Single Trip Travel Insurance (Defined)
Single trip travel insurance is a great way to save money. It’s designed to cover you and your family for a single holiday trip lasting a specific period of time.
For example, a week-long trip to Disneyland can be covered by single trip insurance. A 14-day trip to a European resort is another example. A 60-day youth summer pass on Canadian VIA Rail qualifies, too.
So, what’s covered in single trip insurance policies? You’re given all the necessary travel insurance coverage that’s offered in a basic travel insurance plan. Here’s a list of the basic coverage offered in a single trip insurance policy:
3. Trip cancellation
4. Lost luggage
5. Emergency medical care
Single Trip Is Flexible (Buy What You Need)
This is not a complete list. You can add specific coverages based on your needs. You can also increase the amount of coverage in different categories. Remember, without this travel insurance plan, any expenses you may accrue comes out of your pocket. And some of these emergency medical expenses can cost $50,000 or more.
These travel policies are flexible. For example, you can opt out of trip cancellation coverage if you choose. Your homeowner’s policy may already cover loss or damage to your laptop, meaning you can cancel this coverage in your travel insurance policy.
Single trip insurance is much more affordable than a year-long travel policy. However, if you plan to travel four or more times each year, than an annual travel insurance policy is probably the way to go. The only way to determine which option is best for your travel plans is to work up quotes from a travel insurance agency.
Lost Luggage (This Is What You Need)
You want to be certain you’re not caught up short should you need to make a claim for reimbursement.
Buy enough coverage for reimbursement should your luggage be lost, stolen or damaged. If your luggage is filled with expensive business suits, you’ll want to buy enough coverage to replace that clothing.
That means covering the replacement costs of your clothes, equipment and personal items. Take photos of all your stuff before packing them in your luggage. Also write up a list showing the value of each item. What happens to lost luggage is covered in detail here.
Medical Coverage (Buy More, Not Less)
You can easily run through a medical coverage limit of $25,000 should you suffer an illness or incident that requires hospitalization. Should an illness or injury require medical evacuation to another medical facility for proper treatment, that specialized emergency transportation can exceed $50,000 or more.
Medical coverage limits should be set at more than $1 million. A detailed write-up of this coverage, titled “What is Emergency Medical Travel Insurance,” can be found here.
Cancellation (This Covers the Cost of Your Trip)
Resorts go bankrupt. Earthquakes and hurricanes can ruin vacation plans. Political riots can make stays in countries unsafe and untenable. You want to include adequate cancellation insurance to cover the cost of your trip. Cancellation insurance makes certain that you are reimbursed pre-paid expenses should your travel plans be turned upside down.
Cancellation coverage will reimburse you for pre-paid items like the cost of a resort, scuba lessons, concert tickets, cruise reservations and fishing excursions. Trip cancellation insurance is detailed here.
Single Trip Insurance (Here Are Your Choices)
Most travel insurance companies will offer you three levels of protection. The first will be basic coverage. This coverage will pay out the least in compensation if you make a claim. On the other hand, this coverage is the least expensive.
Next up is medium coverage. As the name suggests, this coverage will pay more than basic but not as much as luxury coverage. The premium costs more but the reimbursement limits are far higher.
Finally, you can buy luxury coverage. This insurance pays the most for legitimate claims, and it costs the most.
Many companies will give you the option of picking what level of protection you want. For example, you may choose basic protection for your luggage while opting for luxury coverage for emergency medical care.
Single Trip Insurance Cost
Data from England shows that travelers over 25 years of age pay an average of £16.93 for single trip insurance, while people under 25 years of age pay £9.54. Other data shows that the cost for the average single travel insurance to Spain is £8.73, while a trip to Belize has an average cost of £30.96.
When buying single trip insurance, it’s best not to purchase a policy for each member of the family. Opt instead for a family policy. It will save money. If traveling with a bunch of people, consider buying a group policy. You can add individual coverage for activities like winter skiing or scuba diving.
Special Considerations (Details to Be Aware Of)
Read the travel insurance policy closely. You could be stuck paying for losses out of your pocket.
For example, the insurer may limit compensation for a lost camera to a few hundred dollars. If the camera costs $1,000, you will be paying the difference out of your pocket. Consider adding more coverage for expensive items you take on a trip. Also check to see if expensive items are covered in your homeowner’s or rental insurance policies.
If you’re 65 years of age or older, you should ask for special coverage. The typical travel insurance policy may not cover you.
Adventure Travel Insurance (Examples of Risk)
If you plan to engage in risky activities, ask about adventure or sports coverage. It will cover activities like scuba diving, mountain or rock climbing and paragliding.
Your intent may be to take a countryside tour on a railroad. While on that tour, an opportunity may arise for a whitewater raft excursion. Should you be injured while rafting the river, guess what? Your travel insurance may not cover that injury.
Sports or adventure insurance is a complicated issue. In a phrase, it’s better to have it than not. Each insurer may be different and cover certain activities, while other activities are not covered. The responsibility falls to you to buy the coverage you may need. A detailed look at adventure insurance is covered here.
Single trip insurance covers you and your family for a single trip over a set time period. A trip to Disneyland for one week is one example. The single trip insurance will cost less than an annual travel insurance policy. If you travel three or more times each year, then an annual travel policy will make better financial sense.
You should buy single trip insurance right after your trip is booked and paid for. Buying the insurance early entitles you to no-cost upgrades in coverage and other benefits. The time limit is usually 21 days.
Carefully read the policy to be certain the reimbursement limits are adequate for you. This is especially true for emergency medical coverage. If the limits are inadequate, buy coverage with higher limits.
Finally, add coverage that may be lacking. This is especially true if you plan to engage in sporting activities, such as scuba diving, paragliding and mountain climbing.
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