If you happen to get sick or have a mishap while in a foreign land, the notes can be enormous, hence it pays to have an insurance policy. Here are the types of travel insurance policy that sets the amount to cover expenses concerning medical expenses, repatriation or stolen and lost belongings. In this guide will focus on the types of travel insurance policy and the factors that affect its price.
Types Of Travel Insurance Policy
Single Trip and Annual Travel Insurance
The single trip cover will cover you for an individual trip to a particular destination for a set period
The annual cover will cover you multiple times within 12 months.
Winter and Extreme Sports Cover
If you are preparing an action-packed holiday, ensure that the activities you desire to undertake are covered. If not, you may be unable to claim if you undergo an injury while on the said sport.
You can learn more details about the extreme activities that you must consider your policy and how to be certain that you are covered.
Backpacker Travel Insurance
This kind of insurance is also recognised as:
This is a specialist type of travel insurance that offers coverage for travels that are up to 18 months. This is much longer than a single trip or annual policies. Besides, you can also secure cover for different countries under the same travel insurance policy. This means there’s no need to update your policy or look for a new cover before you set off.
Family Travel Insurance
If you’re initiating off on a journey with your better half and kids, you can save money through a group policy. Most family policies cover two adults and up to four children, although some of which will cover more.
The family cover could provide tremendous coverage for things like cancellation and lost baggage over individual policies. However, there can be restrictions in terms of the number of children that can be covered, if they can include single-parent families, or should the family be living on the same address.
Some providers allow free cover for children, but you must get an individual quote and check on the costs. Also, you can save with a couple’s policy if you’re both over 18 years and residing on the same home address.
What affects the price?
The price of your travel insurance will be determined by:
When you’re approaching retirement, the value of travel insurance will be higher. Read our guide to understand how to get affordable cover as an older traveller.
If you have pre-existing conditions you’ll likely to get sick while on holiday travel which could result in expensive medical costs, which can put your price higher
If you are travelling to a dangerous region (an area of civil unrest for example), or somewhere that has expensive healthcare, it will also increase the price you pay.
The longer you are away, the more expensive your cover will be.
Upgrading your cover limits or restrictions and adding additional cover such as an extreme or winter sports can make it even more pricey.