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Going on vacation? Discover how to find the best travel insurance for you.
The best travel insurance coverage is different for everyone, but there are some key strategies you can use to find the best policy for you. This article will help you discover how to find the right cover for your needs, understand what a good policy will provide and how to get proper cover.
Every traveler has different insurance needs. Whether you’re going for a luxurious holiday or keeping it simple and backpacking, there’s a range of policies out there to suit every need. Be sure you’re looking at policies that actually satisfy your requirements. There’s no point forking out cash for luggage coverage if you’re only traveling with a backpack. Don’t feel the need to pay for coverage you don’t need.
2. Don’t be tricked by cheap policies
A big mistake travelers make is purchasing a policy purely based on its price tag. Selecting the cheapest option can mean that you’re not covered for important events. This could lead to more out of pocket expenses if something happens on your trip.
3. Read between the lines
While reading the fine print can be tedious, know what your policy is really covering by reading and understanding it throughly. This will help you avoid situations you might not be covered for.
4. Compare
A good way to find the right travel insurance for you is to compare policies from a range of different providers. Once you’ve determined what kind of coverage you need, find yourself the best deal possible.
What does my policy cover?
When trying to find the right travel insurance policy for you, it’s important to be aware of what kind of features you need. Read up on the most common features and extras, and find a policy that fits the bill.
Feature
How can it help me?
Overseas hospital expenses
Make sure your policy has a high limit for emergency medical and dental. Tnhe best value travel insurance policies normally make this one of the focal points of their cover.
24-hour emergency assistance
This type of coverage gives you protection 24 hours a day and includes ambulance fees, funeral arrangements and messages to family.
Luggage and personal items
Make sure you find a policy that covers for the loss or damage of your personal items while traveling.
Cancellation
This is one of the most important sections of cover to pay attention to when looking for the best insurance, as it covers for cancellation of flights, tours and other prepaid travel costs. Conditions for cancellations vary between insurers so check the fine print.
Travel delays
Some policies provide coverage if your flight is delayed for more than 12 hours.
Family emergency
Family emergency covers additional expenses related to traveling and accommodation expenses if your partner or traveling companion becomes seriously ill or injured.
Dental
Some policies provide coverage for dental expenses if you experience acute pain while traveling.
Hospital cash allowance
A hospital cash allowance provides a benefit for a specified number of days if you are required to stay in hospital while overseas.
Accidental death
This is a lump sum benefit paid for accidental death that occurrs on your journey or within the 12-month period following.
Loss of income
If an injury or sickness occurs on your trip, an you’re unable to work once you get home, this coverage pays a benefit to help you cope with the bills.
Fraud
This covers the replacement costs following loss and use of your credit card on your journey.
Alternative transport
If you have a special event such as a wedding, funeral or conference and you experience a delay with your transportation, you’ll be compensated for additional transportation you take as a result.
Personal liability
Most policies cover legal liability for any claims made against you following bodily injuries or damage to property. However, be wary of the so-called best value travel insurance policies, as these sometimes offer a lower limit when it comes to liability insurance.
Rental vehicle deductibles
Find a policy that covers deductibles on a rental car following crash, damage or theft.
What do I look for in a policy?
It’s quite common for people to go with the first policy they see, either because of a low premium or to save time. Here’s what to look for before reaching for your wallet.
Coverage for pre-existing conditions. Each insurer has conditions for the acceptance of pre-existing medical conditions. The policy description should clearly state what is and isn’t covered. In the event that your condition is not covered you may need to contact the insurer to discuss other options.
Consider if you’re taking expensive items with you. Many policies allow you to register high-value items for additional cover. It’s crucial that you check for sub-limit for each item. As an example, you may have $10,000 in cover for high value items but a claim limit of $1,500 per item.
Coverage for your family. Most policies allow you to include your spouse, children or grandchildren on your policy provided they are traveling with you for the duration of the journey.
Understand depreciation. Most providers account for depreciation when reviewing claims for lost or damaged luggage and other valuables. Review in your policy the conditions of depreciation.
