What is Travel Insurance?
Travel insurance is a type of insurance that is intended to cover medical expenses, financial hardships over travel suppliers and other losses that may incur while travelling. Travel insurance may be purchased by an individual travelling within his or her country or abroad; regardless of the location, the insurance policy provides coverage against any financial losses that occur as a result of travelling.
Types of Travel Insurance:
In addition to a traditional travel insurance policy, an individual can purchase temporary or cheap travel insurance, which is usually arranged at the time the trip is booked. Temporary or cheap travel insurance will provide coverage for exactly the duration of the trip. This form of cheap travel insurance is less extensive than continuous travel insurance, which can be purchased from travel agents (work for travel insurance companies) or directly from travel suppliers, such as tour operators or cruise lines. That being said, a comprehensive travel insurance package, purchased from a travel supplier, will tend to be less inclusive than a policy offered by an insurance company.
Travel insurance will often provide coverage to an assortment of travels; student travel, leisure travel, adventure travel, business travel, international travel and cruise travel are all options or forms of travel that can be covered by travel insurance.
What is Cheap Travel Insurance?
In addition to the types of travelers, a travel insurance company will offer substitute packages that are cheaper, to protect the individual from only catastrophic or basic financial losses. Cheap travel insurance is typically offered, as temporary coverage to provide protection for the duration of one’s travels. Cheap travel insurance, as a result of the low costs associated, is finite; the coverage ceases to exist when the individual’s travels are over.
The most common risks that are covered by cheap travel insurance are:
Costs associated with emergency evacuations or cataclysmic events, which irreparably alter the individual’s travels, trip cancellation, accidental death, delayed departure, lost, stolen or damage baggage, and costs associated with weather delays and flight connection problems. As one can assume, following a basic review of the types of situations covered in cheap travel insurance, these types of policies primarily focus on costs associated with the actual traveling aspect of an individual’s trip.