If you are traveling this summer, you need to make sure that you are protected before you board the plane. Vacations can be costly, and you want to be sure that you have adequate coverage if your trip is cancelled or if you are injured while trying to enjoy your trip. Surprisingly enough, most travelers never stop to consider purchasing a travel insurance policy in order to protect themselves. Because your insurance needs may differ from the needs of another traveler, here?s what you should know:
Types of Coverage
There are many coverage types available for those who want to protect their vacation. You can purchase medical coverage, trip cancellation coverage, lost baggage coverage, and even flight insurance. Because not all vacation plans are the same, no one policy is suited for every traveler. Researching the coverage options available can help you decide exactly what you need when it comes to your vacation.
Only Insure What You Can?t Replace
It doesn?t make sense to purchase insurance for the things that you can afford to lose. For instance, if your round-trip ticket only cost you $500, you can probably afford to lose that money. Furthermore, if you are reasonably sure that your trip won?t be canceled, it doesn?t make good financial sense to purchase an insurance policy that covers your plane ticket. If, on the other hand, you have spent tens of thousands of dollars on a vacation to Africa, you?ll want to make sure that your trip is adequately covered.
Know When to Buy
Many people are under the mistaken impression that they need to purchase a travel insurance policy at the same time they book their airline tickets, cruise ship cabin, or hotel room. The truth is that you can purchase travel insurance five minutes before you head out of your door if you wish. While you can purchase your policy at the last minute, what you can?t do is purchase your policy after an event has occurred.
Shop Around
As with any other big purchase that you consider making, don?t neglect to shop around for the best price on travel insurance. Premium prices, along with coverage, can vary greatly from company to company. Take your time to research policies and companies before you make your purchase. Ask friends which company they?ve used, or ask your travel agent what type of coverage will be best suited to your vacation. By shopping around, you are sure to get the coverage that you need at the best price available.
Don?t Forget PPI
While no one wants to think about being disabled, or even killed, while on vacation, it does happen. If you don?t already have PPI, or payment protection insurance, on your credit cards and loans, make sure that you sign up for the protection before you leave. If something should happen to you while you?re on vacation, your credit card and loan payments could be suspended for a period of up to 18 months with PPI protection.
If you have spent your hard-earned money on your summer vacation, it makes sense to protect your investment. Before you sign your name to any travel insurance policy, make sure that you shop around, understand the coverage available, and only purchase the amount of coverage that you need. Once you have your insurance policy in hand, you can rest assured that you and your vacation will be adequately protected.
Julie Francis is a freelance writer who blogs about insurance options, including PPI. To find out more about PPI, including how to make a claim, you can visit ppiclaims.uk.com.
Source: http://www.moderndignity.com/travel-insurance-tips-for-your-next-vacation/
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