Cheap Travel Insurance: How To Save Big Time On Coverage... Starting Now!
The idea of cheap travel insurance is a comforting one, but the reality is that most people don't know how to find it. That's because they're looking for bargain-basement deals from fly-by-night operators or choosing to go without coverage and hope for the best.
The fact is that, with proper care, you can get cheap travel insurance right now.
What's cheap insurance?
Cheap travel insurance is not free insurance. It is insurance that costs less money than you would normally spend on it. Cheap travel insurance might be a bit more expensive than what you are used to paying for the same level of protection, but think of it as getting the better bargain.
Cheap travel insurance can be found on the Internet today for less than $25 a year , sometimes much less. That's cheaper than many standard health, home and auto policies and among those being sold by big US auto insurers alone .
What do insurance companies offer cheap travel insurance and why is it so good?
The best way to understand what's happening in the insurance world is to look at who is controlling it. The carriers you will find on the Internet saving you money are a fast-growing, often innovative breed that can be called "no frills" insurers. They are new, they're small and they're changing the way consumers get their coverage. These underdogs of the business are benefiting from online marketing, which is expected to grow by 30% a year for the next few years, while their main competitors are still trying to understand how social media works .
The no-frills carriers are also benefiting from a new government initiative that's aiding small carriers and helping them compete with the big boys. The Federal government's National Association of Insurance Commissioners (NAIC) has launched new regulations to allow these small insurers to work together on price and risk assessments, which have traditionally been done independently by each carrier. The goal is to make the market more competitive.
Many people believe that this trend of finding cheaper coverage online is a trend that will continue, so they're jumping in now before it becomes even more difficult for individuals to get affordable insurance . Others want to save money now because they know that the cost of insurance is going up — quickly.
Travel insurance for the 21st century
More and more people are exploring the option of self-insurance, in which they carry their own health and emergency evacuation coverage. But that's only a small part of what travel insurance should provide. It's also important to consider coverage for lost luggage and trip cancellation, in case you're injured while traveling or a hurricane interrupts your family vacation.
Cheap travel insurance can be found now on the Internet that takes care of these things and others too, like providing rental car collision coverage or emergency medical evacuation. It's truly a policy that can be tailored to your exact needs, but it has to be purchased before you leave for your trip.
How does one get cheap travel insurance?
You have to purchase from an authorized provider offering a product licensed by the government. The best way to find cheap travel insurance is to do an Internet search for it . Links from trusted websites will help you get started by providing lists of companies meeting these requirements, but you should also be aware that many of these sites are supported by the very companies you may end up buying from . You can learn more about this practice here . That's why it is important to visit the websites of these providers, where they provide product details and pricing information.
You may also want to ask your travel agent for assistance, but make sure that the provider he or she recommends appears on a lists of NAIC-approved providers . If not, then you should look elsewhere. You might even decide to buy from a travel insurance company that does business in your home state, if it offers the kind of coverage you need and is rated highly online .
Where to find cheap travel insurance information?
The best place to begin is with a simple Internet search. Type in words like "cheap travel insurance" or "travel cover" along with your destination and dates. In seconds, you should find a number of companies offering what you need and ready to take your call.
For more information, go to these Web sites:
Global Internet Insurers: http://www.global-internet-insurers.com/
Insurance Web Sites: http://www.aiawebinfo.com/travelinsurance-english/insurguide.html
The no frills carriers that are leading the way in offering cheap travel insurance today are a new breed of carriers and they're the same kind that, only a few years ago, took flight into the new airline industry, filled with much confusion and concern about what those newcomers were going to do to disrupt their business . Who have they really disrupted? In this case, travel insurance carriers and the consumers who are buying it.
The new carriers are simply doing a good job of what their big sister (or brother) travelers have been asking them to do — provide the kind of coverage that will protect them no matter the circumstance. It's nearly impossible to find a cheap travel insurance company that doesn't cover at least these basic things:
Trip Cancellation Insurance - Coverage for medical expenses when you can't return home safely because you got sick while on vacation and need hospital care. This is a major item of coverage, because there's no way around it — if you are sick on vacation and don't get help, your trip probably is over .
Trip Interruption Insurance - Protection for the costs of an early return home for medical reasons, including lost hotel, airfare, and other out-of-pocket expenses. It's important to consider this as an option since it may be hard to get a refund from your hotel or airline.
Luggage / Personal Effects Coverage - Protection against theft and damage to your personal belongings on vacation like clothing and jewelry . A basic policy covers you for lost or damaged luggage on international airlines . Most carriers don't cover private planes , so additional protection may be needed in that case.
Accident and Sickness Insurance - Coverage that pays your medical expenses in the event of injury or illness while traveling outside your home country. You can buy protection for up to one year abroad . If you or your children will be traveling outside the U.S., then it's almost a must to carry this type of coverage . It's also important to consider if you're visiting dangerous places .
Emergency Medical Evacuation - Coverage for emergency medical evacuation from a foreign country if you become ill or injured and need immediate transport back home. Your travel insurance policy is probably your best bet for payment of these costs , but it may not offer all the services that you may require — so check before purchasing.
There are many specialized policies available too that target specific groups.
Conclusion
If you're still concerned about coverage, then it's best that you buy it before you travel. Some people don't like to do this, because they're worried that they'll get sick or have an accident during the time period when their coverage is valid. But if you do suffer an injury or illness, can you really turn to your doctor for help? Certainly not at a discount. Travel insurance is a wise investment for your next trip and is available from these carriers . If you don't take advantage of these inexpensive policies, then all the money that you save may be lost if something goes wrong on vacation .
http://www.mayoclinic.