Many of us underestimate the importance of good travel insurance even though some of the insurance policies are available for cheap and yet offer the best of insurance terms.
Here are some of the statements I have heard people say while I was discussing cheap and best travel insurance schemes with them:
“I am healthy, I don’t need travel insurance.”
“Do people really buy travel insurance, I thought it was a scam.”
“I never get sick, so I don’t need travel insurance, however cheap it is.”
If you are traveling or about to start your travel, rush to the nearby insurance agency to buy yourself a good travel insurance – we can’t be any more direct. If you are patient enough, at the end of this article you will also see our recommendations for cheap and best travel insurance.
Travel insurance is not just medical insurance
Travel insurance is not just for when you fall sick. Some of the other instances when your cheap and best travel insurance will come in handy is when your camera falls off the tripod and breaks, or your flight gets canceled or somebody steals your backpack.
Please remember that the best travel insurance is something that doesn’t just limit itself to medical insurance.
A cheap and best travel insurance is like a fire extinguisher – you must have it, but pray to God that you don’t have to use it.
One of the reasons why many travelers we know don’t even buy a good travel insurance is because they aren’t willing to understand the complex terms of the insurance policy. They just shy away because they find it the most confusing part of their travel plan. This article will help you understand travel insurance in a better, simpler way.
Why a cheap and best travel insurance is a must
Given how important a good (and we define good as cheap and best) travel insurance is, and given that it only costs a few dollars a day, we strongly recommend that you don’t start your travel without a good travel insurance.
A travel insurance is a guarantee that when the completely unforeseen happens you don’t have to shell out money from your pocket. Imagine you are hiking in Mount Kilimanjaro and injure your leg and can only be lifted out via a helicopter. Who pays for it? If you had comprehensive travel insurance, you will get lifted by a helicopter and get admitted to a good hospital and yet you won’t have to pay a penny from your pocket.
Please remember that most of your regular medical insurance or general insurance doesn’t cover you when you are traveling outside of your country. Like we have said earlier it is much more than just medical insurance. Some of the instances when a cheap and best travel insurance comes in handy are:
– If you lose your bag or other valuables
– If you injure yourself and need to be hospitalized
– If you contract a disease such as malaria or typhoid
– If you have to be airlifted because of an emergency
– If your trip has been canceled
Ask any seasoned traveler and they will tell you stories about how they and their friends have been saved by a good travel insurance many times. It is one of those things you must buy and yet hope that you never get to use it.
Basic requirements in a cheap and best travel insurance
Insurance in general and travel insurance, in particular, is a multi-billion dollar industry and hence there is intense competition.
When it comes to good travel insurance to buy, there are a lot of white lies floating around so be wary of them. When it comes to travel insurance, the devil lies in the details. Always check the fine print before signing any deal. Once you read the fine print in detail, you will understand that most of the good travel insurance doesn’t seem so good.
But don’t worry the situation is not so bleak. Towards the end of this piece on travel insurance, we have recommended some companies. You can try them out.
The first and foremost is to understand the amount of coverage your travel insurance company is offering you. We strongly believe that anything below $100,000 is less.
If you are from a developing nation, we recommend this to be not less than $30,000.
This high coverage is important because you don’t want to end up shelling part of the medical or other expenses. While a low coverage travel insurance policy will be available for a cheaper premium, we don’t recommend that.
If you are the kind that stays away from cities while traveling (or even if you are traveling within cities) there can be emergencies when you must be air-lifted. This is a very costly affair, especially since you will be traveling and will be in another country.
Therefore, you need to ensure that your travel insurance policy also covers emergency evacuation and care. Do check the fine print to see if this is separate from the medical coverage.
Even amongst evacuation, there are two stages. The first stage is when the person insured is evacuated and brought to the hospital. The second stage is where the person insured is taken from the hospital to his or her home country.
While buying your travel insurance you need to make sure that both these stages are covered.
Recommended Reading: Important things travel insurance doesn’t cover
Checklist for your cheap and best travel insurance
This checklist is our short answer to the question “How to buy cheap and best travel insurance”
1) It should cover most of the countries in the world
2) It should cover sudden illness and injury
3) Have financial protection if any company you are traveling in goes bankrupt or has an uprising
4) The travel insurance should cover article such as jewelry, baggage, laptops, cameras etc
5) The travel insurance should cover flight/railway/hotel cancellations due to unforeseen emergencies
6) Emergency services should be 24×7
7) The travel insurance should have personal accident coverage
Note: Certain good travel insurance companies have slabs for coverage of the loss of electronics. In such cases, buy supplemental insurance and get higher coverage amount.
What is NOT covered by your travel insurance
This is equally important to know, so you don’t get caught in no man’s land. Almost all travel insurances don’t cover extreme sports or adventure activities.
Some of these activities which are looked down upon by the cheap and best travel insurance companies are paragliding, hang gliding, bungee jumping, wingsuit flying etc. Of course, you can get coverage for these sports also by paying extra for your insurance plan.
If you injure yourself or somebody else after consuming alcohol or having drugs, you are out of the purview of the insurance coverage. Or if you meet with an accident and injure somebody else on the road, you will have to bear the costs yourself. Most travel insurance companies don’t cover this as well.
Travel insurance is accident insurance so please don’t expect it to cover your regular medical checkups and medicines for existing ailments. A good travel insurance is to be used only in case of emergency or loss.
Travel insurance companies at regular intervals release a list of dangerous spots, where usual insurance policies aren’t covered. These are spots, which are under political, communal or religious turmoil.
To add to the list almost all travel insurance companies don’t provide cover for God’s hand – incidents such as earthquakes, tsunami, hurricanes etc.
Checks on making a travel insurance claim
Before you make a travel insurance claim, make sure you have all the proof of the incident or condition. Please be aware that every travel insurance company hopes that you pay for the insurance and be lucky enough to never have the need to use your cheap and best travel insurance.
In short, the insurance companies are in it to make money. Till the time you don’t have all your proofs, every company will slow down your insurance payment.
Conclusion on travel insurance
There is no point saving a few hundred dollars, but one fine day end up spending all the savings you had kept for your travel in a random emergency in another country. It just doesn’t make economic sense.
Like said earlier in this article, travel insurance is like a fire extinguisher and needs to be there to make you feel safe. Accidents will happen and they will happen unannounced. So be ready with the cheap and best travel insurance you can find.
Recommended travel insurance
Our top picks for the best travel insurance are:
– Travelex Insurance Services
– AIG’s Travel Guard
– TravelSafe Insurance
Our top picks for cheap and best travel insurance are:
– HTH Travel Insurance
– CSA Travel Protection
Our top picks for best travel medical insurance companies:
– HTH Travel Insurance
– MH Ross
– CSA Travel Protection
Our top picks for best international travel insurance companies:
– TravelSafe Insurance
– HTH Travel Insurance
– CSA Travel Insurance
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