Travel insurance, which is also referred to as holiday insurance, provides you with protection if you become ill or are involved in an accident while traveling. If either of these occur, you can be facing a serious financial burden. With insurance, on the other hand, you can save yourself money – even if your vacation didn’t go as you had hoped.
Taking Care of Your Health While Traveling
Many UK residents don’t realize the potentially high costs involved with receiving healthcare while traveling abroad. After all, not all countries have a reciprocal healthcare arrangement with the UK. Even with those countries that do have an agreement, it is generally limited to emergency procedures. Therefore, if you were to suffer from a hip fracture in the United States, you could pay over £23,000 for medical care. If you suffer from a heart attack in Spain, you can pay over £35,000 for your care. With travel insurance these expenses can be paid on your behalf.
Protecting Your Property
Of course, travel insurance isn’t all about protecting your health. It can also help you protect your property while also providing you with compensation if you run into problems while on vacation. Some things that are typically covered by travel insurance include:
Considering the fact that travel insurance is relatively inexpensive, it is certainly worth paying for the added protection it provides.
Types of Travel Insurance
You may be surprised to learn that there are actually different types of travel insurance available. These include:
It is important to consider your travel needs and plans when determining the type of coverage you need.
Determining How Much Coverage You Need
The amount of coverage you need from your travel insurance coverage is a matter of personal preference. You need to examine your health, your holiday plans, and the value of the items you are bringing with you on your trip. As a general rule of thumb, however, it is best to have the following coverage amounts in place:
It is also a good idea to have a 24 hour emergency line as well as cover for legal costs you encounter while on holiday.