Over the last few years, claims made for medical expenses through travel insurance policies have increased by four times due to a larger number of older adults taking sabbatical years from work and taking exotic vacations. The Association of British Insurers (ABI) has released their data that has shown that the cost of overseas illness rose from approximately $122 million in 2004 to approximately $454 million in 2010. The number of claims rose from 120,000 in 2004, to 337,000 in 2010. According to the ABI, even though the cost of…
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The role of travel insurance in the hurricane season
As Hurricane Irene makes its way nearer to the American mainland over the Caribbean islands, travel agents are taking this time to inform their customers about the importance of travel insurance for hurricanes, while answering questions and selling the policies. In order to make sure that their customers are covered for a weather event, travel agents need to make sure that the insurance was purchased a minimum of one day before the U.S. National Weather service has spotted and given a name to the tropical storm or hurricane. This will…
Read MoreThe return of the vacation and travel insurance
According to survey results by Mondial Assistance USA, a travel insurance company, the majority of Americans intend to take a vacation in 2011, a situation that has not been seen since the start of the global economic crisis. The insurer, based in Richmond, Virginia, found that 51 percent of Americans claim to be either “somewhat confident” or “confident” that they will be taking a vacation of a minimum of one week in length, and that will be at least 100 miles away from their primary residence. This is an increase…
Read MoreUsing the internet to find your ideal travel insurance policy
When you have planned a business trip, a fun family holiday, or a dream vacation, the last thing you want to think about is financial worries if something should go wrong. For that reason, it is important to find the best travel insurance policy before you go, and at the right price. When it comes to finding that policy, the internet can become your best friend. With a little bit of homework to identify your travel insurance needs while traveling inside the country or internationally, you’ll be able to spot…
Read MoreTraveling Getting More Popular, A Reason For Travel Insurance
High gas prices burn a hole in everyone’s wallet, but as the economy gets better and there becomes a higher demand for traveling, Americans begin to spend more on summer travels. According to a survey that was recently released by a global travel assistant company called Mondial Assistance USA, in the summer of 2011 Americans spent about $16 billion more then they did back in 2010, which is quite a large jump. Almost half of all Americans have said that they are fairly confident that they will be taking a…
Read MoreOne of the most unusual and high risk travel insurance policies written
When a young, 25 year old English woman started making plans to travel around the world, she went to Lloyd’s (of London) for her insurance policy. Lloyd’s was established in 1774, and has insured thousands of people; writing some very unusual and notable policies. However, Sarah Outen was one of the most difficult individual policies they had taken to task in more than twenty five years. Lloyd’s has insured some very famous people, and their body parts. For example, Bruce Springsteen and Celine Dion have insured their vocal cords, Tina…
Read MoreAustrailian Travel Insurance News
The Royal Automobile Club of Victoria (RACV) provides advice regarding the comprehensive travel insurance policies in relation to the earthquake and tsunami that hit Japan last week. Claims will be assessed by RACV according to the Product Disclosure Statement (PDS) and the type of plan that was purchased will determine the coverage. For those who have not yet departed, cancellation or rearrangement expenses will be covered if the policy was purchased before March 12, 2011. Travels on or after March 31, 2011 are advised to be cancelled or rearranged until…
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