Getting travel insurance rate can be a click away, but is it the best rate? Travel insurance works like other kinds of insurance. You pay a premium rate for the benefits that will offset out-of-pocket costs for unexpected medical emergencies or travel losses, interruptions, or delays. Depending on the travel insurance plan(s) you choose, you will be covered for a portion and sometimes even all of your unexpected expenses.
Its important to understand how to find the best rates for your travel insurance needs.
Some factors that impact your travel insurance rate
Here are some factors that play a role in your travel insurance rate:
- The insurance provider you choose
- The type of coverage you need
- Where you are traveling to
- The length of your trip
- The kinds of activities you will be doing
- The deductible and insurable sum you choose
- How many people are traveling with you
Depending on the type of travel insurance you buy, you can receive coverage for a range of issues, including the cost of:
- Emergency Medical benefits for up to $10 million to cover expenses for
- Emergency treatment, including ambulance transportation
- Paramedical services and emergency dental treatment
- Emergency medical evacuation home
- Repatriation of remains
- Bringing someone to your bedside or return of children in the care of the insured or return of your travel companion
- Additional expenses for meals and hotel
- Return of vehicle or pet
- Hospital allowance (for additional out-of-pocket expenses)
- Trip Cancellation & Interruption Benefits
Reimburses you for the prepaid portion of the trip that is non-refundable and non-transferable to another travel date for a covered event
- Baggage Loss, Delay and Damage Coverage
Provides funds for replacement of a lost or stolen passport, driver’s license, birth certificate or travel visa Costs for necessary toiletries and clothing when luggage is delayed by the carrier for at least 10 hours while the insured is on route.
- Flight & Travel Accident Protection
If an accidental bodily injury causes the insured to die or be severely injured, you may qualify for a lump sum benefit of up to $100,000.
Best of all, you will have worldwide access to a toll-free help line 24 hours a day, 7 days a week.
How to compare plans
There are three things to consider when you compare travel insurance plans:
You may not be eligible for every travel emergency medical insurance plan available. Some plans determine eligibility based on your medical history. This is not to say that everybody with a pre-existing health condition is automatically excluded from every type of travel health insurance coverage. However, your medical history will be a factor in the availability and rates for your coverage.
The good news is your application is reviewed when you apply and then your coverage is issued to you. You can be confident that you have qualified for the coverage. Some other travel insurance providers do not assess your detailed information when you apply, but if you make a claim, they may determine that you do not qualify for the coverage that you thought you had in place – which would be bad news for you.
While adequate trip cancellation coverage is important, the financial impact of a medical emergency away from home can be far more costly.
There are travel insurance plans that combine both trip protection and emergency medical travel coverage, often called ‘all-inclusive’ plans. To keep life simple, many people choose this option, but it can depend on different factors like your family size, age, and the type of trip you are taking and the cost of your trip.
Single trip or multi-trip coverage
Here’s a good rule of thumb to remember: if you travel more than twice a year, a multi-trip plan is a usually a better deal than if you pay for each trip individually. That’s right. If you travel a lot, multi-trip policies are generally less expensive than buying travel insurance for each trip you take.
Check for yourself: if you already know how long your upcoming trips will be, get a quote for travel insurance for each trip. (It’ll only take you five minutes online). Then get a quote for multi-trip coverage to see how much you’d save.
Depend on a travel insurance expert
While shopping for travel insurance online may seem like a time saver, using an expert like SBIS for all the details that you may not find online can save you money and time – all at no cost to you.
SBIS’ convenient 24/7 access offers detailed online information written in plain language so you can clearly understand your options. We work with several travel insurance providers, giving you a greater variety of plans to choose from. At SBIS, we explain what is covered under each plan and explain the cost of each plan and what your premium rate may be.
If you want to ask questions, SBIS representatives are friendly experts who take your call and help you figure out what kind of travel insurance plan would best suit your needs as well as all the other important details you should be aware about for your plan. We take the time to answer each of your questions so you can make a well-informed decision that you are comfortable with. We can help you through the application and purchase right over the phone, and we can even help after you’ve already purchased a plan to make any changes that need to be made. Call us Monday to Friday 8:45 a.m. – 4:45 p.m. Eastern Time at 1-800-667-0429 or 416-601-0429.
At SBIS we believe in customer care – and won’t leave you stranded
After you put your travel insurance plan in place, you may need to make changes – and at SBIS we will help you with great customer service for things like extending your travel coverage by a few days for that unexpected trip extension.
If you have problems with your insurance claim, SBIS will assist throughout the process and offer tips that can help you make your travel insurance claims. If there are any issues you have the real peace of mind that we will work on your behalf to help you get the most out of your insurance coverage. We are your advocate and the industry professional in your corner.
Ready to shop for travel insurance? Here’s where to get started.