What Kind Of Insurance Do You Need When Travelling Internationally?
Whether you frequently go out of the country on business trips, or you are just planning an international vacation, you still need to know how to protect yourself and your property when you go overseas. There are many different precautions that you can take to keep yourself safe, and purchasing travel insurance is just one of the many steps involved. How do you purchase travel insurance, and what will it cover? In this guide, we will review the answer to these questions and more.
Benefits of International Travel Insurance
When you purchase international travel insurance, you will be provided with a wide array of benefits that can keep you safe in a variety of circumstances. These benefits are designed to make sure that you don’t lose any money, that you have the transportation that you need, and that your trip is a safe and memorable experience. Here are a few of the benefits that are typically offered on most of these policies:
- Trip Cancellation/Interruption—If for any reason you have to cancel or interrupt your trip, you should be covered from having to pay any additional fees, and you may even be entitled to a partial refund of your expenses, depending on the circumstances. Most providers will accept a claim of cancellation or interruption if you change your mind about the trip, have a business conflict, get called into work, if you become sick or injured while on your trip, or if bad weather creates the need to leave early.
- Travel Medical Insurance—In the event that you become sick or injured and need the assistance of emergency services, travel medical insurance will cover your expenses for this. If you make several long trips a year, you can also get a major medical insurance policy that will pay all or most of the international medical expenses that you may incur.
- Rental Car Coverage—When you have a rental car in another country and you get into an accident, your international insurance provider may pay for the loss of the vehicle or any collision damage that may result from the accident.
- Lost or Stolen Baggage—You can also expect to get coverage or reimbursement from a travel insurance company if your bags are lost or stolen, since you will have to purchase all new luggage, clothing, and whatever other articles may have been in the misplaced bags.
How Do You Purchase Travel Insurance?
You can find a company that specializes in this type of insurance and sign up for a policy up to one full day before your departure. However, if you need to ensure that special coverages and protections go through prior to your trip, you may want to purchase your policy at least two weeks in advance.
In some cases, you can get international coverage automatically with your homeowner’s or medical insurance companies, but you need to check your current policies and see if they will provide coverage for you if you go overseas, as many of them do not.
If you are planning on going out of the country soon, then you should definitely invest in a travel insurance policy. Although you may not think that you will need to use any of its benefits, it is definitely wiser to be safe than sorry.