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Here's the Scoop on Travel Insurance

Updated: Jan 5

Travel insurance is the most important thing needed for travellers, unfortunately, it is often overlooked or poorly researched. Travel insurance is financial security against accidents, illness, lost luggage, stolen items, cancellations, or sudden emergencies that require a quick return home.

It's important to understand that travel insurance is accident insurance, designed to protect in emergencies. I have made minor claims: a doctor's visit, prescription medicine, and a claim for stolen bag and contents. Each time I was reimbursed for my expenses for everything except the stolen cash.

Why Buy Travel Insurance?

Few domestic health insurance plans cover you outside of your jurisdiction. The insurance that may be offered with your credit card is often very limited. Choosing a travel insurance company is very complex and confusing -- it requires digging into the fine print and carefully reading what is and is not included. I won't travel without insurance. It provides comfort knowing that if I get sick or injured, I won't rack up ruinous bills. In some countries, hospitals can refuse treatment if you can't provide proof of valid insurance.

Cost of Travel Insurance

The price can vary depending on your age, medical history, where you are going, how long you will be traveling, what you plan to do during your trip and whether you are looking at a single trip or, because you travel frequently, an annual plan. Higher-risk activities such as mountain climbing, scuba diving, and sometimes even horseback riding may require additional charges. Generally, however, the cost of insurance works out to a few dollars per day and is much less expensive than a hospital stay and a medical evacuation home. This post will cover some of the things that you should be considering when choosing a company. I will not make any specific company recommendations as your choice will be personal to your location, your travel plans, and the country in which you reside.