Last Minute Travel Insurance

About Last Minute Travel Insurance

While it is easy to purchase travel insurance (you can do it in less than five minutes on line), researching and determining what you need can take much longer.

Travel Insurance Defined

You buy travel insurance to reimburse you for travel related situations. This might include:

• Last Minute Travel Insurance cancellation because of sickness, bad weather or terrorist attacks
• Emergency and accident care
• Medical evacuations
• Missed connections
• Travel delays
• Lost or stolen baggage

This insurance can be bought for international and domestic trips. It may cover a quick weekend jaunt or an extensive travel itinerary that lasts 12 months.

The reasons for buying travel insurance varies with each traveler. You might want medical insurance while travelling overseas. You might not want to lose a trip investment if you need to cancel for any reason. Or you might be wary about losing luggage or trip documents.

Travel Insurance Plans

There are two major types of travel plans; travel medical plans and travel package plans.

Travel medical plans focus on protection for medical situations that could occur whether you are on a two-day or yearlong trip. They are especially constructed for overseas travel. Regular health insurance may not cover you for medical issues that arise overseas.

The coverage includes medical evacuations, emergency treatment and assistance. It is sometimes referred to as International Medical Insurance. It generally covers:

• Emergency medical and dental treatment
• Medical evacuation
• Emergency assistance anytime of the day or night
• Accidental death and dismemberment

It is good for people who work or travel overseas such as missionaries and long-term business or pleasure travelers.

You can also buy this insurance to provide very specific coverages. So, they can be known as specialty plans.  These plans are named Annual Plans, Flight Accident Plans, Evacuation Only Plan and Accidental Death Plans.

Travel Package Plans are the plans of choice for most travelers who purchase travel insurance. It provides several coverages in one simple plan including:

• Medical insurance which include 24/7 emergency services, medical evacuation and other coverages
• Lost baggage including theft or damage to personal property while on the trip. That means clothing, cameras, passports and other documents.
• Trip cancellation for health or other reasons
• Missed connections if you miss a flight or a cruise because of an accident or bad weather

These policies come in a wide variety of coverages and costs. They are purchased by cruise takers and family, vacation, business, and senior travelers.

Travel Insurance Companies

There are fifteen main travel insurance companies that are rated A- or better by A.M. Best, the national insurance company rating firm. They include Access America, CSA Travel Connection, Travelsafe, Travelex, Travel Insured International, Travel Guard, Seven Corners, Travel Guard, Travel Insurance Services, MH Ross, MEDEX, HTH Worldwide, Mondial Insurance, Global Alert and Global underwriters.

It is a good idea to buy a policy from one of these reputable companies as soon as you can after booking the trip.  That way you will be covered for as long as possible for trip cancellation. Also, there may be extra coverages offered by the company if you purchase the insurance early.

Travel Insurance Cost

In general, a policy will cost about 5 to 7% of the total cost of the trip. So, if your trip costs $10,000, the cost would be $500 to $700. Trip cancellation is included in this price so you can exclude it if you are seeking to save on costs.

Buying a Policy

You can purchase a policy direct from a travel insurance company website. This is a good idea if you know what you want, have a specific plan in mind or like a certain company. The websites are user friendly and provide customer support on their products.

Another way is to go on a comparison shopping website. This way you will see and be able to compare the coverages and costs from several companies. All you have to do is enter some trip information. You will instantly receive comparative quotes on several products.

Whichever way you go, the prices will be the same. The comparison sites earn a commission from the insurance company on any policy sold through the site.

Be wary of purchasing a policy from a firm who is not an expert in the travel insurance field. For example, travel agents and cruise line personnel might not be the experts you are looking for in buying this insurance.

Finally, shop by what coverage you are seeking as well as price. The least expensive price might not have the coverage you need.