TRAVEL INSURANCE

Travel insurance is an insurance product for covering unforeseen losses incurred while travelling, either internationally or domestically. Basic policies generally only cover emergency medical expenses while overseas, while comprehensive policies typically include coverage for trip cancellation, lost luggage, flight delays, public liability, and other expenses. Travel insurance, are risk-based, and take into account a range of factors to determine whether a traveller can purchase a policy and what the premium will be. This generally includes destination countries or regions, the duration of the trip, the age of the travellers, and any optional benefits that they require coverage for such as pre-existing medical conditions, adventure sports, rental vehicle excess, cruising, or high-value electronics. Some policies will also take into account the traveller’s estimated value of their trip to determine price. A policy may be a single trip, covering the exact duration of the upcoming trip, or a “multi-trip” policy can cover an unlimited number of trips of limited duration within a year.