Insurance is an arrangement by which a company or the government undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium. Best place to purchase travel insurance is insurance that is intended to cover medical expenses, financial default of tour operators, and other losses incurred while traveling, either internationally or within one’s own country.
There are types of travel insurance available to the traveler. They are:
- Medical: This is the most common type of travel insurance. It covers the cost of medical treatment and evacuation in the event of an accident or illness.
- Trip Cancellation: This insurance covers the cost of non-refundable trip expenses in the event that the trip is cancelled for a covered reason.
- Baggage: This insurance covers the cost of lost, damaged, or stolen baggage.
- Flight Accident: This insurance covers the cost of accidental death or dismemberment while flying.
- Kidnap and Ransom: This insurance covers the cost of ransom payments in the event that the insured is kidnapped while traveling.
- Political Evacuation: This insurance covers the cost of evacuation in the event of political unrest or natural disaster.
- 24-Hour Assistance: This insurance provides 24-hour access to assistance in the event of an emergency.
- Pre-existing Conditions: This insurance covers the cost of treatment for pre-existing medical conditions.
- Cancel For Any Reason: This insurance allows the insured to cancel their trip for any reason and receive a refund of up to 75% of the trip cost.