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To most people the idea of travelling conjures visions of fun, relaxation and adventure. Rarely does the traveller worry about their health and the financial burdens that may arise through cancellation, accident or ill health. But to ignore the possibility of any one of these things occurring on ones trip can lead to disappointment and possibly large medical bills.
Before signing up for any travel insurance it is always advisable to check any existing personal insurance policies you have through your home and health insurances, or even within the travel arrangements you have already made. Sometimes these policies include some measure of coverage for travel.
Most travellers should look at two main areas of coverage: trip cancellation/interruption and medical emergency evacuation. Trip cancellation insurance will cover you for any non-refundable deposits in case you are unable to embark on the trip, or have to terminate it early. But beware, the reasons for cancellation are very limited, so check the fine print before you commit. Some other areas that can be covered by trip cancellation are accidents occurring on the way to the airport, hijacking, fire, flood or even unexpected jury duty.
Medical emergency evacuation insurance will usually cover you if there is any need for evacuation from a remote or distant region for medical reasons. Again, check your existing personal medical insurance policies before entering into any further medical emergency insurance. This kind of insurance can be particularly vital for any traveller who is commencing travel into remote areas or on an adventure vacation. Always check what they specifically cover, as there are many extreme sports or activities that they will not cover you for.
If your existing personal health insurance doesn’t cover you for illness incurred overseas, then you should look into medical or hospital coverage as well. This can usually be tied in with your trip cancellation insurance or emergency evacuation insurance for a cheaper option. Some things to check for when taking out this kind of insurance is whether it pays up front or not, and whether you have to get approval from the insurance company’s medical specialist before you are cared for.
When calculating the cost of travel insurance your age and the cost of the trip are the main determining factors. However, you can generally expect to outlay between 5 and 8 percent of your total trip price for your insurances. Again, this will vary according to the amount of baggage replacement and medical coverage you choose.
There are always individual considerations to factor in, so always take the time to identify areas specific to your needs. For example, do you have a pre-existing condition that requires ongoing medication, or do you have a dependent child who may need care if you are hospitalised at any time, or does it cover the loss of passports or travel ticket.
Finally, it is advisable to always shop around for travel insurance so that you are able to make an educated decision about your wellbeing while away. Most travel agencies and tour company’s offer a travel insurance service, but it is recommended that you consider an independent insurance agency to take out cover, as they usually have less exclusions and you will still be covered if the travel company go under.
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