Travel insurance is insurance that is intended to cover medical expenses, trip cancellation, lost luggage, flight accident and other losses incurred while traveling,
Travel insurance can usually be arranged at the time of the booking of a trip to cover exactly the duration of that trip, or a "multi-trip" policy can cover an unlimited number of trips within a set time frame. Some policies offer lower and higher medical-expense options; the higher ones are chiefly for countries that have high medical costs, such as the United States.
Some credit card issuers offer automatic travel insurance if travel arrangements are paid for using their credit cards, but these policies are generic and particular care must be taken to take into account personal requirements. There are many travel insurance policies available in the market place, but care must be taken of what events are covered by each policy, and what exclusions, exceptions and limits apply, besides other issues.
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Coverage types
The most common risks that are covered by travel insurance plans are:
- Medical treatment, including transportation to the medical facility.
- Cancellation, curtailment and trip interruption
- Repatriation of remains
- Return of a minor
- Trip cancellation
- Trip interruption
- Visitor health insurance
- Accidental death, injury or disablement benefit
- Overseas funeral expenses
- Lost, stolen or damaged baggage, personal effects or travel documents
- Delayed baggage (and emergency replacement of essential items)
- Flight connection was missed due to airline rescheduling or delay.
- Travel delays due to weather
- Hijacking
Medical expense coverage can be per-occurrence or maximum-limit.
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Optional coverage
Some travel policies will also provide cover for additional costs, although these vary widely between providers. Almost $2 billion in travel insurance is sold each year, Consumer Reports Money Advisor says go to online broker like InsureMyTrip.
In addition, often separate insurance can be purchased for specific costs such as:
- Pre-existing conditions (e.g. asthma, diabetes)
- Sports with an element of risk (e.g. skiing, mountain climbing, scuba diving)
- Travel to high risk countries (e.g. due to war, natural disasters or acts of terrorism)
- Additional AD&D coverage
- Rental Car Coverage
- Cancel for Any Reason Coverage
- 3rd party supplier insolvency (e.g. the hotel or airline to which you made non-refundable pre-payments has gone into administration)
- Acute onset of pre-existing conditions
- Specific event coverage, (e.g., to cover travel cancellation costs if the reason the person is travelling, such as a concert, is cancelled. )
Common exclusions
The common exclusions in travel insurance policies include pre-existing medical conditions, travelling for the purpose of receiving medical treatment, elective surgery or treatment, or injury or illness caused by alcohol, drug use, or reckless behavior, including engaging in some sporting activities. Events arising from war and terrorism are usually excluded, but most policies allow trip cancellation arising from war or an act of terrorism that meets the policy's criteria.
Insurance companies issuing new policies will often exclude circumstances based on an-ongoing event, such as typhoons or floods. Long-term exclusions may be announced for events such a Bali's Mt Agung volcano being excluded from cover for the foreseeable future, (as of late 2017).
Some policies exclude travel to certain countries, or parts of countries, where a greater risk is expected. These determinations are often made based on official government travel advice from organisations such as the US State Department or the Australian Department of Foreign Affairs.
Travel insurance can also provide helpful services, often 24 hours a day, 7 days a week that can include concierge services and emergency travel assistance. Pre-existing medical conditions must be declared prior to the trip start date. The European Health Insurance Card (EHIC) entitles to treatment in state-run hospitals in EU countries and Iceland, Norway, Liechtenstein and Switzerland, but it is not a substitute for travel insurance.
Source of the article : Wikipedia
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