Travelers usually find it hard choosing the best type of travel insurance for their trip. Essentially, there are three common types of insurance plans: travel medical plans, specialty plans, and package plans.

Package plans are perhaps the most popular ones since they offer comprehensive coverage- they combine numerous options into a single plan that’s designed to cover all the mishaps plus disasters that could happen on your trip. But at the same time, they’re the most expensive form of travel insurance- costing approximately 6 to 8 percent of your total trip cost. Generally speaking, there are three common types of insurance you may want to consider. The choice you make will solely depend on your budget, travel needs, and personal preferences.

Travel Medical Insurance

If your trip is domestic or outside your normal health insurance network, you might need to purchase a travel medical insurance.

Typically, these insurance plans cover all your emergency medical care needs when you aren’t traveling within your health insurance network. Most American-based health insurance policies don’t protect their members when they travel outside the country and they also impose out-of-network charges, which means that the traveler will have to pay a higher portion of the bill.

If you aren’t worried about recovering the non-refundable trip costs you incurred, your journey is relatively inexpensive and will travel outside your own health insurance network, getting a domestic travel insurance will be highly beneficial.

Business travelers, international student travelers, families, couples, as well as individuals who’re traveling outside their local health insurance network areas should consider purchasing travel medical insurance.

The Package Plan

A travel insurance package plan covers an extensive range of travel risks, including emergency medical care, evacuations, trip cancellation, emergency medical care, loss of baggage, as well as travel interruptions.

Cancellations might occur due to several reasons, and that’s why you should seriously consider investing in a package plan. It’s comprehensive, reliable, and extremely affordable.

Specialty Insurance Cover

When it comes to coverage gaps in your insurance, travel insurance specialty plans are simply the best. For instance, if your medical care is fully covered when you’re overseas through your own health insurance, then you might only need to purchase evacuation plus repatriation coverage. And if you’re traveling within the United States of America and will be renting a car for your trip, then you may want to consider investing in a car rental damage coverage that’s less costly than what you’ll actually get at the rental counter. Purchasing an airline ticket protection plan is also another incredible idea.

Final Thoughts

Whether you’re planning to go out on a domestic trip or an international tour, it’s always advisable to get travel insurance. Not only will this give you peace of mind but it’ll also ensure you stay safe and secure. Plus, the coverage safeguards against severe financial risks, which could occur as a result of lost baggage, trip cancellation/interruption, theft, as well as evacuation. You can always choose to invest in travel medical insurance, specialty travel insurance, or the package plan.

By Lyle MacLeod

© 2019 Lyle MacLeod - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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