5 Tips for Buying Travel Insurance

Jet setting around the world is a passion of many. Marveling at astonishing sights and experiencing new cultures, after all, are just some of the fun perks that come with wanderlust. While traveling is an exhilarating thing to do, there are many unpleasant things that may come your way too. Whether you are visiting an urbanized nation or a third-world country, travel insurance is essential. Consider these five tips when purchasing travel insurance. 

1. Get the Ideal Premium 

As a general rule, a travel insurance premium is considered ideal if it covers the following: around $3 million in medical expenses, $1.5 million for personal liability, $5,000 for cancellation and $2,500 for baggage. 

2. Buy in Bulk 

If you want to get the ultimate savings, purchase travel insurance in bulk. If your spouse, parents or children are avid travelers like you, then you might want to get them policies as well. Purchasing insurance in bulk can save you a lot of money, although make sure to read the fine details. For the best results, buy a policy that they can use even if you are not traveling with them. 

3. Go Annual 

If you travel a lot or if you tour on impulse, you are better off with annual travel insurance. After all, it can help you save a lot of money on premiums. Some companies offer a week’s worth of coverage for $12, while you can get annual coverage at around $40. 

4. It’s All About the Location 

Where do you plan on spending your vacation? You need to be certain about this, as premium prices vary on the location. For example, coverage for a European tour is markedly cheaper in comparison to a worldwide coverage. If you are sure about your trip, then you can purchase the best deal for your situation. 

5. Read the Policy 

Do not be blinded by cheap rates. Before purchasing travel insurance, make sure to go over the policy. Ask questions if there are statements that you do not understand. Scrutinize your coverage carefully, as some usually have medical exclusions and age limits. 

True enough, travel insurance is essential for any tourist. By following these tips, you can purchase a policy that can cover your entire trip—without burning a hole in your wallet. So what are you waiting for? Have a safer and worry-free venture around the world with travel insurance!