A variety of travel insurance products are available. Each offers various types of specialization, with some providing more coverage than others. In many situations, this type of insurance can provide outstanding protection from those “what if” situations that can ruin a vacation. For example, what would happen if you fell on a hike through the mountains of Europe? Perhaps you are worried or have other concerns about what can happen when you are on the road. Travel insurance offers help.
What Does It Offer?
According to the US Travel Insurance Association, only 29 percent of travelers impacted by travel delays have travel insurance, but 96 percent of those who had it are happy with the policy. In other words, not having it is a financial risk you take. Each policy is somewhat different, but understanding what is available can help you make a decision about whether or not this type of policy is right for your needs. Take a look at some inclusions on these policies.
Suppose something happens and you cannot go on your trip. Do you think an airline will give you your money back at the last minute? Of course not, but if you have travel insurance, you remain protected. According to NBCNews.com, having travel insurance could be well worth it if your trip is ruined by a hurricane blowing in, for example. If you have this insurance, you could cancel 48 hours prior to the trip and remain protected financially from the loss.
Be careful though. Some policies list specific exclusions for cancelation. For example, some policies may not allow for terrorism or political unrest to be just causes for you to cancel your trip after it is booked.
Trip Interruption Insurance
Another type of protection is trip interruption insurance, which protects you if you cannot continue your trip because of something that’s occurred. For example, you could become injured during your trip or you may eat something that makes you very sick. The company will reimburse you for the unused portion of your prepaid expenses that are unused. This also helps provide coverage that allows you to come home early. It may cover medical evacuation costs as well.
Again, be careful about exclusions in these policies. Some will exclude illness if it comes from a preexisting condition. If you have a chronic illness and you are going a place where it cannot be properly managed, the travel policy may not kick in.
Other Types of Coverage
Read the options for other types of travel insurance carefully. You may find some that will provide for additional protection you may need. For example, travel accident insurance covers the medical expenses you may pay if you are involved in an accident overseas. You may not need this type of coverage if your current medical insurance will already cover it.
Other policies to consider include baggage insurance, which may not be necessary if your homeowners policy offers the protection already, and accidental death and dismemberment coverage.
There’s no reason to go on vacation or to take a trip overseas without adequate insurance to protect you from any “what if” situation that can happen.