Wednesday, December 2, 2009

Travel insurace

Travel insurace is insurace that is intended to cover medical expenses, financial and other looses incurred while traveling, wither within our own country, or internationally.
There are many reasons why you should take out travel insurace. First of all, travel insurace do not cover only medical issues, in fact a full package will cover anything related to your trip – stolen or lost luggage, missed flights, trip cancelation, personal liability, etc.
Baggage loss and delay coverage protects you in the event that your luggage is lost, delayed or stolen. This often includes a cash payment if your bags are delayed for more than 12 hours after you arrive at your destination.

Flight delay or cancellation insurace (sometimes called "travel delay") typically pays for accommodations, meals and new travel arrangements once you've been delayed a certain amount of time.
Trip cancellation/interruption insurace covers you if unforeseen events cause you to cancel or interrupt your trip. In general, this coverage is meant for illness, injury or death suffered by the insured or a member of the insured's immediate family. Some policies also cover cancellation in the event of illness, injury or death to the insured's travel companion. Most policies exclude trip cancellation in the event of war, civil disturbance or a change in your own financial circumstances. Some policies also exclude travel to specific destinations which are prone to political unrest.
Like all insurace packages, you'll have various levels and different options to choose from. The basic travel insurace package will suit most needs, but some travelers will want to take a bit of extra precaution, for example insuring expensive personal effects or gadgets and the likes.
When you are planning a trip, you will find that travel insurace is being thrown at you from every direction. If you book a flight directly with an airline, they will offer insurace. Travel agents also offer comprehensive holiday insurace. Many credit and charge cards advertise free travel insurace when you book using your card. And your general insurers usually also have a policy they can offer. Generally, do not accept the first quote you get. Check three or four policies to pick the best for you. Also, you have to take your time to read through insurace policy. The thing is, insurace companies have their own conditions for travelers and you'd best understand them and respect them. For example, if the insurace policy states that it's not going to cover your expenses if you partake in any dangerous activities, then stay away from them. Some other things to look out for are specific exclusions that an insurace policy might have. For example, if your travel insurace doesn't cover a particular country, perhaps because it's deemed too risky to be travelling there, then either find one that does, or find a more peaceful destination. Last but not least, check out the maximum payouts for items. If your insurace only covers $500 per item, getting your Mobile phone, which cost $2000, stolen will leave you with a hole in the budget.
Note that you must disclose any information about your medical history to you insurer. Even if you are not seeking coverage for pre-existing conditions; your policy will usually be completely invalidated if you fail to disclose something when asked.
Some policies may cover you with the pre-existing condition excluded. This is obviously undesirable, as if your existing disease or symptoms cause you any problems, you will have to come home or pay for treatment out of your own pocket.
Some policies will cover pre-existing conditions if you sign up within a short time after booking and paying for your travel.Otherwise, to have your pre-existing condition covered you may need to undergo a medical assessment and pay an extra premium for medical insurace. There may also be a moderate or large excess.
Travel insurace becomes increasingly difficult to get after age 55, with your age alone being considered something of a pre-existing condition. The precise cutoff for receiving insurace without an addition premium and/or medical examinations varies from 55 to over 70 for some insurers. As you age you will face increasingly higher premiums and excess charges on claims.
Carry copies of your insurace policy and your insurer's contact details with you, and retain a second copy in your luggage. You should also leave policy details with traveling companions, relatives or friends at home. If you are incapacitated, someone else will need to deal with your insurace company and may not know who you are insured by, or whether you are insured at all. If traveling to more remote areas , give a copy to whichever local person is most responsible for hosting your visit.

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