You may have all the best laid plans for your vacation getaway, and you may have taken every precaution possible, but remember, there is such a thing as ?acts of God.? Severe illness, accident, robbery, natural disaster etc. may happen unexpectedly and spoil the fun of your long awaited vacation. The worst part about these unexpected scenarios is the quid you would be wasting as a result of them. However, a comprehensive travel insurance package can help reduce the amount of money you may have to spend when Lady Luck decides to play her games with you and your family.
Below are some of the major types of travel insurance available that you can choose from to fit your needs.
Single Trip Travel Insurance
This is only for single trips, as the name implies, making it perfect for those who do not travel frequently.
Annual Travel Insurance (aka Multi-Trip Travel Insurance)
If you generally take more than one trip per year, the most convenient and cost effective solution is the annual travel insurance. This way, you get good coverage for all the trips you take within the span of a year. This travel insurance policy does include unlimited holidays in its coverage, but some other policies only restrict coverage to trips in excess of 21, 30 or 45 days in length.
Family Travel Insurance
A few quick words on family travel insurance ? let us start by saying this is a brilliant choice of insurance if you usually travel with your entire family ? your partner, your children, your parents or maybe even your in-laws. You need not buy separate policies for each family member under this policy, as it covers everybody in your family whom you travel with, bar none. Family travel policies come with different varieties of premiums. Some policies set their premium amount 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 you a premium at a flat rate without taking into consideration the number of children or other factors. If your family is quite big, you should opt for the second type of family travel insurance.
Business Travel Insurance
As the name implies, business travel insurance is a form of multiple travel insurance that uses the following hypothesis ? you are taking out the policy because you travel frequently for work purposes. This insurance is tailored according to the needs of the typical business traveler. Should you be unable to make the flight due to an emergency, fear not, as business travel insurance has this peculiar feature called colleague replacement coverage ? another employee can take the flight in your stead if you are qualified to ?miss the flight? under the policy?s guidelines.
Shop around on the internet to get the best travel insurance quotes, and purchase a policy that suits your particular needs. But before you commit to a travel insurance policy, there is another thing you have to do aside from research, and that is to read the terms and conditions in thorough detail.
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Tags: banking, finance, Finance and Insurance, insurance, investing, personal finance, recreation, travel, Travel and Insurance, Travel and Recreation, travel insurance, wealth buildingTopics: insurance
Source: http://carsandinsurance.info/insurance/travel-insurance-which-is-the-best-for-your-trip
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