Summer season is here once again and summer time activities advertisements of all o sorts are popping up. During this time of year i tis mostly travel insurance the most googled term allowing you to enjoy the vacation at its fullest. Travel insurance is a type of insurance offering a financial security and assisting service for travelers. It helps to minimize the potential risks and also ensures the financial resources in case of unexpected events during your stay. 

In the frame of travel insurance, we distinguish two types: a short-term and a yearly travel insurance. A short-term insurance is mostly used for covering the expenses of the planned vacation. On the other hand, a yearly insurance covers all the vacation, travels abroad and mountains for the whole year. IF you travel on regular basis, we recommend to think about a yearly insurance as it can be financially more rentable. Important rule to follow within the travel insurance is to meet the maximum time spent abroad, which is 90 days. To sum up, in the case of a yearly insurance all travels are covered in the maximum time frame of 90 days. Should the case be a long-term time spent abroad (more than 90 days) it is important to choose the correct product. 

Travel insurance can cover for the following risks: 

• Health costs – insuring the financial costs for health care in the private institutions. In the more serious cases, the insurance can cover for transfer back to SVK, transfer of family members, repatriation and so on. 
• Loss of language – the insurance offers compensation for the lost, stolen or damaged language
• Missing of flight or transport – depending on the individual insurance agency conditions.
• Cancellation of the vacation in the case of inability to travel due to illness, injury, tragic event, depending on the individual insurance agency conditions
• Legal assistance and protection
• Interpreter
• Damage responsibility for third parties

Insurance price is based on: 

• Destination – most commonly divided into Europe and the world 
• Insurance length
• Insurance type
• Age of the insured person
• Insurance extent coverage and the insurance limits/sums
• Number of insured persons on the contract

Travel insurance investment is minimal but granting the clients inevitable coverage for their travels. The insurance should be tailored for the individual conditions and requirements. 

Should you have any questions, do not hesitate to contact us! Team ProFin Experts. Translated by Barbora Zemko Zuzaniaková