Travel Insurance is an insurance product intended for covering unexpected losses incurred by the insured while travelling, both domestically or internationally. Travel Insurance policies cover all types of risks, including loss of luggage, baggage and other valuables, medical expenses if sick or injured while traveling, loss of rental car or reimbursement of expenses not covered by your policy, and loss or damage of personal items like cameras, MP3 players, laptops, handbags, etc. Travel Insurance policies can be categorized as basic, limited and elite, depending on the insurance features that you choose from the various available options. While choosing an insurance policy, it is important to consider how you will use your Travel Insurance, since these policies do not offer a complete coverage.recommended site is one of the authority sites on this topic.
For instance, in case of a flight cancellation or delay, the policy will pay for the lost baggage, and if your luggage is lost, the company will also pay for the cost of replacing it, up to the limit of your coverage. However, if you opt for the basic travel insurance, you will get an indemnity only up to the amount specified by the company. You cannot make claims for damages to your baggage due to circumstances like collision, extreme weather conditions, acts of nature, terrorism and sudden announcement of a flight cancellation. If there are specific activities like trekking, skiing, scuba diving, rock climbing, etc, where you may risk visiting such places, you can get a separate coverage for this. If you are taking a trip to remote or high-risk areas, then a specialized travel insurance policy may be useful for you. The policy can be customized to include all these activities for the above mentioned riskier trips.
Most of the Travel Insurance policies will provide coverage for the above mentioned risks, with many more risks and coverage options available on the basis of the policy. However, the policies are usually categorized into three categories as per their pricing. The basic policies are the cheapest of the lot, and offer coverage for the most common reasons for travel. The limited policies are slightly more expensive, but offer good coverage for specific risks like theft, trip cancellation, medical expenses etc. The most expensive kind of travel insurance is the VIP or platinum plans, which offer lifetime coverage. But even if the premium is a bit higher, one gets security from financial losses in case a claim is made against the policy.