thinking about buying travel insurance? Here's everything you need to know about travel insurance to cover medical expenses, theft, flight delays, and other risks you may encounter while traveling abroad. get a breakdown of what's covered and how to choose wisely, all in one place.
why you need travel insurance
getting ready to travel abroad and on the fence about buying travel insurance? in 2023, more than 15,000 of us were victims of theft or fraud abroad - a 39.3 percent increase from the previous year. Even on a short trip, unexpected incidents can happen at any time.
medical care abroad can be unexpectedly expensive, especially when you're in a foreign country. It's not uncommon for a simple cold to cost hundreds of thousands of dollars, or even millions of dollars in the emergency room. travel insurance is a great shield for your wallet against these unexpected expenses.
what international travel insurance covers
international travel insurance covers a wide range of risks that may arise during your trip. it's efficient because you can enter the country you're traveling to and the dates you're entering and exiting the country when you sign up to get focused coverage for that time period.
medical reimbursement
if you need medical treatment for an illness or injury while traveling, you'll be covered for local hospital bills and even emergency transportation. depending on the insurer, you may even be able to get follow-up treatment back home.
for example, a man who contracted food poisoning while traveling in Southeast Asia and was treated at a local hospital was covered by his travel insurance policy, which covered his medical bills to the tune of $2 million. Without insurance, he would have had to pay far beyond his travel budget.
liability and theft coverage
liability is also covered if you accidentally damage hotel property or cause damage to others. it's similar to everyday liability insurance, but it covers the unique circumstances that occur abroad.
travel insurance's theft coverage is particularly useful. when B was a victim of pickpocketing while traveling in Europe, he was able to recover his stolen camera and the cash in his wallet. Different insurers have different coverage limits, so it's important to check before you sign up.
flight-related coverage
if your flight is delayed or canceled for more than four hours, you could be covered for extra accommodation and food costs. if your checked baggage doesn't arrive for more than six hours or is lost, you're also covered.
when Mr. and Mrs. C recently had to stay an extra day after their flight was canceled due to severe weather, their travel insurance covered $400,000 for an extra night's accommodation and $100,000 for food. It was an unexpected expense that they were able to cover.
choose the right travel insurance for you
choose based on the length of your trip
for short-term trips of 3 months or less, choose a standard overseas travel insurance policy, and for longer stays of 4 months or more, choose an overseas extended stay insurance policy. short-term travel insurance has the advantage of a wide range of benefits and the freedom to set your own coverage limits.
if you travel abroad more than twice a year, an annual travel insurance policy is more economical. some products, like Samsung Fire 365 Travel Insurance, allow you to purchase a single policy for an unlimited number of trips for one year. You're automatically covered for up to 31 days without the hassle of purchasing insurance every time you leave the country.
guide to choosing a plan
consider the specifics of your travel destination. if you're traveling to a region with frequent flight delays, such as Southeast Asia, it's wise to increase your flight delay coverage, and if you're traveling to a pickpocket-prone region, such as Europe, it's wise to increase your theft coverage.
if you're an active traveler, consider a hazardous sports rider. these can cover activities that aren't covered under a standard policy, such as scuba diving and paragliding. if you're traveling with your family, it's also worth checking out our family discounts.
frequently asked questions (FAQs)
Q1. When should I buy travel insurance? A: You can buy travel insurance up until the day before you leave, but it's best to do so as soon as your travel plans are finalized. Some insurers offer early-bird discounts.
Q2. Can I buy travel insurance if I have a pre-existing condition? A: In most cases, you can, but treatments related to pre-existing conditions may be excluded from coverage. you'll need to provide accurate disclosures at the time of enrollment.
Q3. What is the most important travel insurance coverage? A: Medical expense coverage is the most important. medical expenses abroad can be much more expensive than you might expect, so we recommend purchasing a high enough limit.
Q4. Is my credit card's free travel insurance sufficient? A: Credit card-provided insurance has low coverage limits and limited scope. we recommend purchasing a separate policy if you're traveling for an extended period of time or visiting dangerous areas.
Q5. How do I file a travel insurance claim? A: In the event of an accident, report it to your insurer immediately, keep your receipts and medical certificates from your trip, and file a claim after you return home.
wrapping up
travel insurance isn't just an option, it's a necessity. it's one of the smartest investments you can make to protect against big risks for a small premium. Choose the right policy for your destination and itinerary, and have a safe and enjoyable trip.
do you have more questions about choosing travel insurance? leave them in the comments and we'll answer them in detail. If you found this article useful, please subscribe and share!