Trip protection insurance or Travel medical insurance?

Trip protection insurance

Insures non-refundable cost of the trip
If you going on a vacation for which that you have spent a lot of money and time, you want to make sure that this investment in the proposed holiday does not go waste. A planned vacation can be disrupted for several reasons beyond ones control, and unless you insure the non-refundable expenses, all or part of the planned holiday expenses can be lost. Trip protection insurance is relevant if your vacation is either cancelled, interrupted or even delayed. The insurance can reimburse eligible pre-paid non-refundable portion of the vacation. The eligible expenses can be either cruise tickets, airline tickets or hotel room bookings. The policy can also pay for losses during the vacation such as expenses due to lost, delayed, stolen or damaged baggage.

There are different trip cancellation plans available, for some the eligible benefits will be available only if the trip is cancelled or delayed for clearly defined reasons. However there are trip cancellation plans that give the 'cancel for any reason' option as well.

Travelers can also customise their Trip protection insurance to insure the health of the travelers or they can limit the trip protection insurance to only the expenses of the vacation with little to no coverage for the health of the traveler.

Trip cancellation insurance is very popular with US vacationers who plan the vacation very early and do the required ticketing much before the actual vacation. This leaves them vulnerable to last minute changes in their schedules or changes in the vacation circumstances.

Travel Medical insurance

Insuring the health of the traveler
The focus of these travel health insurance products is the health of the traveler. When one is traveling outside their home country, they are exposed to a totally new environment. This can include facing new weather patterns, exposed to different food and water and very different health environments. The traveler is vulnerable to falling sick or having a more serious health related situation. It is in this situation that travel health insurance is important.

Travel health insurance products are designed to insure the traveler when they are outside their home country and take care of medical expenses incurred due to accident or sickness. Travelers can customise their travel health insurance based on the maximum medical coverage , the deductible as well as the co-insurance. Older travelers or travelers having pre-existing medical conditions can choose plans which provide coverage for pre-existing ailments as well.

International travelers who are traveling to the US or to Europe find these insurance product very useful. The cost of healthcare in the US and in Europe is very expensive. Many immigrant communities in the US like the Indians and Chinese have family members visiting the US for extended stays ranging from a few weeks to a few months. Quite often these visiting family members are parents who are quite elderly. Given the cost of healthcare in the US, it is prudent to buy proper travel medical insurance while traveling to the United States.

Compare coverage details of Trip vs Travel Insurance

  Travel Insurance Trip Insurance
Trip Cancellation Covers the loss of pre-paid, non-refundable and unused payments, when the covered trip is cancelled due to illness, injury or death of family member; bankruptcy; jury duty; auto accident; terrorist incident etc.
Trip Cancellation is not available Trip Cancellation is available
One way cost of the Insured\'s ticket to return home, if the Trip is interrupted due to the death of a family member or destrucion of the insured\'s home or other eligible cause.
Trip Interruption is not available Trip Interruption is available
One way cost of the Insured\'s ticket to return home, if the Trip is interrupted due to the death of a family member or destrucion of the insured\'s home or other eligible cause.
Baggage Loss is not available Baggage Loss is available
Coverage for Emergency Medical Evacuations to the nearest qualified medical facility.
Medical Evacuation is available Medical Evacuation is available
Coverage for the loss of life or limbs in an accident.
Accident is available Accident is available
Medical ailments for which you have already received or are receiving treatment for. Pregnancy, AIDS, high-blood pressure and stroke are all forms of pre-existing conditions. Different insurance carriers have their own policies for pre-existing conditions.
pre-existing conditions coverage is available pre-existing conditions coverage is available
Dental Dental coverage is available Dental coverage is available
Pregnancy and Maternity Pregnancy coverage is not available Pregnancy coverage is not available
Mental health and drug abuse Mental health and drug abuse  coverage is not available Mental health and drug abuse  coverage is not available
Routine care for pre-existing conditions Routine care for pre-existing conditions   coverage is not available Routine care for pre-existing conditions coverage is not available
Cost $$ $$$
 
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