Travel insurance - the best way to start a blog about travel insurance is to describe the what's important in a travel insurance product. Well its the policy! You can buy cheap, you can buy expensive, or somewhere in between. Bottom line is - if you don't understand your travel insurance policy, you're throwing your money away!
Most travellers think that nothing will happen on their travels. And, most are right. But that's not why we buy travel insurance. Some buy travel insurance for the trip cancellation portion. Some buy it emergency medical insurance. Some buy it for the baggage insurance. And some buy it for all of the above coverages. Mostly travellers buy travel insurance for peace of mind.
Travel insurance peace of mind does not exist unless you understand your travel insurance policy!
The most important travel insurance is travel medical insurance, which is often referred to as travel health insurance. Trip cancellation insurance does have its uses, for example when travelling with small children, and travelling to a troubled destination like hurricane alley. Baggage insurance on the other hand is useless if you have a home insurance policy. The only benefit here is the elimination of the deductible that your would normally pay on a home insurance claim. Beyond that, trip cancellation insurance and baggage insurance are trivial in the scope of travel insurance.
Travel medical insurance claims can cost you upwards of $20-30,000 per day in an American hospital. Medical emergencies when travelling in the US have literally put unsuspecting Canadian travellers in financial dire straights and even bankruptcy. Travellers that are properly covered need not worry about such risk. What travellers should worry about is if they understand their travel insurance policy.
Closing note for today - Read your travel insurance policy, BEFORE YOU BUY!
Most travellers think that nothing will happen on their travels. And, most are right. But that's not why we buy travel insurance. Some buy travel insurance for the trip cancellation portion. Some buy it emergency medical insurance. Some buy it for the baggage insurance. And some buy it for all of the above coverages. Mostly travellers buy travel insurance for peace of mind.
Travel insurance peace of mind does not exist unless you understand your travel insurance policy!
The most important travel insurance is travel medical insurance, which is often referred to as travel health insurance. Trip cancellation insurance does have its uses, for example when travelling with small children, and travelling to a troubled destination like hurricane alley. Baggage insurance on the other hand is useless if you have a home insurance policy. The only benefit here is the elimination of the deductible that your would normally pay on a home insurance claim. Beyond that, trip cancellation insurance and baggage insurance are trivial in the scope of travel insurance.
Travel medical insurance claims can cost you upwards of $20-30,000 per day in an American hospital. Medical emergencies when travelling in the US have literally put unsuspecting Canadian travellers in financial dire straights and even bankruptcy. Travellers that are properly covered need not worry about such risk. What travellers should worry about is if they understand their travel insurance policy.
Closing note for today - Read your travel insurance policy, BEFORE YOU BUY!
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