Why Buy Travel Insurance?
Travel insurance is designed to offer protection and peace of mind for those taking trips. This could be anything from a weekend getaway to a business trip or a round-the-world adventure. There may be some occasions where it isn’t worth paying for an insurance policy, such as when you get a very cheap last-minute deal and don’t mind losing the money. However, generally it is better to have peace of mind from knowing that you are covered should an emergency or unexpected event happen. For most people, the need for travel insurance has never been more apparent than since the beginning of the Covid-19 global pandemic. The way people view travel has changed in ways that would have been unimaginable before. This means that people have had to start thinking more seriously about the reasons why they should choose to take out travel insurance.
The Covid-19 Pandemic
Pre-2020, this type of travel insurance didn’t exist. Quite simply, it didn’t need to. Covid-19 didn’t exist, so there was no need to insure against it. Now, however, it is generally advisable to take out some type of Covid-19 insurance to protect against the impact the pandemic has had across the globe. Many policies that offer Covid-19 protection will cover for eventualities when international borders are closed due to outbreaks. It will also cover you for situations where you are required to isolate due to your own ill health or contact with others.
Illness
Health insurance isn’t always enough to cover everything that you need, and some policies won’t cover you while you travel. If you have a policy like this, then you will need to take out additional travel insurance. This will then guarantee that you will be able to receive healthcare should you be ill while you are away.
Cancellations
There are a number of situations that can occur, meaning that a cancellation has to happen. For example, you may have a change in your personal circumstances that means that you are unable to travel. In some of these situations, it will mean losing deposits or having to pay cancellation fees that will leave you out of pocket. These things can’t be predicted, so it is important to ensure you have protection should something unexpected happen. Taking out travel insurance can sometimes mean that you are able to claim on the policy for cancellation costs or financial loss, rather than having to pay yourself.
Emergency Situations
No matter how well you prepare for a trip, there is always the possibility that an emergency situation could occur. It is possible that you could become unwell in a foreign country, needing to be airlifted home. Natural disasters happen, even when a trip is planned meticulously. Political climates change, meaning that visas can be rescinded. All of these things can potentially mean losing money if you need to change flights, gain medical assistance, return home early or any number of other reasons. Travel insurance provides peace of mind should any of these situations occur.
Travelex Policy Types
Travelex is one of the largest insurance policy providers. As a result, there are many different types of policy for you to choose from – some of which could potentially be adapted to suit your personal needs. Five of the most popular policy types are:
Travel Basic Travel Select Travel America Flight Insurance Business Travel Insurance
Travel Basic
If you are on a budget, then the Travel Basic insurance policy will offer you the best coverage for the smallest outlay. With this policy, it’s possible to recover 100% of costs – up to designated limits – that are incurred as a result of unexpected eventualities.
What Does Travel Basic Cover?
Delays with travel – $250 per day for up to two days Delayed baggage – $100 Emergency medical situations – $15,000 or $500 for dental Missed travel connections – $500
Travel Select
Travel Select is one of the most popular insurance options available from Travelex. This is partially because of the fact that children under 17 years of age are covered for free. There is also the potential to upgrade this package for those looking for trips that are likely to include activities that could be more risky, such as abseiling, hot air balloon rides and mountain climbing.
What Does Travel Select Cover?
Missed connections – $750 Delays – $250 per day, up to a total of $750 Equipment delay – $200 Lost or delayed baggage – $1,000
Travel America
If you are travelling within the United States, then there is no need for a policy that covers international travel. It can often mean that you save money when you choose a domestic insurance package.
What Does Travel America Cover?
Up to eight travellers for up to 15 days in total Cancellation – $750 Missed connections – $2,000 Inconvenience – $1,000 Lost baggage – $2,000 Pet medical expenses – $1,000 with a $50 deductible Pet transportation – $10,000
Flight Insurance
When you are planning a trip, it is likely that the flights will be the most expensive cost. It is also one of the areas of your journey that is most likely to be faced with delays, cancellations or other issues.
What Does Flight Insurance Cover?
Flight only – This will cover you for issues that arise specifically relating to your plane or flight. Examples of this would be flight delay cover and travel assistance if you require it. Package plan – This covers everything that is covered in the flight only plan alongside other factors, such as medical coverage and baggage claims.
Business Travel Insurance
If you are someone who travels regularly for business purposes, then it might be best to consider a plan that is tailored specifically for these individuals. A business plan is designed to suit people who rely on travel for work and understands that these people potentially risk losing income when issues occur.
What Does Business Travel Insurance Cover?
Hire car damage – For example, if you are involved in a collision Domestic and international business trips Lost or stolen work-related items, such as laptops and cell phones Flight delays Emergency accommodation in the event of delays
How to Choose a Policy
Choosing the right policy for your needs is quite a personal decision. Only you will know the features that you are most likely to need while you are travelling, and only you will be aware of your budgetary constraints. It might be tempting to take out the most comprehensive policy available to you just because it has as many features as possible. In reality though, it is a much better idea to consider what it is that you will actually be doing on your trip. For example, there is no need to take out a policy that covers for delayed flights if you are going on a cruise.
Things to Consider When Choosing a Policy
Where are you travelling to? How are you travelling? Does your travel provider have a cancellation policy? How many people are travelling on this trip? What is the purpose of the trip?
Since launching in 1996, Travelex has become one of the most popular choices for travel insurance across the globe. They are regularly rated among the best travel insurance providers and have featured on a number of best buy comparison lists for consumers.
Terrorism Disappointing weather Irresponsible behaviour Injuries or issues that occur as a result of intoxication
It is always a good idea to check the exclusions on your preferred policy before choosing it. Insurers have had to change the way they work to ensure that individuals are covered in the way they need to be. If you choose Travelex insurance, you will be covered for:
If you need to cancel your trip as a result of catching or being exposed to Covid-19 that results in the need to isolate If your business trip needs to be cancelled as a result of someone within the workplace needing to isolate that means that you have to take on more responsibilities If you catch Covid-19 while you are away, meaning that your trip is interrupted and you are required to isolate If you require medical care as a result of catching Covid-19 while you are away
If you decide that you don’t want the travel insurance you have purchased, then you are able to request a refund within 15 days of your purchase, as long as you haven’t already travelled or claimed on the policy. Travelex has established themselves as one of the best possible insurance lenders in the market. They hold this position for a very good reason. They are one of the best options for those looking for comprehensive insurance options that suit their needs. As with any insurance, it is vital that you are honest when applying for cover and ensure that you read all of the terms and conditions before choosing a policy.
