How to Purchase Traveler’s Insurance
Traveler’s insurance can cover everything from lost luggage to hospital coverage or even the bankruptcy of your travel agent. Such insurance is becoming very popular, but the types of traveler’s coverage you need you may already have from other sources.
At the least, these other sources are a good place to look for deals.
5 Steps to Purchase Traveler’s Insurance
1. Do not buy your travel insurance from your travel agent
Not only will you generally get a better deal from a traditional insurance company–and be able to exclude items from your insurance package which are already covered by other insurance–but if your travel agent should go out of business, any policy provided by the agent could become worthless.
2. Check with your current homeowner’s insurance agent to see if you can get a rider (if necessary) to cover the loss or theft of personal items while you are away
This could be your least costly method of getting this type of traveler’s insurance.
3. Consult your health insurance agent to see if you can purchase a rider (if necessary) to cover you or other members of your family for injury or illness protection while you are away
Ask about coverage for ambulance and hospital coverage in other countries, as well as death and dismemberment coverage. Again, this could be cheaper than purchasing a separate traveler’s policy.
4. Consult your insurance agent about pre-existing medical conditions being covered while on holiday
Many traveler’s insurance plans will not cover any medical condition which has been treated or which has changed in the previous 60, 90 or 180 days unless the condition is considered “medically stable”–meaning the condition is not expected to get any worse.
One company that cover’s pre-exiting medical conditions can be found at the Trip Insurance Store listed in the Resource section.
5. Compare travel insurance rates from a variety of travel insurance companies, using the link in the Resources section.
Tips and Warnings
- Ask questions. Ask about exclusions. Ask about transportation to hospitals in foreign countries. Ask about medical flights home if you need treatment in the United States.
- Avoid life insurance sold by machines at the airport. This is costly coverage. If you have a life insurance policy, you do not need this extra coverage.
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