Types of Travel Insurance Policies
Single Trip Travel Insurance
This insurance covers an individual for a single trip. The age of a traveler, cost of trip and length of stay are determinants for the premium of a single trip travel insurance. This travel insurance is best suitable for an individual planning to travel once or twice in a year.
When you compare cheap single trip covers, you will realize that they are as low as £7 for a week’s holiday. Also, a standard insurance policy will provide a 24 hour manned emergency telephone number in case circumstances arise.
Family Travel Insurance
The family travel insurance policy protects families traveling together. Most times, the family usually consists of two adults and four children. This size might, however, be more or less, depending on your insurance company.
For an individual who travels with his/her family once a twice a year, a single trip family insurance policy is the most suitable in terms of cost. If you fail to compare cheap holiday and travel insurance, the cover you get will be outrageously exorbitant.
Annual Multi-Trip Travel Insurance
If you are fond of traveling severally within a particular period of time, you might want to compare annual travel insurance cover. The annual multi-trip insurance covers an individual for a certain number of trips within a year.
This insurance is considered cheaper than taking up multiple single trip insurance for every trip since there is a cumulative effect.
For an individual or couple traveling more than thrice a year, the multi-trip insurance is the best bet.
Statistics reveal that a high percentage of people book a multi-trip policy because the amount is twice as much as a single trip insurance policy.
However, for a regular traveler, he/she will save as much as 33 percent on the cost of total trips. The level of coverage provided often depends on the insurer.
Travel Insurance Coverage
Travel insurance policies offer several compensations to those in need of them. The coverages received are divided into two broad categories. They include trip cancellation and medical coverage insurance.
The Trip Cancellation Coverage Insurance
This coverage provides a platform for an individual to be reimbursed for his/her trip cost after canceling the trip. For this to be tenable, the reason for cancellation should be lucid and logical enough. Some of the reasons include;
- Trip cancellation/interruption
- Accidental death and dismemberment.
- Emergency Medical Evacuation.
- Emergency medical expenses
- Jury service.
- Travel delays due to bad weather
- Loss of baggage and
- Prohibition of travel by the government.
The Travel Medical Coverage Insurance
This kind of travel insurance covers also covers the costs of falling ill or being hospitalized while on vacation. He also including transportation to a medical facility. It focuses majorly on medical benefits.
The Travel Medical Insurance is mostly beneficial for people traveling out of their home country for a long period of time.
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