TRAVEL INSURANCE
Travel insurance is nothing more than a package that includes a set of covers (included in a policy) that are valid for the duration of the trip. Normally, num pack basic are covered by the following guarantees:
Medical expenses: in the event of an accident or sudden illness, all surgical, medical and hospitalization expenses are covered;
Sending medicines abroad: if it is necessary to send medicines to the country where you are on vacation, this coverage can be activated;
Baggage damage: this is activated if the insured person's personal luggage is damaged during the trip (there is also coverage for luggage theft, but, however, it should be noted that most insurers do not cover goods such as money, jewelry , mobile phones, fur coats, etc.);
Death or permanent disability: these covers can often be found within the “personal accidents while traveling” protection and guarantee compensation in the event of death or permanent disability due to an accident that occurred during the trip;
Civil liability: this is a legal protection that guarantees payment (as compensation) for damages caused involuntarily to third parties by those covered by the insurance.
Depending on the price you are willing to pay, it is possible to expand this set of basic coverages to also include the following:
Trip cancellation: if, due to serious illness, accident, death of the insured person or his/her spouse or any of their immediate family members, the trip must inevitably be canceled, this coverage guarantees reimbursement of the amount spent;
Flight delay: guarantees the reimbursement of additional hotel and/or transport expenses in the event of a delay in the departure of a flight.
Among the aspects that influence the premium for insurance of this nature are the destination to which you are going to travel – insurers divide countries into “zones” to which they attribute a certain price based on the level of risk they pose for travelers – and the intended capital for each coverage. Naturally, the higher they are, the more expensive the insurance will be from the outset.
It should also be noted that insurers differentiate their products according to the type of trip: normally, snow holidays, as well as others that include extreme or adventure sports, increase the price of insurance compared to holidays spent at the beach, for example .
What is the market offer?
In order to determine the travel insurance market offer, two profiles were used – that of a young couple, who want a basic product at a more affordable price, and that of a family with two children whose needs lead to taking out a product that is as complete as possible – and simulations were carried out in eight insurance companies – Tranquilidade, Lusitânia,_cc781905-5cde-3194-bb3b-136bad5cf595d_cc_7 5cde-3194-bb3b-136bad5cf58d_ACP Seguros, Europ Assistance, InterMundial, ERV e Caravela Seguros – que allow you to calculate the annual premium online.
What to consider when choosing the best travel insurance?
Despite the fact that insurance premium ends up being much more expensive than the basic packages, the truth is that the amount of coverage of the former, as well as the respective capital applied, is exponentially higher than in seconds.
It all depends on what you want and, above all, the destination you are going to travel to. If in Europe this may not be a major concern, if you are traveling to Africa or South America, for example, you should be protected against any health problems associated with the climate itself.
There is another aspect to take into consideration: the fact that some credit cards already have travel insurance included, so some consumers may even be entitled to this product for free through their card. To take advantage of this insurance, all you have to do is pay for the trip in full with your credit card. And if the trip is bought with us, it is most likely that the holiday package will already include travel insurance.
If you are traveling to any country in the European Union or to Iceland, Norway, Switzerland and Liechtenstein, you can subscribe to the European Health Insurance Card through Social Security to access public health services in the country of destiny.
In addition to the amount of protection included in this type of insurance, it is crucial to look at the maximum amounts of these covers and pay attention to exclusions, carefully comparing the general and specific conditions of the insurance.
Prior to taking out travel insurance and even before thinking about the price, you have to choose what you actually want to protect against: is it health unforeseen events? Is it theft or loss of luggage? This early selection is fundamental to define how much you are willing to spend and, above all, to analyze the market offer.