Consider your deductible. Most policies allow you to pay a small fee to remove any deductible you’ll pay in the event of a claim. This fee is usually around $25 and might be worth considering during application.
Which is the best travel insurance company?
It really comes down to your own coverage requirements and budget, but there are crucial points to consider when comparing different options.
1. Who is the policy underwritten by? Is it a reputable brand?
It’s easy to get overwhelmed with the sheer number of insurance brands and policies available, but there are really only a handful of brands that actually issue and underwrite the policies. Get coverage that’s backed by a highly regarded underwriter and claims team to ensure you receive adequate emergency assistance and your claim is handled swiftly and efficiently.
2. Is reputable emergency assistance available 24/7?
Each major insurer should have its own 24/7 emergency assistance team to provide overseas and domestic support when needed.
3. Is the customer service reputable?
Can you contact the insurer any time of day and speak with an actual person? Is there an online chat service available? It’s crucial to feel secure in the support you will receive from your insurer in the event of an overseas emergency. You should be confident that you can get in touch with them 24/7.
4. Is there a range of policies offered?
If you’re going on a cruise, look for cruise insurance. Hitting the slopes? Get ski coverage. Most leading brands now offer policies geared towards specific types of travel, such as cruises, winter sports or business travel.
5. Are they flexible to work with?
If you’re not 100% sure about how your travel plans will unfold, it’s worth looking for a provider that lets you make adjustments to your policy before and after the policy commences. This could include adding additional family members to your policy, upgrading your coverage with additional options or extending your policy while overseas.
6. What have other traveler’s experiences been like?
You can search online forums to find out what sorts of experiences other people had dealing with their insurers. Keep an open mind when reading online user reviews as one disgruntled customer might not really reflect the true quality of the provider. Read reviews from a variety of sources to help you make an informed decision.
Single trip or annual trip travel insurance?
If you’ve got a few trips booked this year, you might think about getting annual multi-trip travel insurance. Compare the features and discover if it’s right for you.
Single trip
Annual multi-trip
Great if you have specific cover requirements like medical or sports activities.
Great for travelers who only travel a couple of times a year.
Cover can last for up to 12 months.
Can be more suitable for travelers older than 65 years old.
Great for frequent travelers who travel at least three times per year.
Can provide cover for multiple destinations.
Maximum length of individual trips usually 45–90 days.
Can I be covered if I have a pre-existing medical condition?
Having protection against illness or injury is one of the most important reasons for taking out travel insurance. If you have a pre-existing medical condition, inform your insurer it when applying. Many travel insurers will cover you for some pre-existing medical conditions without making you purchase additional coverage.
Frequently asked questions about finding the best travel insurance
Travel coverage is crucial for ensuring that in the event you suffer a loss overseas, you minimize your financial expenses. This section provides an overview of some key considerations to make when looking for a policy.
A. It’s important to consider any other types of cover you already have that may be able to provide support in the event of a loss. This may lead you to consider more affordable coverage, helping you find the best value travel insurance.
Home and personal property insurance. Many home contents insurance policies include a clause that insures your personal possessions when you’re away from home.
Life insurance. In the event of your death while overseas the proceeds from your life insurance policy can be used to bring your body back home. You may also have permanent disability cover and other types of protection that can be called on to pay any hospitalization or repatriation costs if you fall ill or become injured while away.
Car rental cover. You may already have a comprehensive car insurance policy in place that will cover you for the excess payable in the event that your rental car is crashed, damaged or stolen.
A. Many credit cards provide complimentary travel insurance. You have to check the quality of cover and level of benefits these services offer as many of these insurances are quite basic. It generally covers travel accident, which gives you financial protection should you become seriously injured as a result of an accident. While the premiums may be low, the excess charged is also usually significantly higher and you generally have to pay for all or part of the trip with the card to activate the coverage.
A. Many insurers require senior travelers to take out a specialized policy, often with a premium loading, to account for the additional risk that they present to the insurer. Senior travelers may need to undertake a round of medical underwriting to uncover any risks that they present to the insurer.
