A good travel insurance company is like having a good travel partner; someone who is there when you need them, provides a sense of reassurance, and otherwise leaves you alone. The travel industry has become so huge that insurance revenues have grown substantially. That means there are a lot of competitive options for travellers. It also means there are some sharks in the water.
A travel insurance company can offer a wide range of coverage for a traveller; including lost or stolen luggage, flight cancellation insurance, hotel coverage, and of course emergency medical insurance. Coverage can be for a specific destination and duration, or for a period of time and multi-destinations. Many inveterate travel-junkies have annual plans, so that they can jump up and go at any time, unconcerned about being adequately covered.
Researching and investigating a travel insurance company can be time consuming. Luckily, the internet makes it much easier to do so, and many travellers like to write about their experiences on travel blogs and forums. Particularly when dealing with insurance claims, many feel the need to share their experiences with the world, usually as a form of warning. This can give a skewed idea about how insurance claims are handled, because those that experience few or no problems are usually not motivated to write. However, if a particular company name keeps cropping up as a problem, it is best to stay away.
Once you have found a company whose reputation seems good, you are essentially entering into a partnership. This makes it much easier for future trips, because you will have already done your research, and have established a relationship with the company. However, it is not possible to know how well a company will handle a claim until you actually make one, so this is a difficult analysis. Best to do as much research as possible, and that way at least you will feel prepared for any eventuality.
There are a many travel insurance companies competing in the marketplace right now. This is in part because of the massive revenues generated by millions and millions of people travelling each year. The competition is good for travellers, because it often means better rates. Insurance is a speculation game for both the insurer and the insuree. Both are hoping that a claim won't be made. The insurer because it means a loss of revenue, and often a substantial loss, and the insuree because it means something bad happened. Unlike many other forms of insurance, there is less fraud in travel insurance because it has less to do with property and more to do with emergencies.
A good travel insurance company should have a number of packages to offer, depending on your circumstance. Of particular importance are the restrictions that they outline, and qualifying criteria. As sad as it sounds, insurance companies will often go out of their way to avoid having to pay a claim, and this often means playing around with the language of the contract. Make sure that you understand everything laid out in the contract, and if there is any question bring it to the attention of the insurance company to find out exactly what is meant by certain language. If it is a good company with a sound policy, they will attempt to make the language of their contract as clear to understand as possible, not try to hide behind legal verbiage.
Whomever you choose as your travel insurance company, make sure they are underwritten by one of the major insurance underwriters. Otherwise, they may have trouble in handling your claim. There are plenty of fly-by-night insurance companies, but the major underwriters are solid blue-chip companies. Do your research and find a good travel insurance company to be your new travel partner.
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