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You are here: Home > Beginner's Guide > The 2 Most Popular Types of Travel Insurance

The 2 Most Popular Types of Travel Insurance

Update: You can now download this entire guide as a convenient PDF. Click Here to get the Free PDF

Travel Insurance Guide Part 3: Types of travel insuranceThere are only two types of travel insurance that most travelers buy.

(In fact, one type of plan is so common…it represents over 94% of travel insurance sales)

Even though there are specialty plans designed for unique needs, they are too specialized for the majority of travelers taking a vacation. The vast majority of travel insurance customers fit into these two areas.

The two basic types of travel insurance are:

1. Vacation Plans

Provides the most coverage (including trip cancellation)

When people think of ‘travel insurance’, they are thinking of a Vacation Plan.

Vacation Plans are also called Package Plans, Travel Insurance, Trip Cancellation Insurance, or Trip Insurance,…but they are all referring to a Vacation Plan.

This type of plan provides the most coverage in a single package, including cancellations, medical emergencies, evacuations, loss or delays, luggage,  assistance, and more.

Vacation plans are very popular with travelers because they provide a simple solution to their needs.

Over 94% of travel insurance sales are Vacation Plans

These plans are the top seller because they provide all the coverages that travelers tend to look for.

Vacation plans include coverage for:

  • Canceled trips
  • Interrupted trips
  • Medical emergencies
  • Emergency evacuation
  • Delayed baggage or trips
  • Lost baggage
  • 24/7 Assistance
  • and several other coverages

If you are looking for ‘travel insurance’ for your next vacation, you need a vacation plan.

2. Travel Medical Plans

Medical coverage while traveling abroad

Regular health insurance plans provide partial or no coverage while you are traveling outside your home country. Travel Medical Insurance plans provide coverage above and beyond your regular health provider.

Travel medical plans are for travelers leaving their home country who are not concerned with cancellation

This type of plan focuses on medical emergencies, evacuation, and sometimes life insurance. A travel medical insurance plan are perfect if you are traveling outside your home country and are not concerned with cancellation, interruption, delays, and baggage.

Travel medical plans focus on coverage for:

  • Medical expenses
  • Emergency evacuations

Some types of travel medical plans provide benefits such as medical coverage for pre-existing conditions, multi-trip and renewable protection, emergency medical evacuation, and coverage for long-term travel abroad.

Specialty plans (evacuation-only, travel accident, rental car)

Beyond the two basic types, there are specialized plans to meet unique needs, and we want to at least mention them here.

Evacuation plans focus on emergency evacuations, and are often sold on an annual basis as a membership. With an evacuation plan, the company arranges transport, and you won’t lose your savings to a costly emergency medical evacuation

Accident plans provide life insurance style coverage for travelers. It pays benefits if you should have a serious injury that results in dismemberment or loss of life. Benefits paid by these accident plans are in addition to any benefits paid by separate life insurance plans.

Vacation plans are best because they combine the most coverage in a single plan

The vast majority of travelers choose a vacation plan because they provide the most coverage in a single plan.

Get a quote using a comparison website such as Squaremouth.com.

Next in the series:
Next we will look at How to select a plan based on your needs, where you will discover a simple process for analysing your needs and picking a plan based on your trip criteria.

Go back to the Travel Insurance 101 series.

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About this website

My name is Damian, and I started this website in 2006 to help travelers understand travel insurance.

The site features company reviews, guides, articles, and many blog posts to help you better understand travel insurance and pick the right plan for your trip (assuming you actually need travel insurance).

I am also a licensed travel insurance agent, and you can get a quote and purchase through this site as well.

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