A. If you’re a backpacker it pays to check out any limitations on the length of time you’re covered for. Most insurers put a limit of 31 days on a trip and if you’re a backpacker who isn’t quite sure how long you’ll be staying, this could be quite a restrictive option. A way around this is to seek out specialist backpacker, long stay or gap travel insurance. These policies usually cover you from three to 18 months across many countries.
A. Most policies will give you the option to select a basic travel insurance policy or comprehensive cover. Each will offer varying levels of coverage with premiums higher for comprehensive coverage. Deciding what option is right for you is a matter of:
Considering your travel plans and what you actually need to be covered for.
Considering what other forms of insurance or compensation you are entitled to.
Reviewing the deductible for claims on basic policies.
Considering your budget. While it is not ideal to base your decision on the premium charged, price may be an important consideration for some buyers.
A. Without travel insurance you could find yourself in a very difficult position when it comes to paying for the costs that result from situations such as lost or stolen luggage and medical or dental emergencies. Getting the top travel insurance you can afford may help to minimise these costs.
A. Basic travel insurance does not tend to cover specialist needs such as extreme sports , traveling while pregnant or pre-existing illnesses. However, it does usually offer valuable protection in events such as:
Medical illness or emergency
Your luggage and personal effects lost or damaged
Airline or travel company issues
Cancellations
A. You may have special needs that require more coverage than a standard travel insurance policy. For example, you may need coverage for extreme sports, pregnancy or pre-existing medical conditions. To ensure your needs are met you should check the policy descriptions of the plans you are considering. If you have any questions about the coverage, contact the insurer to clear up any queries you may have.
A. You can search for policies that cover cruises on our cruise insurance page. Make sure you are covered for all of the places you are visiting, and where applicable, the various activities you will be taking part in. Many insurers do offer cruise travel insurance policies.
A. The cost of travel insurance is based on a number of factors.By comparing deals and top travel insurance policies enables you to try and find the most affordable travel insurance. Some of the things that may affect the cost of your travel insurance cover include:
The level of coverage you take out.
The provider you choose.
Whether you have any specialist needs.
The destination.
The length of time you’ll be traveling.
Whether you take out single trip, multi-trip, family or group travel insurance.
Your medical history and general health.
Your age when you travel.
The type of activities you will be taking part in while you are away.
A. Some travel insurance brands offer protection for various excursions and day trips. You should always check with your specific provider if it is not made clear in the policy.
A. The easiest way to find travel insurance that’s affordable and suits your needs is by comparing deals online. There many choice available online, which means that you have a better chance of finding cover that suits both your needs and budget. Compare travel insurance plans and providers if you want to get the right plan at the right price.
A. It’s best to take out travel insurance cover as soon as you’ve booked and paid for your trip. This way you can be covered for cancellations or if your travel company or airline goes out of business, which means that you can get back your prepaid costs and deposits.
A. The deductible on any insurance policy is the amount that you’ll pay before you receive any payout. So, if your deductible is $300 and you claim for $1,000, you will only receive $700 because the first $300 will come from your pocket. You’ll find that there’s a higher deductible for cheap travel insurance policies than with the more expensive.
A. You can get travel insurance cover if you’re pregnant but you should bear in mind that there are restrictions and exclusions. Many insurers offer insurance if you’re 26–30 weeks into your pregnancy but will insist that you travel back no later than eight weeks before your due date because of the risk of premature birth. For a full guide on how to get cover, head to our travel insurance for pregnancy page.
A. Annual trip policies are only available for a period of 12 months so it’s not possible to extend coverage beyond this period. Single trip policies can be extended by contacting your insurer and requesting the necessary policy extension documentation. Single trip policies can be extended provided the cover does not surpass 12 months in total.
Adrienne Fuller is the publisher for money transfers and also the head of publishing at Finder. With a decade of experience creating guides in finance and education, she aims to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. She has a BA from Colorado College and when she's not helping folks save money, she's hiking with her two Catahoulas around her home in San Diego.
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