Personal Finance Essentials
How to Choose the Right Policy
Travel Cancellation and Medical Evacuation Insurance > How to Choose the Right Policy
Choosing a travel insurance policy isn’t complicated, but it does require a bit of homework.
There are three steps that will help you find the right coverage at the right price.
1
Assess your specific travel needs
Consider where you’re going, how long you’ll be away, how much you’ve prepaid in non-refundable costs and whether you have any health conditions that could affect your coverage. A weekend trip to Canada requires very different coverage than a three-week trip through Southeast Asia.
2
Shop and compare policies from multiple providers
Rates and coverage terms vary significantly between insurers. Comparison websites allow you to view multiple policies side by side, which makes it easier to evaluate what you’re getting for the price.
3
Understand exclusions and limitations before you buy
Every policy has them. Common exclusions include injuries sustained while participating in extreme sports, incidents related to alcohol or drug use and travel to countries under government-issued travel advisories. Read the policy document – or at minimum the summary of benefits – before purchasing.
If you travel frequently, an annual multi-trip policy may be more cost-effective than buying a new policy for each trip. These policies cover an unlimited number of trips within a year, subject to per-trip duration limits, and typically cost less than buying individual policies for two or three separate trips.