Travel Insurance Daily

If you are planning a trip, a vacation or just hanging around the beach, you definitely need a travel insurance. Anything can happen during your trip.

But before thinking of buying one, considering what it covers is important.

• OVERSEAS MEDICAL/HOSPITAL EXPENSE
  If you got into an accident in a foreign country, the amount that can cover for your medical expenses can vary depending on what policy you chose.
• OVERSEAS EMERGENCY MEDICAL ASSISTANCE
  In traveling to countries with relatively high medical costs, it is best to consider having an ‘unlimited’ coverage for overseas medical assistance.
• LUGGAGE/PERSONAL EFFECTS
  If you are carrying with you expensive equipments or important documents, having it covered is the best option.

It is a general rule that reading the fine prints in a contract or paper that you need to sign is always a must. Travel insurance, like most insurances has a lot of loopholes. Some policies only kick-in under certain circumstances meaning, not all the reason that you can think of is valid for a claim to your insurance company.

In most situations, it is better to purchase a travel insurance only AFTER booking for a trip and not beforehand.

Another important thing to remember is it is not a good idea to purchase an insurance from the same company that you bought a travel or tour service from.

Before deciding to buy a travel insurance, always keep in mind that policies may vary so it is best to always shop around before buying one. Check what your current insurance covers. Some policy may include covering 10% of your possessions away from home. It also means that you can skip coverage for damaged or lost items.
Some trips can also mean non-refundable expenses in any case something will happen. If you can accept the portion that you will lose, it is better to save your money for emergency fund instead so that you will have enough money if something happens.

a) Register your travel plans with the State Department through a free online service at https://travelregistration.state.gov. This will help in contacting you if there is a family emergency in the U.S., or if there is a crisis where you are traveling.

b) Sign your passport, and fill in the emergency information: Make sure you have a signed, valid passport, and a visa, and fill in the emergency information page of your passport.

c) Check your overseas medical insurance coverage: Ask your medical insurance company if your policy applies overseas, and if it covers emergency expenses such as medical evacuation. If it does not, consider supplemental insurance.

When purchasing a health insurance, the money you pay (your “premium”) is combined with the premiums of others to form a pool of money. That money is then used to pay the

medical bills of the participants who are in need of health care and assistance. Your coverage remains applicable as long as you continue to pay your premiums. Once you purchase the insurance, the insurance company will give you  an identification card  whenever you seek a medical care from a hospital or doctor. The insurance company will also provide written instructions for reporting and documenting medical expenses (”filing a claim”). The insurance company will evaluate any claim you file and make the appropriate payment under your plan. In some cases the insurance company pays the hospital or doctor directly, just advicing the plan holder; in others the company will reimburse you after you have paid the bills. 

CIBC Emergency Travel Medical Insurance is a company that takes care of your emergency medical expenses and provides access to a wide range travel and medical services throughout the world.

CIBC Emergency Travel Medical Insurance provides a maximum total coverage of $2,000,000 for you while outside your province of residence. You are not only

- protected from the potentially high cost of emergency medical care in excess of what is covered by your Canadian Government or Provincial Health Insurance Plan

- Also get help in finding medical aid worldwide, and

- have access to pre-trip planning advice and en route travel assistance with everything from lost baggage to emergency legal services

Why do you really need to consider purchase a travel insurance?
1. Some trips are planned for a year in advance. It gives ample time for a catastrophe to happen.
2. We sometimes tend to plan trips that are expensive. Always determine the portion of the non-refundable expenses that you will lose in any case you need to return home in the middle of your trip.
3. A honeymoon trip can involve an airline trip and a cruise around the Bahamas. It is always good to ask if missing a significant flight could mean missing a cruise ship departure.
4. Any change in a package deal can also mean a change in the over-all price of the trip.

The world revolves around the space age or in the web. Everything is just one click away if you feel that traveling from one place to another and will not toll too much. There are so many useful tools that can be found on the web that would allow us to compare plans and prices accordingly to planning. Also most internet websites that cater for the insurance travel can be purchased by means of a  credit card. Proving how online transactions can be useful  whenever you’re looking for a specific plan particularly if it is not available in your local market range. Nevertheless, as every web transaction, it requires verifying if the company is trustable. There are sites wherein you can ask for help when it comes to plan and prices comparison. And at the same time, you can check for the companies if they are credible.

* Renew your travel insurance at least a week before you go on holiday. Don’t leave it to the last minute, otherwise you might not have time to check that the policy schedule is correct before you leave.

 * If you are renewing an annual policy, clearly you don’t need to renew it until you are about to go on holiday again. But remember that annual policies cover short breaks as well, so check your policy .

* Don’t rely on the ‘free’ travel insurance which comes with some credit cards and bank accounts. These policies can be fairly basic and may not cover you for winter or extreme sports, so check the small print, and if necessary buy extra cover.

If you do decide to buy travel insurance, look for a plan that includes the following:

* Treatment for emergencies AND illnesses. Some plans also feature a small benefit (say $100) for dental emergencies.

* Emergency medical evacuation.

* Trip interruption (which usually only covers you in case of the death of an immediate family member or damage to your primary home).

* Policies with small deductibles ($100 or $250) and co-pays (most international insurance pays 100 percent of medical costs).

Shop around for the best rate, first of all. Many comparable plans have a wide range in costs. What is more  important, however, is to scrutinize the exceptions to see what will NOT be covered. That is where most people get unpleasantly surprised when they get treatment, then later learn it was not covered.