SITATA INSURANCE ACADEMY
TYPES OF TRAVEL INSURANCE POLICIES
Not to be confused with the types of travel insurance coverage, there are a few types of travel insurance policies. While many of the different types of policies contain similar benefits, each type might have its own, unique set of coverage.
Annual Travel Insurance
Travellers who frequently take many trips might consider purchasing annual travel insurance. For those who regularly travel throughout the year, this kind of insurance policy offers peace of mind because it covers each trip without requiring them to buy a new policy for each trip. Annual policies typically limit the total number of days covered for each trip and a total number of days of coverage for the entire year.
Single Trip Travel Insurance
Single-trip travel insurance covers just one trip, making it the best option for occasional travellers. For those who do not intend to travel frequently throughout the year, this sort of policy offers a cost-effective alternative because you can buy coverage for a single trip without paying for any coverage that you might not use (compared to annual travel insurance).
Credit Card Travel Insurance
Travel insurance is often available through your credit card. Usually, this type of insurance is some form of annual travel insurance. But be careful! Only the top cards (usually the ones with a larger annual fee) will have comprehensive travel coverage with good benefits. If you don’t have a top card, you may find that the coverage and limits are quite limited and restrictive. Make sure to read the fine print!
Cruise Travel Insurance
Worried that you’ll miss the boat? Missed departures are just one type of specialty coverage that is usually covered by cruise insurance. This kind of insurance is intended to offer additional security for people preparing to take a cruise and want to be sure they are protected against any unforeseen circumstances that might arise while they are on the boat or out on an excursion.
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International Health Insurance
International health insurance isn’t quite travel insurance in the traditional sense, but it does apply to people with extended stays abroad. This type of insurance won’t necessarily protect cancelled trips or your belongings, but it will cover your medical bills for extended periods. If you’re a remote worker, student, or simply living abroad for extended periods without medical insurance, this product is for you.
Snowbird insurance is a specialized type of coverage designed to meet the unique needs of individuals who spend extended periods of time away from their home country or region during the winter months. Snowbirds, typically retirees, escape the cold and seek warmer climates in tropical or southern destinations. This insurance provides essential protection for their health and well-being while they are living abroad, offering coverage for emergency medical expenses, prescription medications, hospital stays, and other related services.
Adventure Sports Insurance
Adventure sports insurance covers adventure activities such as bungee jumping, skiing, and scuba diving. This type of insurance is ideal for individuals who enjoy participating in high-risk activities while on vacation and want to ensure that they are covered in the event of an accident or injury.
Corporate Travel Insurance
Business travellers are usually covered by corporate travel insurance, which contains the usual travel insurance benefits with a few extras such as “Replacement Colleague.” Worried your key salesperson might get sick at the conference? A benefit such as a replacement colleague will pay for another spokesperson to take their place. Corporate travel insurance will usually cover additional property such as work laptops and to some extent, trade show materials. Companies and their workers that frequently travel for business need to make sure they are covered in the case of any unforeseen incidents while on the road.
Go back to…
What is an Insurance Policy? – A Beginner’s Guide
Travel Insurance Checklist
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