Types of Travel Insurance: Which one to choose?

Travel insurance is part of the so-called individual insurance. Their main function is to ensure that you are covered for any unexpected event or emergency situation that is directly related to your trip. However, you should know that there are different types of travel insurance and each one fulfills specific functions. 

Before choosing the best type of travel insurance for you, the insurer will probably ask you to fill out an application to determine what your insurance needs are. In this way, you will inform them about your health condition and they will be able to determine, based on their experience, what risks you will be exposed to and whether or not it is worthwhile to issue a policy. 

Having travel insurance is essential for workers, as it is the best way to keep an economic guarantee in case of an emergency. Therefore, although it may seem a tedious process, at Lewer we want to provide you with all the information you need to make this process easier. 

What is travel insurance?

Comprehensive travel insurance pays in case of accident, delay, illness or death. It may also cover your luggage and some medical expenses. Some policies cover legal expenses. However, you may need to check what other benefits are included. 

There are several options available, so be sure to research the costs before committing to a policy.

Typical travel insurance policies include health expenses, trip cancellation services and trip interruption insurance. Although you will naturally find some discrepancies, regardless of the type of travel insurance, it reimburses you for non-refundable expenses incurred due to an accident or illness, sometimes including airline or hotel accommodations. It also reimburses you for prepaid airline tickets in the event of an unforeseen event.

What are the most popular types of travel insurance?

How much does travel insurance cost? Travel insurance can be purchased for individual trips or on an annual basis. A typical policy costs between 5% and 10% of the cost of the trip. However, if you request an annual policy it is likely that the lump sum will be significantly less.  

Some types of travel insurance include coverage for unexpected expenses, baggage, repatriation, hotel stays or medical expenses abroad. In some cases, trip cancellation insurance will even reimburse you for all out-of-pocket expenses.

However, there are two main types of travel insurance, which are presented below. 

Vacation plan insurance

This type of travel insurance can be very useful when planning a vacation, as it can protect you from financial losses that can result from sudden situations. It can help you replace lost items, obtain necessary travel documentation and arrange alternative accommodation if necessary. 

In addition, this type of policy protects you from cancellation of your entire trip due to illness or other unexpected circumstances. With the help of friendly professionals, you can easily file a claim if you have to cancel your trip due to unforeseen circumstances.

Travel medical plan insurance

Before you travel, be sure to read the details of your travel medical insurance plan. This will allow you to understand the limitations of your plan. Travelers should make sure they have a travel medical insurance plan that includes emergency care. 

While it is possible to purchase travel medical insurance that covers medical expenses for an entire year, annual plans can provide peace of mind and affordable coverage. 

If you plan to travel frequently, an annual plan is the best option. You can always change your policy as your circumstances change. The cost of these plans is low enough that you will be more than satisfied with the coverage they offer.

Other types of travel insurance

In addition to health insurance, there are other types of travel insurance that can cover your belongings while abroad. Luggage insurance, for example, reimburses you for lost or stolen luggage. 

Some policies also reimburse you for the cash value of your belongings. Check with your tour operator and airline to see if they offer insurance. Personal property insurance may also be available through your homeowner’s or renter’s insurance policy. You can also purchase an endorsement to your policy to cover more expensive items.

How to get the best type of travel insurance?

Now that you know all the benefits of travel insurance, it’s time to contact your trusted insurer. Contact Lewer at 800-667-2865 or request more information at [email protected].

It will be our pleasure to help you with your questions!