Budget Travel Insurance
Protect Yourself When You Travel
Have you booked your dream vacation and fear that something may prevent you from taking the trip? Or, that some catastrophic event may cause the trip to be cancelled? A budget travel insurance policy may be something to consider.
No matter your budget, travel insurance can put your mind at ease and protect the money you have invested in your upcoming trip. Even the cheapest travel insurance policy can provide ample coverage.
Travel insurance includes several different products, which are typically divided into four different categories. Here's a look at the different types of coverage and tips for how you can protect yourself and save money at the same time.
Types of Travel Insurance
Trip Cancellation or Interruption Insurance: This type of insurance coverage protects you if you need to cancel your trip or if the tour operator for your trip goes out of business. Trip cancellation insurance will typically cost about five to seven percent of the price of the vacation. Cruise lines and tour operators will often offer the option to purchase a Cancellation Waiver when purchasing your vacation package. A cancellation waiver is much less expensive, about $50, but it has a lot of restrictions and it is not regulated by the state department of insurance. For the most complete coverage and flexibility if needing to cancel your trip, purchasing the cheapest travel insurance policy with trip cancellation coverage provides the best protection.
Baggage Coverage: This type of coverage protects you if your baggage or personal effects are lost, stolen or damaged. Purchasing this type of travel insurance will cost about $50 to cover $1,000 in personal belongings. There are two things to consider before purchasing this type of insurance. First, your homeowners or renters insurance policy may already cover you for the loss or theft of personal property. You should double check your policy to make sure that you aren’t duplicating coverage. Second, if your current policy doesn’t cover personal property while traveling, it may be cheaper to purchase an insurance floater to add your jewelry, camera or other items to your homeowners or renters policy. The cost for this floater is less expensive than purchasing travel insurance with baggage coverage.
Emergency Medical Assistance: This type of travel insurance covers the cost of overseas medical care or emergency evacuations. This includes the need to be evacuated from a remote area, flown home for medical treatment or coverage if you had an extended stay in an overseas hospital. Before purchasing this type of travel insurance coverage, double check your medical insurance to see what type of coverage you have. Your coverage may be sufficient to cover medical expenses that may occur during your vacation.
Accidental Death: This type of coverage pays if you or a family member dies on a trip. If you have adequate life insurance, accidental death insurance may be a duplication of insurance and something that you can skip.
While there are additional types of travel insurance available, these are the four primary types of coverage. And if you are looking for the cheapest travel insurance, these are the only types of insurance that should be considered. A vacation can cost thousands of dollars. Protect your investment with budget travel insurance, but be sure to double check your existing insurance policies so that you aren’t purchasing duplicate coverage.
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Travel Planning With Ease
I wrote this article after researching travel insurance for a family trip to Disney World. I was 7 months pregnant at the time of the trip and had a fear that I'd run into complications and wouldn't be able to travel. I didn't want to risk losing thousands of dollars. By spending just a little bit of money, I was able to get the coverage to protect us in the event we couldn't go on the trip. We went on the trip and had a great time. Hopefully the information discussed in this article will help you the next time you plan a trip.
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