Business | Investment
Insure yourself for worry-free travel
The cost of coverage is low compared to the staggering cost of paying for medical or other expense out of pocket.
- By Cleofe Maceda, Staff Reporter
- Published: 23:04 July 10, 2009
Dubai: Although it is an additional expense in your travel budget, insurance is something you shouldn't overlook when preparing for a trip to another country. If something happens unexpectedly while you're away - you might fall ill, lose your luggage or get robbed - the travel insurance can save you a lot of money.
Gurnos Stonuary of Nexus says most travel insurance policies allow you free international calls and cover your bills, which could mount up when you are trying to sort out a problem in a country where you don't know the language or the bureaucracy.
Standard policies cover lost luggage and medical care. However, premiums can go up when more serious medical conditions are involved, and your policy can be declared void if you fail to declare anything.
A basic policy covering a two-week trip to Europe, Middle East and North Africa can cost Dh200. A 14-day policy that covers both Europe and the United States, however, can cost Dh266.
"Of course it goes without saying that the cheapest travel insurance is not necessarily the best. The most essential things to think about when you are shopping for travel insurance are the length of time you are going to be away, the kind of activities you will be taking part in, the likelihood of theft and the inconvenience and expense of flight delays," Stonuary says.
"Medical insurance is one of the key components of travel insurance because if you need to get airlifted home and (you don't have insurance in place), the costs can be phenomenal. Be aware that certain medical conditions are not routinely covered by insurance if you are travelling to the US," he adds.
You should also make sure your insurance covers extreme sports you want to enjoy. "If you travel regularly, an annual contract may be cheaper than several short-term ones. Good medical insurance policies include options to add in travel cover at quite low cost.
A global medical insurance policy will provide medical coverage anywhere in the world, so frequent travellers will consider taking one," adds Steve Gregory at Holborn Assets.
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