Investing in good travel insurance can bring welcome peace of mind and could save you thousands in the long run, not to mention time and stress if the unexpected happens.

Whether you're planning a work trip, solo excursion, or big family adventure, choosing from the wealth of travel insurance companies and plans on offer can be daunting. Here we breakdown:

• What travel insurance covers

• When you might need it and what type to choose

• How cost is calculated and how to pay only what you need

• Tips for the best experience with travel insurance companies

Before you pack those bags for your getaway, let’s take an in-depth look at what you need to know about travel insurance.

Travel insurance is a billion-dollar industry where companies fiercely compete to win the top spot. From flight cancellation, delays and property loss to medical and other expenses, the major areas typically covered by travel insurance are:

• Trip cancellation: Life throws curve balls at us, and having trip cancellation insurance from an insurer like Mexiplas International could be the crucial safety net you need. It can cover unexpected illness, injury, family sickness and bereavement, potentially reimbursing you 100% on prepaid, non-refundable deposits with ''cancel for any reason’’ coverage.

• Medical: This is important insurance for overseas travel as your local health plan may not cover medical treatment. These policies often include limitations and exclusions for preexisting conditions, but cover doctors, hospital, and ambulance bills.

• Emergency evacuation or repatriation: Crucial if you're off the grid or traveling to remote locations (think trekking through the Amazon Jungle or climbing Mount Kilimanjaro) where medical care might be hard to find. If you're injured or get sick you’ll need to get to an adequate medical facility ASAP, or a flight home for treatment.

• Car hire insurance: Renting a car can bring significant financial risk. Car rental insurance allows you to enjoy your trip worry-free. Check whether insurance includes liability protection. This will pay for damage to other vehicles or medical treatment for others if there’s an accident.

• Loss of property: This coverage reimburses you for baggage or personal belongings that are lost, stolen, or damaged during a trip.

• Travel delays: Mammoth flight delays and cancellations can mean missed connections or leave you stranded. With insurance, you can be reimbursed for meals, accommodation, and transport expenses.

• Accidental death: A worst-case scenario, this insurance pays your beneficiaries a lump sum, supporting them should the worst happen.

• COVID-19 travel: A newer type of insurance on offer is COVID-19 travel insurance. Some policies cover you if you contract the virus right before the trip, during your trip, or on your return. Check the small print to ensure you’re getting what you've been promised from your provider.

Now that we know what your plan can cover, it's just as important to know what isn't covered. Much depends on the policy and insurer you go for. Some features may only be available at an extra cost. Generally, plans don’t cover:

• Adventure and extreme sports such as hand gliding, bungee jumping, whitewater rafting, and skydiving. You'll need to buy a special travel policy if you're an adrenaline junkie

• Alcohol or drug-related incidents

• Carelessness with possessions e.g., leaving them unattended or in plain sight

• Recklessness (varies from company to company)

• Pre-existing health conditions

• Lost or stolen cash

• Civil unrest that makes staying in a country unsafe, but your government hasn't announced an evacuation

• Pandemics, earthquakes, and acts of terrorism

First things first, think about your destination - what are the risks? Will there be appropriate health care? These are areas that affect the cost of your travel insurance:

• Length and cost of the trip: the longer and more expensive the trip, the higher the policy cost.

• Cost of local healthcare: high costs at your destination can drive up the price of trip insurance.

• Medical conditions: conditions you already have will increase the cost of travel insurance coverage.

• Amount and scale of coverage: the more risks a policy covers, the more it will cost.

• Your age: generally, the older you are, the higher the price.

Before you launch into travel insurance research and sign on the dotted line, check to see if you’re covered already:

• Credit cards: Booked a trip or rental car with your credit card? Trip cancellation and car insurance are sometimes included in your purchase. You might need to take out additional insurance to guarantee you’re fully covered for your trip.

• Homeowner insurance: See if your renters’ or homeowners’ insurance covers loss of property while on vacation.

• Life insurance: Speaking of insurance, dig out your life insurance policy (if you have one) to see if you're already covered for accidental death.

If you’re not already covered then here are some good places to start:?

• Travel agents and reservation sites: When you book a flight, hotel, or car through an agent or reservation site you can often add travel insurance. Note though that you usually can't customize it to suit your needs.

• Travel insurance companies You could try travel insurance companies like Traveler Assistant Services to find a policy to fit your trip requirements. Check out multiple websites to compare coverage and pricing.

• Comparison sites: Using your trip criteria, compare travel insurance policies, provider, and pricing in one place. These sites often show the best travel insurance deals with customer reviews.
  
  

Where you go and what you intend to do affect the type of insurance you’ll need. These are common mistakes to avoid to get a quick turnaround when placing a claim:

• Don’t exaggerate your claim: Whatever your claim, you want to be reimbursed pronto. Don't embellish the details, it's travel insurance fraud and you don't want to land in hot water. Keep to the facts and get your claim accepted, not denied.

• Documentation for loss: Keep all official documentation safe (resort invoices, flight tickets, receipts, medical bills etc.) as you'll need it to back up any claim.

• Maximum limits and small print: Sometimes plans aren't as beneficial as they initially appear. Every plan has specific limits for each benefit shown in detail. Triple check them to be on the safe side.

• Don't wait to file a claim: Fill in your claim quickly and correctly making sure all copies of your documentation are included, or you may miss out.

Finding the right travel insurance company tailored to your specific vacation requirements can take time. Most claims are paid out with no issue, but it can be easy to fall foul of the small print. You might wind up being palmed off with delay tactics, taking up precious time and energy. So much so, you eventually give up – as some companies hope you will. It’s essential to identify a reputable travel insurance company, one that doesn’t give you confusing messages or the runaround. Seek advice from friends, family, and read reviews like those left on Trustpilot to make sure you find a trustworthy provider.

Travel insurance gives you peace of mind and confidence to experience all this wonderful world has to offer. So dig out your glossy travel guides, and book that trip or adventure of a lifetime. Start planning all the fabulous things you’ve waited so to see and do. Once you’ve researched travel insurance companies and found one that ticks all your boxes, share your experience with other intrepid folk and leave a review on Trustpilot.

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