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Read This Before You Buy Travel Insurance

6 September 2016 By admin Leave a Comment

Travelers walk past a poster with information about the Zika virus during a campaign by Peru's Health Ministry at Plaza Norte bus station in Lima, Peru, February 4, 2016.
Travelers walk past a poster with information about the Zika virus during a campaign by Peru’s Health Ministry at Plaza Norte bus station in Lima, Peru, February 4, 2016.

 

With fears about Zika outbreaks and terrorist incidents on every traveler’s mind, you may be wondering if you should consider buying travel insurance for your next trip.

Before you decide, here’s what you need to know about the options, what you can expect to pay, and what will—and won’t—be covered.

What does travel insurance cover? Ideally, travel insurance will reimburse most (no, not all—we’ll address that below) of your expenses if you or a traveling companion has an illness or injury that prevents you from taking a scheduled trip, if circumstances beyond your control make it impossible for you to take your trip, or if you get sick while traveling.

The key here is understanding the fine print, says Damian Tysdal, founder of TravelInsuranceReview.net. “Travel insurance is a ‘named peril’ insurance policy, in that it specifically states what is covered,” he explains. So if an event or calamity isn’t spelled out in the policy, don’t expect to be covered if it occurs.

For instance, just because your insurance reimburses you if you get sick before your trip and can’t go, don’t assume you’re also covered if you fall ill while you’re traveling, especially if you’re overseas. That’s a different type of coverage, and while insurers may bundle them into packages to make it easier for travelers, it’s not a given that any policy you buy will include both.

What doesn’t it cover? See above—anything not spelled out in the policy falls outside the scope of coverage. Assuming otherwise is a prescription for frustration. Speaking of prescriptions, pre-existing medical conditions are generally excluded, although policies have different stipulations about what qualifies as “pre-existing.” A medical issue you had several years ago that hasn’t resurfaced, for example, might not be considered pre-existing. But, as with other specifics, your particular policy will spell out the length of time your insurance company can “look back” into your medical history.

By Martha C. White

See full story at time.com

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