If you’re considering travel insurance for your holiday travel, there were a number of interesting articles written this week about things to consider. Last week we wrote about the importance of reading the fine print on any policy you’re considering. We stressed the importance of knowing exactly what you’re buying before you spend the cash. If you’re going to buy insurance, it ought to do what you think it is going to do — otherwise you might as well buy a lottery ticket! To extend on that, Personal Finance and Savings writes about a number of other factors to consider. Though they have a UK audience in mind, their guide offers a useful “travel insurance 101″ for beginners.
Eileen Ogintz, from the Miami Herald writes at length about why travelers should buy travel insurance. Among her more compelling reasons are winter sports:
A ski accident in Colorado last winter turned me into a believer. Sure, I had medical insurance. But my travel insurance policy picked up nearly $1,000 in costs that my medical insurance didn’t cover. Had it been necessary, the travel insurer would have arranged for medical evacuation and covered all of the costs if we’d needed to change our flights to return home earlier.
Finally, Group Trip Advisor, a frequent read for us here at Travel Guide for Your Finances, offers a number of valuable tips from a travel insurance “insider.” This is a must read for people on the brink of taking the travel insurance plunge. They cover a number of specific items to look at when considering travel insurance including: medical evacuation, nearest appropriate facility, coverage limits, trip cancellation, and terrorism coverage.
Before buying travel insurance, check with your employer. Most employee benefit packages contain some travel coverage. If it’s not enough, you can simply purchase “top-up” insurance.
Also make sure that the activities you plan on participating in are covered. Things such as bungee jumping, white water rafting, etc. require special “adventure travel” coverage. It’s important to make sure you have the right insurance for your vacation. Talk to your broker about what you plan on doing and make sure you’re covered.