COVID-19 has affected many aspects of day-to-day life, including travel. Government-sanctioned travel restrictions either prevent you from traveling or restrict your movement to some areas.
As people that prefer to anticipate and avoid risk, it is only natural that frequent travelers will turn to travel insurance at this time. This coverage is designed to protect you against specific risks, such as delayed trips, during the COVID-19 pandemic. Let’s review what you need to know to select the best travel insurance.
What Does Travel Insurance Cover?
As with any insurance coverage, there are several risks that a travel insurance policy might cover. Some common examples in Hong Kong include:
1. High-Risk Activities
High-risk activities or sports include skydiving, cliff jumping, and mountain climbing. If you plan to engage in such activities during your trip, you should check that your policy covers the exact activity you will be performing. Confirm details, such as maximum mountain height.
2. Baggage and Personal Item Loss
Traveling involves carrying around personal items and luggage. Because it is almost a given that you will be traveling with baggage, you should get add-on insurance for your items, especially if they are pricey.
3. Trip Delay and Cancellation
COVID-19 related news and emergencies can affect trip dates and times and even lead to cancellations. To protect yourself from losses related to flight disruption, you should look for a travel policy that covers trip delays and cancellations.
4. Medical Expenses
You can unexpectedly fall ill or get injured during your trips and require medical attention abroad. A travel policy that covers medical expenses will pay for your treatment costs.
5. Personal Liability
In the event, you are found liable for causing damage or loss to a third party, a travel insurance policy with personal liability can help you pay for damages and compensate the third party.
6. Personal Accident
A personal accident policy reimburses you if you get into an accident before your trip.
What Is Excluded from Travel Insurance?
Most insurance policies – including travel insurance – come with conditions and exclusions that the insurer does not cover because the risk is too high. Common travel insurance policy exclusions are:
- Childbirth, pregnancy, or related injuries and illnesses.
- Military power use, revolutions, war, or riots
- Professional sports
- Personal items left unattended
- Alcohol or drug (non-prescription) associated accidents
- Intentional acts, such as suicide or not taking sufficient effort to avoid injury.
- Undeclared or pre-existing medical conditions.
- Some medical conditions like AIDS and other STIs.
COVID-19 Travel Insurance
By now, travelers had hoped that travels would have resumed but the new Omicron variant has caused more restrictions and uncertainty. This is why getting travel insurance at this time is the best move financially and for your protection.
Remember, not all travel insurance policies cover risks related to COVID-19. You will need to shop around, compare, and review several policies to find one that covers things like travel delay, medical expenses, and cancellations. For medical coverages, you should also confirm that the conditions covered include COVID-related problems should you contract Covid during your trip.
How to Compare Different Travel Insurance Policies
Choosing the best travel insurance policy for you and your loved ones requires that you define your needs. You should also consider the following key factors:
· Add-Ons
Add-ons are the extra coverages you can add to your policy to ensure extra protection. If you plan on engaging in sports or hiking, for example, you should get an extra personal accident or medical expense protection to cover possible injuries.
· Travel Frequency
How many times will you travel in a year? If you will take a trip more than 4 times, you are better off signing up for an annual travel cover than a single travel insurance policy. This will help save you both time and money since you will not have to get a new policy for every trip.
· Excess and Limits
Travel insurance policies usually have limits and excesses. For delays and cancellations, you might be required to meet a required number of hours to receive reimbursement. An excess, on the other hand, is the amount you must pay before you receive your claim.
Get the Best Travel Insurance in Hong Kong
Finding the best travel insurance should not be a difficult task. At MoneySmart, we help you compare single-trip insurance policies and review add-ons like personal accident, personal liability, and medical expense coverages. You can find the best quote and get protection for your next trip.
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