Types of Travel Insurance | Coverage offered

Types of Travel Insurance

The following are some of the major types of insurance available for traveling purposes that one can choose from to fit his need:

Travel Insurance - Types, Coverage offered

Travel Insurance – Types, Coverage offered

1. Single trip travel insurance

Single trip insurance is for those who do travel frequently. In fact this insurance provides coverage for a specific trip.

2. Annual Travel Insurance or Multi-Trip Travel Insurance

Annual travel insurance is for those who generally take more than one trip in a year; the most convenient and cost effective solution is the annual travel insurance. This insurance will provide coverage for multiple trips all through the year. While annual travel insurance policy covers only unlimited holidays, other policies may cover only a specific trip length spanning over 21, 30 or 45 days.

3. Family Travel Insurance

Family travel insurance covers all the members of the family as a whole and it is not necessary to buy  separate policies for each member. The family travel policies come with different types of premium.

For some policies, premiums are set according to the number of children in the family or other factors such as whether the family is a single parent family etc. Then there are other types of family policies that charge a premium at a flat rate without taking into consideration the number of children or other factors.

4. Business Travel Insurance

It is tailored according to the needs of the typical business traveler. A unique feature of business travel insurance include colleague replacement coverage that allows the company to replace another employee in your place in case you cannot make the trip due to any emergency.

Types of coverage offered for travel insurance

1. Trip Cancellation: The most common type of travel insurance generally covers non-refundable payments or deposits if a trip is cancelled or interrupted due to unforeseen circumstances.

2. Trip Delay: Provides reimbursement for expenses incurred when a trip is delayed.

3. Accident / Sickness Medical expenses: Covers costs incurred due to injury or illness that occurs while on a trip.

4. Medical Evacuation / Emergency transportation: Covers transportation when a medical emergency while traveling requires transportation to a hospital or other medical facility.

5. Supplier Default: Covers deposits or payments lost due to the financial default of a travel supplier.

6. Baggage / Personal Effects Loss or Delay: Covers losses due to items lost, damaged or delayed during a trip.

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