With foreign holidays and international business trips becoming more frequent, travel insurance has become a necessity. Yet, many of us do not understand what travel insurance actually is. Travel insurance can be divided into two main categories:
- Trip Cancellation Insurance
- Travel Medical Insurance
Trip cancellation insurance consists of:
- Trip Cancellation - If you cancel your trip prior to departure, you will be able to claim back your deposit or entire holiday cost
- Trip Interruption - If you need to return home before your scheduled departure, the policy will help you pay for flights and any other arrangements.
- Emergency Medical Expenses - Your travel insurance package will pay for your medical costs whilst abroad
- Emergency medical Evacuation - The travel insurance policy will arrange and pay for transport to the nearest medical facility. Some policies will also pay for your flight home if special arrangements are needed
- Repatriation of Remains - If you do unfortunately pass away while on your travels, your travel insurance policy will pay to have your remains brought back
- Baggage - Most travel insurance policies will cover lost luggage, damaged luggage and late luggage.
- Accidental Death & Dismemberment - The policy would pay out if you died in an accident or post two limbs in the accident
- Miscellaneous - Some policies will also cover extra items such as delayed flights, emergency cash transfer and ID theft.