YOU ASK:

Is travel insurance only for vacations?

WE ANSWER:

No, although most take travel insurance to cover their vacation, this coverage can also be bought by business travelers.

If you are going on a vacation, what you should buy is a single trip travel insurance.

If you are able to go on vacation for three or more times a year, you should instead buy multi-trip annual insurance to save on the premiums.

What does travel insurance provide? It gives you protection for all unforeseen events and expenses during your vacation or business trip. This includes the following:

  • Forfeited tickets or deposits because you had to cancel your trip or cut it short due to a covered reason.

    This covers the possibility of you or your loved one getting sick before the trip. You can also opt to have "cancel for any reason" coverage. This will cover for your canceling your trip for virtually any reason, except the ones that are identified as excluded in the policy. This can also cover instances where there is a natural disaster close to one's home, jury duty, loss of a job and a lot of other reasons.

  • Lost or delayed luggage.

    If your luggage has been delayed, lost, damaged or stolen in transit, this will cover related expenses. This includes an allowance you can use to buy basic toiletries, a change of underwear and clothes.

  • Refunds in case the airline or cruise line suddenly goes bankrupt.
  • Accidental death and dismemberment
  • Medical expenses
  • Emergency travel service needs

Vacation travel insurance is a wise solution, since you only need to pay for the number of days you would need coverage. In the event that you are delayed or the trip is extended, you also need to extend your travel insurance coverage to ensure that you are covered for the entire trip.

This kind of insurance is mainly for short trips, and there is a maximum number of days that you will be covered by single trip travel insurance. The maximum is commonly set at 180 days. If you are looking to spend a longer time traveling, you should buy backpacker or long stay travel insurance instead.

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