Especially for international or expensive travel you should review what coverage you might already have or what additional insurance should get to protect you from the unexpected (emergencies, car accidents, loss of luggage, travel delays, loss of job).
Health insurance is probably one of the most important ones. Depending on the country you are travelling to a hospital bill can easily end up in the tens of thousands of dollars. First you should check with your existing health insurance carrier to see if you’ll be covered and what exactly is covered (for example an emergency evacuation might not always be covered but can be VERY costly!).
Many credit cards offer some kind of auto rental or travel accident insurance. To be eligible for these insurance benefits you will have to pay for your travel with your credit card. Before you completely rely on these “free benefits” from your credit card company make sure to read the fine print on what is really covered (if you are familiar with your coverage you might be able to decline these additional costs at the car rental place next time!).
Another area that is mostly overlooked is “travel insurance”. Did you ever think what happens if you lose your job after you already booked your trip or what happens if you get sick the day before your trip? Depending on the airline, hotel or tour company you might not be able to cancel and therefore are liable for 100% of the cost for a vacation that you never got to enjoy. Travel insurance can be a very affordable way to protect your investment. Common travel insurance can usually be combined with travel health insurance and offers coverage for things like:
- Trip cancellation
- Trip interruption
- Hurricane and Weather
- Financial default
- Employment layoff
- Cancel for work reasons
- Medical evacuation and Repatriation
- Travel Delay
- Baggage Delay
- Baggage and Personal Items loss
- Missed connections
- Life insurance