We are a part of a globalized world, in which constant mobility has become very common with large masses of migrants. So it is required to become familiar with the idea of traveling, especially when thinking about taking a relaxing vacation abroad.

Before you venture out of the country, there are many factors that must be taken into account when planning your trip, such as: the exchange rate between the currencies of both countries, the cost of the stay, the political and security situation of the country, and anticipate possible risks that may affect our stay.

This last point leads us to think of risks inherent to daily life, and that you must therefore always be protected from them, whether they be risks to our health, traffic accidents, work problems, loss of property or even death.

In the market there are so-called ‘insurance’, a financial product offered by different types of companies known as ‘insurance companies’. Insurance is defined as a means of coverage by transferring the risks from the insured to the insurer, who will be responsible for paying full or partial compensation in the event of a claim, or for providing a service to the policy holder, depending on the type of insurance purchased.

All entities that offer this type of products must be registered with the regulatory of their own country including foreign entities that wish to operate within the territory.

Types of Insurance

There are different coverages that can be offered by insurance, depending on the interests and needs of the buyer.

Travel insurance typically covers:

• Medical assistance
• Pre-existing medical conditions
• Luggage cover in case of possible loss
• Mobile device coverage
• Medical repatriation, in case of illness and the traveller needs to be returned to his country
• Damage to third parties
• Cancellation or interruption of the flight
• Coverage in the event that the policy holder is a person who is pregnant
• Legal advice
• The case of health or illness is a special case, as it may be an insurance policy that provides compensation or a different case offers services (assistance).

Travel Insurance Specifications

In addition to the type of coverage you get from insurance, it is also important to be clear about how long you want or need to be beneficiaries. This type of insurance can vary depending on the traveler, they can be during the duration of the trip only, in case the departure from the country is for holiday. There are also those that have a constant insurance period during, for example, one year, in case the applicant is a regular traveler for work or studies.

So it is good to be clear about when to buy insurance, where to buy it and how much it may cost us.

Treasure hidden in plastic (credit card)

Something that many people are unaware of, but which is of great importance, is the integrated insurance that credit cards have, which can be life, accident, travel, among others. This is why those who own this plastic do not necessarily need to purchase insurance.

In the case of travel insurance, in order for the contract to be effective, companies and franchises often require a trip with an estimated time of no more than 90 days and that the boarding ticket has been purchased with the same card; these cards can cover up to a great extent.

Another place to look to avoid getting full insurance without requiring it is to see if the insurance you are currently quoting on can cover us even if you are out of the country. There are several national entities allied with international insurance companies with wide scope that can provide the service in our destination country, thus avoiding unnecessary and higher costs, which you try to avoid from the outset.

Buy, when you are sure

They can be purchased at any time, although it should be kept in mind that most of these insurers require a minimum time between the purchase of the travel ticket and the application for travel insurance in order for them to accept the formalization of the contract without any problem. If this period is exceeded, an additional premium (money) may be required to have the insurance.

Insurance price

It is important to mention this important feature about insurance, since it is based on prices that you decide whether or not to buy a product, but it will also be very useful to convince the reader of the importance of buying them.

Obviously the price of an insurance depends on the destination country (because of the currency price and the higher/lower cost of living) and the length of the stay. An insurance policy for a person travelling to South America and a stay of no more than 30 days will cost less. And for the same person, if he or she wants to change the destination to regions such as Europe, the cost will be higher.

At first glance, the value of the insurance itself may discourage us from buying one. But if you look at the coverage they provide now, you will notice that the expense is really small.

At the end of the day, travelling covered for setbacks will guarantee us greater peace of mind in your trip to carry out the activities you have pending. It may seem like an extra expense at first that is not necessary, but the reality is totally different, given that they can save us money and/or time.