Everything is relative. What’s cheap or inexpensive to person might seem outrageously expensive to some else. First of all you need to decide if you want travel insurance. I know many people who travel regularly and never spend a dime on insurance of any kind. And I know people who wouldn’t think of leaving home for a few days with some kind of protection. So first figure out which group you belong to.
Before you start comparing options – and there are many options in the market – you need to assess your own situation and determine what you really want to protect. This may sound like a complicated task but it really isn’t. With any travel insurance program there are two primary components. One insures against losses resulting from travel related issues and the other covers medical problems that can arise while away. Once you understand the major coverages you can decide if you have any special needs that have to be taken into consideration. Most travel insurance policies available in the market are considered a package policy that incorporates coverages for both travel and medical issues. Some will have options that can purchase for additional fees.
To keep the cost down, check out your homeowners and health insurance policies. See if any have travel related coverages included; especially loss or theft of personal belongings while away from home. See if your health insurance policy has any protection while traveling. Some do but unfortunately most do not have coverages if you travel out of the country. If you are 65 and on Medicare remember Medicare and Medicaid does not cover you outside the U.S. If you have a Medicare supplement policy, see if it has any travel coverage or restrictions.
If you don’t have any pre-existing health conditions, this will save you some money. If you do make sure you understand what limitations are imposed by various insurance policies before you purchase. There are ways to handle pre-existing conditions but it will cost you extra. As we get older our insurance is going to cost us more so if you’re looking for over 65 travel insurance or even over 70 travel insurance just remember it is available, it will just cost a little more.
Depending on your situation, there may be a lot things that can come up and get in the way of vacation travel. Your job may up and transfer you out-of-town. If you have other family members especially elderly parents or others who you care for, any number of emergencies can come along that may cause you to have to cancel a trip – maybe on short notice. If this is your situation you’ll probably want to make sure you have “cancel for any reason” protection in your insurance.
These are just a few things you want to consider when figuring out what travel insurance you really need. Take some time. Think about it. Write down some requirements. Then do your research. With this in hand you’ll be able spot good bargains that still meet your needs. Cheap travel insurance sometimes isn’t what you really want or need.
To find the best bargains, read the fine print. If you’re searching online, reputable companies will have all the detail policy coverages and exclusions available for you to compare. Ask a travel professional. Ask friends who have traveled recently. Don’t forget to ask your own insurance agent about travel insurance. They might have some good suggestions based on what they know about you and your current insurance coverages. Spending a little time looking for the bargains will turn them up.