Understanding & Selecting Travel Insurance

Looking to do some traveling in the near future – either on vacation, holiday, or for business? If so, then chances are you’ll be thinking about travel insurance.

Travel Insurance Options
As is the case with all manner of different types of insurance policies, travel insurance comes in a variety of different forms. Selecting the right type of travel insurance to suit your needs, therefore, is paramount if you want to make sure you have a safe and enjoyable holiday. To do this, you really need to consider the reason why you are traveling.

Single Trip Travel Insurance
As its name suggests, single trip travel insurance is taken out for a single particular trip and so can be totally flexible to meet the needs of your traveling requirements – both the length of your trip and the destination that you choose to visit. Moreover, single trip travel insurance is simple to set up and can be very cost efficient – provided you select the right insurer. When you take into account the overall benefits of single trip, this type of travel insurance really is extremely cheap.

Annual Multi-Trip Travel Insurance Travel
If you are the HR administrator in a large office, then annual multi-trip travel insurance is something you are likely to be very familiar with. However, if you are a frequent travel, then there really is nothing stopping you from taking advantage of the benefits of this type of insurance policy. In short, annual multi-trip travel insurance is taken out for the duration of a whole year, regardless of the number of journey you take in that year and where you visit during the year.

As you might expect, as a principal lump-sum payment, annual multi-trip travel insurance is more expensive than single trip insurance, but when you break this down into the number of trips you do, it can become very cost efficient. And this is where office HR departments get involved, with the amount of corporate travel undertaken, offices taking out annual multi-trip travel for their traveling executives really does work out considerably cheaper than single trip travel insurance.

Specialized travel insurance
Again, as is generally the case with insurance policies, if you are going to be doing something just that little bit different on your holiday/travels, such a kayaking down the Amazon, or hill climbing in Nepal, then there’s a good chance you’ll need to take out specialized travel insurance to cover any unforeseen events that may happen during this trip. Likewise, if you are off on a business trip to a hotbed of trouble – say Iraq – there’s a fairly good chance that your insurance company is going to request that you take out specialized travel insurance and will not include this travel arrangement as either part of its single trip or annual multi-trip packages.

Backpacker travel insurance
With the number of backpackers increasing yearly, a fairly lucrative market has been found for the backpacker. Backpacker travel insurance covers long trips, anywhere in the world, over a prolonged period of time – usually starting from 31 days and lasting up to one year.

Travel insurance for the elderly
Finally, most travel insurance companies provide special travel insurance packages for the elderly (60 or over), which provide additional benefits in the form of: (i) emergency medical expenses; (ii) cancellation insurance – for that last minute cancellation; and (iii) personal possessions insurance.

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