Are you and your family planning a holiday abroad in the near future? Perhaps you are travelling to a foreign country that is completely unfamiliar and you have been looking to obtain an adequate form of financial protection while away from home. These are two of the most common reasons why travel insurance is a great idea. However, there is a bit more than may initially meet the eye if you hope to make an informed decision. What types of insurance are available and what are some of the perks associated with each? Are there any useful tips to keep in mind during the decision-making process? What are the most respected firms in the United Kingdom? Whether you are new to this topic or you are instead currently looking to switch providers, the information found immediately below will undoubtedly come in quite handy.
While there are literally dozens of different subcategories, the majority of travel insurance bundles can be broken down into these discrete categories:
Trip cancellation insurance is always useful; particularly if you have ever found yourself stranded at an airport due to an "act of god" or similarly unforeseen circumstance. As you might have already guessed, you will be financially remunerated if the travel provider in question is found to be liable. Examples which may fall into this category include mechanical issues with a plane, a railroad union going on strike or inclement weather. Still, be sure to check the stipulations in order to determine the limitations of this coverage.
The chances of personal items being lost or stolen while away from home are very real. Not only can such situations be very frustrating, but losing a passport or a great deal of money can quickly curtail any holiday. One excellent way to mitigate such a situation is to purchase a policy which takes into account lost or damaged goods. While this might represent a standalone plan, it is often incorporated into a larger policy.
Some medical insurance policies solely address the need for medical attention if you happen to become ill or injured. These policies are often employed by those who plan on undertaking risky activities (such as skiing or skydiving) while on holiday. Those with pre-existing medical conditions (including the elderly) will often benefit from the levels of coverage that are offered.
Personal accident and liability are similar to the medical insurance bundle mentioned above due to the fact that many of your expenses will be financially covered. However, the main difference is that this package will also protect you i the event that you happen to injure a third party. One example may be if you happen to be involved in a motor vehicle accident.
We should also mention that each of these policies can be purchased for a specific period of time. Your main options include:
So, how can you choose the best policy? The first factor to address is how long it will need to remain valid for. After all, it makes little sense to pay for a bundle that will only be employed for a single trip. Another main point is to take into account the risks involved with the journey itself. For example, those taking a cruise might not be required to purchase a plan primarily designed to address third-party liability concerns. See if there are any discounts available and whether or not a travel addendum can be included within your current health insurance plan (this is often the case). If ever in doubt, contact a customer service representative. It could also be wise to look for testimonials, as these speak volumes in terms of the reputation of the provider in question.
According to the latest statistics, here are the top firms in today's marketplace:
Feel free to perform additional research as may be required.