Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24
How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - 17th Feb 24
Why Rising Shipping Costs Won't Cause Inflation - 17th Feb 24
Intensive 6 Week Stock Market Elliott Wave Training Course - 17th Feb 24
INFLATION and the Stock Market Trend - 17th Feb 24
GameStop (GME): 88% Shellacking Yet No Lesson Learned - 17th Feb 24
Nick Millican Explains Real Estate Investment in a Changing World - 17th Feb 24
US Stock Market Addicted to Deficit Spending - 7th Feb 24
Stocks Bull Market Commands It All For Now - 7th Feb 24
Financial Markets Narrative Nonsense - 7th Feb 24
Gold Price Long-Term Outlook Could Not Look Better - 7th Feb 24
Stock Market QE4EVER - 7th Feb 24
Learn How to Accumulate and Distribute (Trim) Stock Positions to Maximise Profits - Investing 101 - 5th Feb 24
US Exponential Budget Deficit - 5th Feb 24
Gold Tipping Points That Investors Shouldn’t Miss - 5th Feb 24
Banking Crisis Quietly Brewing - 5th Feb 24
Stock Market Major Market lows by Calendar Month - 4th Feb 24
Gold Price’s Rally is Normal, but Is It Really Bullish? - 4th Feb 24
More Problems in US Regional Banking System: Where There's Fire There's Smoke - 4th Feb 24
New Hints of US Election Year Market Interventions & Turmoil - 4th Feb 24
Watch Consumer Spending to Know When the Fed Will Cut Interest Rates - 4th Feb 24
STOCK MARKET DISCOUNTING EVENTS BIG PICTURE - 31st Jan 24
Blue Skies Ahead As Stock Market Is Expected To Continue Much Higher - 31st Jan 24
What the Stock Market "Fear Index" VIX May Be Signaling - 31st Jan 24
Stock Market Trend Forecast Review - 31st Jan 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Understanding the Different Types of Travel Insurance

Personal_Finance / Travel & Holidays Nov 06, 2019 - 03:05 PM GMT

By: Submissions

Personal_Finance

Travelers usually find it hard choosing the best type of travel insurance for their trip. Essentially, there are three common types of insurance plans: travel medical plans, specialty plans, and package plans.

Package plans are perhaps the most popular ones since they offer comprehensive coverage- they combine numerous options into a single plan that’s designed to cover all the mishaps plus disasters that could happen on your trip. But at the same time, they’re the most expensive form of travel insurance- costing approximately 6 to 8 percent of your total trip cost. Generally speaking, there are three common types of insurance you may want to consider. The choice you make will solely depend on your budget, travel needs, and personal preferences.


Travel Medical Insurance

If your trip is domestic or outside your normal health insurance network, you might need to purchase a travel medical insurance.

Typically, these insurance plans cover all your emergency medical care needs when you aren’t traveling within your health insurance network. Most American-based health insurance policies don’t protect their members when they travel outside the country and they also impose out-of-network charges, which means that the traveler will have to pay a higher portion of the bill.

If you aren’t worried about recovering the non-refundable trip costs you incurred, your journey is relatively inexpensive and will travel outside your own health insurance network, getting a domestic travel insurance will be highly beneficial.

Business travelers, international student travelers, families, couples, as well as individuals who’re traveling outside their local health insurance network areas should consider purchasing travel medical insurance.

The Package Plan

A travel insurance package plan covers an extensive range of travel risks, including emergency medical care, evacuations, trip cancellation, emergency medical care, loss of baggage, as well as travel interruptions.

Cancellations might occur due to several reasons, and that’s why you should seriously consider investing in a package plan. It’s comprehensive, reliable, and extremely affordable.

Specialty Insurance Cover

When it comes to coverage gaps in your insurance, travel insurance specialty plans are simply the best. For instance, if your medical care is fully covered when you’re overseas through your own health insurance, then you might only need to purchase evacuation plus repatriation coverage. And if you’re traveling within the United States of America and will be renting a car for your trip, then you may want to consider investing in a car rental damage coverage that’s less costly than what you’ll actually get at the rental counter. Purchasing an airline ticket protection plan is also another incredible idea.

Final Thoughts

Whether you’re planning to go out on a domestic trip or an international tour, it’s always advisable to get travel insurance. Not only will this give you peace of mind but it’ll also ensure you stay safe and secure. Plus, the coverage safeguards against severe financial risks, which could occur as a result of lost baggage, trip cancellation/interruption, theft, as well as evacuation. You can always choose to invest in travel medical insurance, specialty travel insurance, or the package plan. 

By Lyle MacLeod

© 2019 Lyle MacLeod - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in