Travel Insurance Policy: What Are The Types Of Coverage Offered?

Are you planning a trip abroad? Have you purchased a travel insurance policy? You never know when you will fall sick or your trip will get canceled. However, you can purchase a travel insurance policy, which will cover your financial losses due to any trip cancellation or lost baggage.

Types of coverage offered

Though the types of coverage vary from one insurance company to the other, yet there is some basic coverage, as discussed below.

• Delay in a trip: If you have a travel insurance policy, then you’ll get reimbursed for the expenses incurred when a trip gets delayed.

• Cancellation of a trip: You will get coverage if your trip gets cancelled for any reason. This insurance also provides coverage if you need to cancel a trip; however, the reason for trip cancellation should be enlisted in the insurance policy.

• Loss of baggage: It is probably one of the prime reasons for purchasing a travel insurance policy. You will get coverage if your baggage are stolen, lost or get damaged during your trip. If you wish, you may also cover your expensive items like electronic equipment, sports equipment or jewelry.

• Medical emergency: Medical emergency can occur anytime. You may fall sick on your trip or have an accident while enjoying an adventurous sport. Your insurance policy will cover you in such situations, when you may need to stay in a hospital or go back home.

Apart from the above coverage, a travel insurance policy also covers the insured person or any immediate family member in the event of sudden death.

Cost of purchasing travel insurance

The cost of purchasing a travel insurance policy varies from one company to another; it also varies from one policy to the other. However, there is a basic rule. The more you invest in your trip, the more amount of coverage you’ll have to purchase in order to protect your investment. However, if you consider the protection you get, then travel insurance is always worth paying the cost.

Apart from purchasing a travel insurance policy from an insurance company, you can also go for supplier-provided coverage. There are a number of tour companies and cruise lines that offer travel insurance coverage. However, in most cases, you’ll not get coverage if your travel agency goes bankrupt. Therefore, while considering a supplier protection plan, carefully compare the coverage with that offered by a third party insurer or an insurance company.