Travel insurance is a fair deal to cover all the problems related to long distance travellers. Such a policy would cover most of the travelling hassles eg. calling off a trip, stolen or misplaced luggage, etc. It bears the financial as well as associated losses to be borne by a policy holder both within & outside his country. Travel insurance is truly beneficial to the renters who move outside their native places. Travel insurance is perhaps the best precaution to keep a check on the rising costs associated with travelling. It is a must for the holidaymakers as well as business people to maintain such coverage against the risks of unexpected hospital bills, flight delays & lost or stolen goods. Travel insurance could be a bit costlier for individuals with health conditions, senior citizens & people who indulge in risky sports. Insurance is all about managing the risks associated with a probable contingent loss. Through insurance a potential loss to be borne by one entity could pass on to another in return for a premium to be paid to the carrier. Definition: Travel insurance is a form of insurance that covers the problems associated with traveling, be it for business or for fun. It is designed to cover emergency medical expenses thereby protecting the insured's travel investment. Travel insurance protection packages provide financial security for those unforeseen perils as trip cancellation due to illness, lost luggage and other incidents. These benefits vary as per carrier and plan design. Travel Insurance Benefits A good Travel Insurance coverage would certainly offer you the following coverage benefits- * Protect you from injuries or illnesses even while you are outside your own country. * Offers personal liability protection for claims in connection with property damages or bodily injuries caused by you. * 24 hours emergency assistance whenever you are in a crisis. * Coverage for your lost or stolen goods. * Coverage for you trip cancellations. * Coverage for certain dangerous sports. Apart from the above mentioned benefits the policy should offer the following assurances: * A personal accident protection. * Legal costs remittance. * Financial settlement in case your turn insolvent. Travel Insurance Exclusions It is important for you to go through your policy clauses. * Accidents while driving under the influence of alcohol or drugs are certainly not covered. * No coverage is provided to items for which you did not take enough precautions. Purchasing Travel Insurance Obtaining travel insurance could be a lot easier if you check out the following steps- * A good bit of window shopping might just get you the right thing within your budget. * Make sure that you get the right kind of benefits whenever you opt for a cheaper policy. * You could save quite a few bucks by opting for Allstate travel insurance packs covering more than one trip per year. Policy Assurances Make sure that your policy is aimed at sharing the following burdens- * Reimburse all your holiday expenses. * Bear your costs in the event you cancel a trip or shorten your trip. * Bear your expenses which you have already paid out. * Sponsors your journey back home in case you run out of money. Last edited by lakemen on Thu Jun 19, 2008 4:03 am image carol Preferred member carol [Leave a quick message for carol] Joined: 28 Sep 2005 Posts: 119 carol's Home Page 23.32 Dollars($) PostPosted: Sat Jun 10, 2006 9:36 am Post subject: Types of Travel insurance It is important to have adequate insurance protection before set out for a travel. Because so many tensions are associated at present with the travel industry as the global politics is disturbed enough. And so before any unforeseen events take place like cancellation of trips, losses of baggage, medical assistance, educate yourself with the major types of Travel insurances. 1. Trip cancellation/interruption insurance: This will reimburse in the cases like- • If the travel company goes out of business • If you cancel the trip because of illness or death in the family • Due to other calamities mentioned in the policy Also most of the policies return the unused portion of the vacation if a family member got seriously ill or injured during the trip. It costs 5% to 7% of the price of the trip to insure. Prices are based on the age as well as on the cost of the trip. Travel insurance may also cover unanticipated emergencies, like accidents on the way to the airport, a natural disaster, a fire or flood at your house. However, the policy may not cover if someone changes his plan on his own. Generally self-inflicted injuries and problems arising from use of illegal drugs are not included in travel insurance 2. Baggage insurance: This will cover baggage and personal belongings from theft, lost or damage during the trip. One has to find how much insurance the trip operator is providing for the belongings before purchasing this type of coverage. If homeowner's policy provides the coverage for off-premises theft then the stolen luggage will be covered by the insurer less deductibles. If someone is traveling with expensive electronic equipment or jewelry, it may be more cost-effective to purchase an endorsement floater to the homeowners or renters policy. 3. Accidental Death: It provides the coverage if the traveler or his family member die on the vacation. If there is enough life insurance coverage or other financial provisions this may be duplicate one. 4. Emergency Medical assistance: Coverages are related to the transportation when a medical emergency appears. This will provide coverage in the situations like: • Staying for a long period in the foreign hospital. • Got seriously sick or injured and needed to be flown home. Once again before purchasing this type of policy one needs to know what type of coverage the health insurance policy provides and the limits while traveling abroad. Besides the four major types there are other types of travel insurance. As for example Baggage delays coverage, Travel document loss coverage, Terrorism clauses.