Without question, travel insurance is easily one of the most critical things that you can buy before embarking on any trip. Just as you don’t want to own a car without having car insurance, you don’t want to go on a trip without having travel insurance.
There are a number of reasons why travel insurance is so important: it can cover your medical cost should you be injured or get sick, it can cover the cost of a cancelled flight, or reimburse you should anything become stolen.
There are a variety of travel insurance plans available such as the ones from FastCover, but make no mistake, not all insurance plans are equal, and you must read the fine print to make sure that your plan covers everything that you need.
Here are the main four things to look for in your travel insurance plan:
Emergency Evacuation Coverage
Several travel insurance plans cover or partially cover any medical costs you may incur on your trip, but far fewer cover the cost of a complete medical evacuation. You must make sure that you are covered against even the worst-case scenarios, and a medical evacuation to a hospital out of a distant country could cost you up to one hundred thousand dollars.
Trip Cancellation Coverage
There are a variety of factors that could cause you to have to cancel your trip, whether they be for work related reasons, for family emergencies, natural disasters, or a financial default. Regardless, be sure that your plan will reimburse you for the remainder of the costs of the trip that you did not complete.
Is The Plan Renewable?
You will want to speak with an insurance agent to find out if your travel plan can be extended after the expiration date, and specifically if the same coverage will continue after your plan is renewed.
Something to keep in mind is that if you do get a renewable plan, any medical conditions that were incurred during the initial period for the first policy will not be considered a pre-existing medical condition.
Additional Benefits To Look For
Additional benefits that may not be completely necessary but would still be nice to have in your plan include identify theft protection, rental car coverage, twenty four hour assistance service, and a money back guarantee.
Finding The Best Travel Insurance Plan For You
One more thing to look for to add would be to make sure that the cost of your travel insurance plan is within your budget. The cost of the plan will be dependent on a number of different factors, including your age and the general type of your plan (such as what’s covered and what isn’t).
For a plan that covers everything we have just covered, you should expect to probably pay a little more than you may have been expecting, but for everything that you’re getting covered for it will be an expense that’s well worth it as financial security.