- Travel Insurance
Traveling is something that brings great happiness, passion, zeal, and enthusiasm. Planning for a travel destination and enjoying each and every aspect of the journey is one of the happiest moments of one’s life. There are, however other issues involved that tend to create discomfort during this happy voyage. Issues such as theft, injury, and lost luggage are the one that create hurdles for the travelers during the journey. In order to save travelers from these hurdles various techniques have been devised however the most beneficial and used technique is travel insurance. It is however a matter of personal choice whether the traveler would like to opt for the travel insurance or would like to skip it. In order to take the decision, various considerations and options need to be looked into and after going through all the options the traveler can take an informed decision. This article will look into detail all the options available their relative impact and outcomes of various options.
The general agreement of travel insurance contains various clauses. These however can be distributed in 5 main categories which serve as the basis for the insurance menu of the travel. Trip cancellation and interruption, medical, evacuation, baggage, and flight insurance. The insurance agreement is not limited to these specific terms and a number of other terms can also be added to the insurance agreement. Generally the traveler is provided with the choice to choose a combination of different clauses which he finds suitable according to his traveling needs and prevailing conditions.
A number of new rules have been introduced in the recent years that provide convenient options to the travelers. Many large travel insurance providers have designed their packages in such a ways as to act as a primary coverage for all your traveling insurance needs. This means that if a traveler is obtaining insurance from any other source, the traveling insurance companies would no longer ask about the alternative insurance options availed by the traveler and would focus on their own coverage to provide you insurance. This feature is highly beneficial for the insurance purchaser as now they have to be completely relieved of the out of pocket expenses and can rely on their insurance coverage for majority of their accidental coverage.
Pricing is a very important factor when it comes about insurance. The price of insurance will vary greatly depending on a number of factors. The insurance companies base their pricing on the probability of the risk factor. The larger would be the risk factor the greater would be price involved. This is evident from the insurance packages available to old and young people.
While old people are considered to be more prone to health and related risk factors, their insurance premium is generally higher to that of young people whose insurance charges are relatively less. Many of the times, coverage for children is entirely free. Generally insurance costs 6 to 12 percent of the total trip costs. This however can vary depending on other factors as well.
It is a general observation that the travel agents always emphasize on buying travel insurance. The suggestion, although is provided for the sake of traveler’s safety and security, for them a factor of financial gain is also prevailing in suggesting the traveler to buy the insurance.
The traveler must understand that the travel agent is not an insurance official. Any information with respect to the insurance can best be answered by the insurance agent themselves. Relying on the information provided by the travel agents, might not be a feasible idea as their job is to provide information with respect to the trip, while information with respect to the insurance must be seek by the relevant officials of the insurance company.
Different states have enacted different rules with respect to the insurance. A major mistake is made by the traveler when they avail insurance from a company that is not licensed in the particular jurisdiction of the traveler. This creates a lot of hassle for the travelers as they try to claim their expenses from the company which is not allowed to operate in the state of traveler. For this particular reason it is always advisable for the traveler to obtain insurance from the companies that are registered in the traveler’s state or in the particular jurisdiction the traveler resides. In opposite condition, the traveler won’t be able to claim its insurance.
- Trip Cancellation
This facility would allow you to obtain reimbursement once for any reason you are forced to cancel your trip. At this particular point the most important question is whether the trip cancellation is important to a traveler or not. If so, to what extent does the traveler should perceive it? Trip cancellation though a very important insurance plan is not compulsory to achieve each and every time when you leave on a journey. Rather it should be obtained in special circumstances.
If the upfront charges that you will pay carry significant weight, it is wiser to obtain cancellation insurance.
This is because, that for any reason, if you are forced to cancel your trip there is great chances that you may have to relinquish the hefty amount of the upfront charges. For this reason it is always advisable to pay a little amount as insurance than risking the entire amount. Other situations in which you might consider obtaining an Cancellation insurance include, events in which you believe you might need to cancel your trip, some sick family member is at home and you might be forced to return in the middle or cancel the trip due to the health condition of that loved one, or more specifically, if you are going through health condition, it is always a good idea to obtain trip cancellation/ interruption coverage.
There are certain acceptable reasons that are provided by each insurance company, in the event of happening of which, you would be reimbursed with the nonrefundable financial penalties or losses that you incur for cancelling a booked trip.
Here is the list of the most populer travel insurance companies.
Company Name: Access America
Company's Website: www.accessamerica.com
Based In: Richmond, VA
Parent Company: Allianz
Company Name: American Express
Company's Website: www.globaltravelshield.com
Based In: New York, NY
Company Name: CSA Travel Protection
Company's Website: www.csatravelprotection.com
Based In: San Diego, CA
Company Name: MH Ross Travel Insurance Services
Company's Website: www.tripinsurance.com
Based In: Kansas City, MO
Parent Company: Travel Insurance Services
Company Name: Travel Guard
Company's Website: www.travelguard.com
Based In: Stevens Point, WI
Parent Company: AIU Holdings (formerly known as AIG)
Company Name: Travel Insured International
Company's Website: www.travelinsured.com
Based In: East Hartford, CT
Company Name: Travelex Insurance Services
Company's Website: www.travelex.com
Based In: Omaha, NE
Parent Company: Travelex Insurance Group
Company Name: TravelSafe Insurance
Company's Website: www.travelsafe.com
Based In: Wyomissing, PA
Parent Company: Chester Perfetto Agency