Summer holidays are around the corner and a popular question coming from our readers is if we can recommend any comprehensive Travel Insurance.
Sometimes it’s as easy as buying a plane ticket or packaged holiday to just add an insurance package after or during the initial purchase of the travel product. But do these options actually make sense or are they overpriced nonsense?
While there is no easy answer to which insurance products are really necessary it’s definitely not recommend to go on any overseas trips without at least basic coverage of health and trip interruption.
There are plenty of insurance providers including the biggest ones Allianz, American Express, AXA and AIG.
Basic Travel insurance usually includes:
- Emergency Medical & Dental Insurance
- Baggage Insurance
- Missed Connection Coverage
- Trip Cancellation Insurance
- Financial Default Insurance
These products are offered either per trip or for an entire year and it’s often a better deal to take out a policy for multiple trips if someone is a frequent traveler.
The price can vary greatly depending on the length and value of your trip, especially if you purchase the policy for a single journey. A single trip insurance can sometimes cost around 100$ or even more so it’s better to compare different providers in advance.
Another option is to see if your credit card already includes insurance products. American Express is well known for having a comprehensive travel insurance included in their credit card benefit schedule. This is valid for all of their charge cards, Green to Centurion, however the exact benefits vary from country to country. Other cards issued by different banks such as premium Visa and Mastercard usually include some benefits as well.
I have personally filed insurance claims for medical treatment, flight delay, baggage delay and trip cancellation on multiple occasions in the past ten years through both sorts of policy, individually purchased and those included with my credit cards. Policies like baggage insurance might be a long shot to collect on though as the requirements of baggage custody are pretty strict.
Personally I always found to travel with a bit more ease knowing in the worst case there is a fallback option. Especially the baggage delay insurance of American Express usually pays me more per year than the annual fee costs.
The most important insurance however is medical insurance for the same reason why you would want to have coverage at home. Hospital visits can be expensive and especially in emergencies it can be useful to have the insurance company coordinate details with the local staff.