6 Steps for Finding Your Ideal Travel Insurance
Are you planning the vacation of your dreams? Whether you’re sipping cocktails while relaxing on a Caribbean beach or trekking through the jungles of South America, going on an adventure is exciting! However, it can also be a time that’s filled with stress and worry if you don’t have the right coverage to stay secure on your trip.
If you have questions about getting travel insurance for your next trip, you’ve come to the right place. In this guide, we’ll break down everything you need to know about travel insurance policies so that you can make an informed decision. We’ll give you the six steps to finding your ideal travel insurance plan, as well as answer a few of the most common travel insurance questions. So, whether you’re just starting to plan your trip or are already on the road, read on for your comprehensive guide to travel insurance!
1. Do some basic research.
Not all travel insurance is created equal. Before you buy travel insurance, it’s crucial to do some research. Although insurance policies come in many shapes and sizes, it helps to get a general idea of how they work, what they cover, and how to go about purchasing one. That way, you’ll be able to ask the right questions and make an informed decision when it comes to choosing the right policy for you!
2. Be honest about your needs and risks.
Once you have a general understanding of how travel insurance is structured, it’s time to start thinking about the features you’ll need it to include.
First, start by considering who’s going on your vacation. If you’re travelling with children, you may want to look for an insurance policy with some extra robust coverage, as kids have a knack for getting sick or hurt while on vacation.
Next, consider the activities you plan on partaking in while on vacation. For example, if your ideal trip means relaxing peacefully on a beach, your insurance policy will be much simpler than that of a person who’s going on a thrill-seeking trip that includes risky adventures or extreme sports.
Finally, it also helps to look for policies that include extra emergency or prescription drug coverage in case you end up needing additional care or medicine during your trip. This is especially important if you’re travelling to a country with remarkably expensive healthcare (like the United States or Germany).
3. Know what’s covered and what’s not.
Although insurance policies may all seem similar on the surface, they can vary significantly in terms of what they cover. While the insurance policies you’re browsing might offer many of the same basic coverage, there are plenty of add-ons or optional coverages that you may want to include or avoid.
One of the most common add-ons for travel insurance includes coverage for lost or delayed luggage. If you’re travelling with lots of bags, you might want to consider getting a travel insurance policy that protects you in case of mishandling. On the other hand, if you’re travelling ultra-light with just a single carry-on or backpack, you could save some money by avoiding insurance policies with luggage coverage.
4. Check the company’s financial stability and reputation before buying a policy.
Not all insurance providers are as reliable as they might want you to believe. Once you have your eyes on a few insurance policies, take some time to research the companies that provide them. When doing your research, two crucial things to look for are the company’s financial stability and reputation.
Although some smaller or newer insurance companies may offer significantly more affordable and attractive policies, they may also be unreliable and unwilling to uphold their end of the bargain when it comes time to provide compensation.
By doing a quick online search and seeing what others are saying about the insurance provider, you’ll be able to get a better glimpse into what it’s like to work with the company before you make a financial commitment.
5. Understand the terms and conditions.
Although it’s easy to get caught up in comparing the features and benefits of different travel insurance plans, it’s also crucial to understand the terms and conditions of the policy you’re getting.
Although most insurance providers aren’t trying to sneak things through the fine print, many insurance policies include limits on the types of situations they cover and how much they’re willing to pay. Before you buy travel insurance, take some time to look at the detailed coverage wording and take some notes. While it may seem arduous, investing just a few minutes into reading through the details of your policy will save you tons of hassles and headaches in the long run.
6. Get travel insurance as soon as you book your trip.
Getting travel insurance can be overwhelming, but don’t procrastinate until the last minute to get covered. Some policies won’t cover you if you wait until the last minute, so delaying your search for insurance might lead to you missing out on some excellent coverage options.
It’s always better to start your search for insurance sooner rather than later. That way, you’ll have plenty of time to shop around and find the perfect coverage option for you, rather than waiting too long and possibly getting stuck with a less-than-ideal policy.
Answering Your Travel Insurance FAQs
When you’re on vacation, it’s better to enjoy your time stress-free rather than worrying about unexpected emergencies. With travel insurance, you can have peace of mind knowing that you’re protected if something goes wrong. If you follow the six steps we’ve outlined above, you’re well on your way to getting the ideal travel insurance policy for your trip.
If you’re still deciding whether travel insurance is right for you, here are the answers to some of your most common travel insurance questions.
Is travel insurance mandatory?
Although having travel insurance isn’t legally mandated like car insurance, it’s highly recommended by the Canadian government. A travel insurance policy gives you an additional layer of protection against the risks of travel and lets you enjoy your trip rather than worrying about the unknown.
Living in Canada, we’re privileged to have a universal healthcare system. However, not all countries have the same benefits. If you get sick or injured during your international trip, medical costs in a foreign country can be unpredictable and cost you a fortune.
Your BC Medical Service Plan (MSP) may cover some emergency hospital care (to a small daily limit), but it most likely won’t be enough, and you’ll end up having to pay expenses out of pocket. Furthermore, MSP doesn’t cover other things, such as ambulance services or prescription drugs. So, travel insurance is a must-have if you want a headache-free vacation.
What is covered in a travel insurance policy?
Different travel insurance policies will have unique coverages, but the most critical coverage they provide is for emergency medical expenses (to a much higher limit than MSP).
They often also have coverage for emergency medical transportation, accidental death & dismemberment, and emergency dental treatment. Some travel insurance policies even include non-medical coverage for things like trip delays or lost baggage.
What is NOT usually covered in a basic travel insurance policy?
It’s crucial to know what’s covered and what’s excluded from your travel insurance policy before your trip. A few common travel insurance exclusions are:
- Medical claims due to a pre-existing condition before the trip.
- Use of illegal or controlled drugs (based on local laws).
- Activities in areas closed off for public access.
- Undergoing cosmetic surgery, procedures, and/or treatment.
- Childbirth within a certain period from the expectancy date.
Please review your plans carefully or contact us to understand what limits and exclusions apply to your plan.
What are some additional optional coverages that I should consider getting?
Depending on the nature of your trip, you might want to consider getting additional coverage for your travel insurance. Common additions include rental car coverage if you plan on renting a car or extreme sports/activities coverage if you’re planning a thrill-seeking adventure.
*Please note that coverage only applies to plans that include the applicable benefit and covered reason. All benefits are subject to maximum limits of liability, which may, in some cases, be subject to sub-limits and daily maximums. Please refer to your policy or contact us for more information.
The Solution to Your Travel Insurance Needs
Don’t let uncertainty stop you from pursuing your well-deserved travel plans. With the right travel insurance, you can relax and enjoy your trip knowing that you’re covered in case of an emergency. No one wants to think about the worst-case scenario, but it’s better to be safe than sorry.
Contact Park Georgia Insurance today, and one of our multilingual advisors will answer your questions, provide a quote, and bind a policy for you within the day. Click here to get started on a quote now!
