Travel insurance is an insurance type that covers all the costs and losses that are associated with traveling. It can either be domestic or international. Although the main categories comprise trip cancellation, medical coverage, and accidents, to name a few, it also covers an array of factors such as personal property damage, rental cars, and even ransom requests. These policies may include 24/7 emergency services such as cash wire assistance, lost passports, etc.

Types of travel insurance plans
Buying travel insurance can be a very overwhelming task. The availability of multiple plans with different coverage also makes it confusing. Read further to learn more about travel insurance plans to make your purchasing process more manageable.

Package/Comprehensive trip insurance
These comprehensive plans are often the most popular as they cover the needs of most travelers. They encompass various factors such as cancellations, medical emergencies, evacuation, lost or damaged luggage, etc. The one factor that sets these apart from other plans is the availability of cancellations, as there are no other policies that include only trip cancellations. These plans are ideal for domestic and international journeys, family trips, and cruises.

Travel medical insurance
These plans provide their customers with emergency medical coverage when they travel abroad. It provides coverage for accidents, medical emergencies, evacuations, and repatriation. In most cases, these plans offer limited comprehensive benefits but are often used only in medical emergencies and evacuations. These plans may help if a person is on a vacation or business trip abroad. It can also be used for long-term work/study in a foreign country or by expats.

Travel accident insurance
Better known as AD&D (accidental death and dismemberment) plans, travel accident plans come to help during international travel. These plans usually focus on term life benefits during the insurer’s travel period and may vary depending on factors such as the annual coverage period for frequent travelers. These plans should be opted for in case of foreign travel, where one is concerned about life insurance and AD&D.

Annual travel insurance
One of the most commonly used plans, they offer a variety of coverages in a single plan. These plans can be employed for one year and used for travel during that period. These plans are usually used by frequent travelers, retirees, traveling students, and business travelers for their simplicity and long coverage period. They also cover factors such as trip delays, trip interruptions, and emergency transport for a trip that ranges from 30-90 days.

Tips to help choose the right travel insurance plan
A strong travel insurance plan is a smart way to protect yourself and your property during an unexpected event on a journey. Hence here are some helpful tips to aid in choosing the best travel insurance plan:

Match coverage to the trip and destination
A vacation or a trip abroad may have multiple stops before one reaches the destination. In cases like these, some factors to consider are trip delay insurance, trip interruption coverage, trip cancellation, baggage loss coverage, etc.

Cancel For Any Reason (CFAR) in coverage
In most circumstances, the cancellation benefits apply only if the reason is listed in the policy. If one needs more flexibility, the “cancel for any reason” can also be chosen. It may add almost 50% to the insurance plan cost, but the amount refunded will range from 50-75% of the amount spent. However, one must carefully consider the pros and cons of this optional add-on before proceeding with it.

Checking credit card perks
Before spending money on travel insurance, people must check if their credit card offers any perks. In some cases, the card may offer services such as trip cancellation and trip interruption coverage. It might help when the trip is cut short due to circumstances such as severe weather, which the credit card company covers.

Top travel insurance companies
Travel insurance is necessary, whether for a business trip or an unplanned vacation. It saves one’s time and money and even helps evade unforeseen events. So, here are some of the top insurance companies to choose from to avoid issues during travel:

AXA Assistance USA
Their travel insurance plans provide a broad list of coverages that cover a traveler’s requirements. These include generous evacuation and medical limits, CFAR upgrades, and a baggage loss coverage of $3,000 per person. They also cover lost sports equipment and include services such as hotel reservations, rental arrangements, and more.

Cat 70
Cat 70’s travel insurance plans offer great coverage for evacuations and medical emergencies. Furthermore, they provide medical coverage worth $500,000, CFAR upgrades, and evacuation coverage involving severe weather conditions like hurricanes.