Insurance

noun

1.  An arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.

“many new borrowers take out insurance against unemployment or sickness”

2. A thing providing protection against a possible eventuality.

“jackets were hung on the back of their chairs, insurance against an encounter with air-conditioning”

Whether you’re travelling long haul, for a European city break, or for business, travel insurance is always worth having. If things go wrong, either before you travel or while you’re away, having the right plan in place can save you money and a lot of trouble. Your travel insurance protects you from certain financial risks and losses, from the minor inconvenience of a delayed suitcase, to something more significant like a last-minute trip cancellation or a medical emergency.

Why

Deposits for flights and accommodation are generally non-refundable, and once you have paid the balance there is a sliding scale for the amount that is refundable should your plans change. Overseas medical expenses can be exorbitant so if you’re unlucky enough to fall sick or need dental treatment, having insurance will make the situation far less painful. You can also get cover for personal liability while you’re away, and protection for lost or stolen belongings.

When

It’s best to buy insurance as soon as possible after you’ve booked your trip. You never know what might come up that would affect your holiday booking – it could be a family emergency or a problem with the hotel or airline.

How

Ask your travel agent. They will either have a policy they can sell you or will refer you to a recommended company. There are, however, many places you can buy travel insurance so it’s worth shopping around. Make sure you check what is covered and look at the excesses and exclusions. Some credit cards and bank accounts include travel insurance but you will need to check the coverage under the policy terms.

What

Your policy will need to cover you for any specific activities you plan to do while away. Check what you need if you are planning a trip that includes dog sledding or snowmobiling for example – especially if you’ll be driving the sled or snowmobile. The more adventurous the activity, the more likely you will have to pay an extra premium. Cruises often require additional cover in case of difficulty getting a patient to hospital.

Practicalities

You will need to declare any pre-existing medical conditions. This can put your premium up slightly, or in some cases you may not be able to get cover, but if you don’t declare a condition, you can invalidate your policy and find yourself without insurance.

Make sure you take the details of your policy with you. This will include your policy number and the emergency assistance telephone number provided by your insurer. Give a copy of your policy details to the people you’re travelling with and friends or family back home, in case they need to contact your insurance company on your behalf.

There are different policies available to suit most types of travel, from backpacker trips to winter sports, and for families, individuals or over-65s. If you’re a frequent traveller you can buy an annual or multi-trip policy, though bear in mind that some have a limit on the number of days for each individual trip.

Taking the time to find the best insurance plan for your needs will give you peace of mind to enjoy your trip.