Travel insurance is insurance that is intended to cover medical expenses, trip cancellation, lost luggage, flight accident and other losses incurred while traveling, either internationally or within one's own country. Travel insurance can usually be arranged at the time of the booking of a trip to cover exactly the duration of that trip, or a "multi-trip" policy can cover an unlimited number of trips within a set time frame. Some policies offer lower and higher medical-expense options; the higher ones are chiefly for countries that have extremely high medical costs, such as the USA.
The most common risks that are covered by travel insurance plans are:
- United States (visa policy of United States),
- Medical emergency (accident or sickness),
- Emergency evacuation ,
- Repatriation of remains.
- Return of a minor,
- Trip cancellation.
- Trip interruption.
Some travel policies will also provide cover for additional costs, although these vary widely between providers. In addition, often separate insurance can be purchased for specific costs such as:
- Pre-existing conditions (e.g. asthma, diabetes)
- Sports with an element of risk (e.g. skiing, scuba diving)
- Travel to high risk countries (e.g. due to war, natural disasters or acts of terrorism)
- Pre-existing medical conditions
- War or terrorism - but some plans may cover this risk, and some do cover for acts of terrorism
- Injury or illness caused by alcohol or drug use
Travel insurance can also provide helpful services, often 24 hours a day, 7 days a week that can include concierge services and emergency travel assistance.