand, if your trip is quite cheap, you shouldn’t buy a policy that provides coverage for a far greater amount than you’re realistically ever going to need.
What You’re Taking With You
If you’re taking plenty of valuables with you, such as electronics and jewelry, it’s a good idea to make sure you purchase travel insurance which provides plenty of baggage coverage in the event it goes missing or is stolen.
Figuring out what travel insurance policy is best for you can be a pretty tedious task, but it’s important to spend some time thinking about what kind of coverage is best for you, based on your individual needs, preferences and budget.
Even if you’re not traveling to a country that doesn’t require mandatory health insurance, it’s still strongly advised to purchase such coverage in the event you need medical attention while abroad.