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In the last 10 years, travel insurance plans have become more popular with travelers. Travelers are realizing that expensive vacations such as cruises and all-inclusive resort packages are an investment of their hard-earned money, and they want to protect that investment. Furthermore, they're also realizing that the health insurance coverage they may have at home doesn't help them much when they travel outside the U.S.
The cost of travel insurance policies can vary greatly, depending on coverage, terms of the policy and insurance provider. Travel insurance policies, which cover cancellations, interruptions or delays average about 4-8 percent of your total trip costs.
Consider a trip you've booked with your family for a winter cruise. Then, due to unforeseen weather conditions, you spend much of your vacation time either sleeping on an airport floor or in a hotel airport, shelling out money for extra hotel nights and food not to mention missing your cruise. Investing a small amount in travel insurance will not only reimburse your cost of the cruise but also reimburse you for the extra expenses you incurred due to the cancelled flight.
The costs of coverage and extent of coverage varies greatly between plans and providers. Be sure to go online and look for sites which compare providers and coverage. Make sure you understand what is and isn't covered, cost of the policy as well as what your reimbursement percentage will be. Some plans reimburse 100 percent while others may only reimburse 75 percent.
Another type of insurance to consider purchasing is travel medical insurance. This is a great option for anyone travelling outside of the U.S. as most U.S. health insurance program, including Medicare, do not cover medical costs incurred in foreign countries or on foreign-flagged cruise ships.
Travel medical insurance is priced differently than cancellation insurance. The cost of travel medical insurance is usually priced by the duration of the trip and the extent of coverage. For example, a basic plan for an 8-day trip may cost $30-$50 while a year-long trip out of the country may cost ten times that.
Medical travel insurance policies vary greatly on coverage. Some can be purchased to cover basic medical problems while others offer coverage for emergency evacuation. Others also cover medical events related to specific activities such as scuba diving and skiing.
Travel medical insurance plans can also be compared using sites online. Make sure you understand the coverage and the costs. Also, make sure the policy includes 24-hour contact either by phone or by internet, from anywhere in the world.
With a little research, you can ensure that you purchase the right insurance for your next vacation.
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