Travel Insurance

Travel insurance is an insurance product for covering unexpected 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 and other expenses.

Travel insurance, are risk-based, and take into account a range of factors to determine whether a traveler 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 travelers, 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 traveler'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.

Most travel insurance policies must be purchased prior to departure from home, or from the first departure point (e.g. an airport), depending on the product. A smaller number of brands offer travel insurance for travelers who are already overseas and have forgotten to purchase travel insurance or have a policy that has expired.[5] Most policies require ones to start and finish one's journey in one's country of residence. However, some policies offer coverage for one-way travel for people who are permanently relocating to another country.

Some credit card issuers offer automatic travel insurance if travel arrangements are paid for using their credit cards, but these policies are generic and do not take into account personal requirements and circumstances. This coverage can include benefits such as trip cancellation, lost luggage, and emergency medical assistance, adding a layer of protection for travellers at no additional cost. However, as these policies are often generic they may not be tailored to meet individual travel needs or specific circumstances.