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Travel insurance is
designed to protect you from losses while you are traveling. There
are many situations that could result in your need of travel
insurance. Things like lost luggage, trips being cancelled,
medical emergency expenses along with other situations you may not
have thought of.
There are several types of coverage for travel insurance and
it will depend on the insurance company issuing the policy as
to what you are covered for.
Some types of cover available for travel insurance are:
Trip Cancellation Accident/Sickness Medical Expenses
Baggage/Personal Effects Loss or Delay Medical Evacuation/Emergency
Transportation Trip Delay Supplier Default
Trip Cancellation will cover you for non-refundable payments or any
deposits paid for trips that have to be cancelled due to unforeseen
circumstances. This is the most common type of travel insurance.
Accident/Sickness Medical Expenses is another cover that could be
overlooked but is very important when traveling. This will cover you
for any costs you may have for illness or injury while you are
traveling.
Baggage/Personal Effects Loss or Delay, this will cover you for any
items that may be lost or delayed in getting to you while traveling.
Things like your luggage not arriving with you and you need to
replace certain item while waiting for your luggage to arrive.
Medical Evacuation/Emergency Transportation, as it says, this covers
you for medical emergency transportation if you need to be
transported to a hospital or medical facility while traveling.
Trip Delay will make sure you are not out of pocket if while
traveling your trip is delayed.
Supplier Default, if a travel supplier defaults, this will cover you
for any payments either full or deposits you have paid.
Many travel companies like tour or cruise lines will offer their own
protection plans. You may find these plans will offer a very
different coverage to other insurance companies who do
travel insurance. It is best to compare what each will cover you
for and don't make the mistake of taking the travel company's offer
without making sure it is best for you. Make sure you are being
covered for all you need.
If you want to protect your travel investment and no matter where
you are traveling to, it is costing you money. Often times the
deposits and prepayments have to be paid so early that unforeseen
circumstances often happen, like an illness, death in the family,
accident etc and your trip may need to be delayed or cancelled.
There will be financial losses to you as most of the money you have
paid is non-refundable and without the protection of your travel
insurance, you will be very much out of pocket.
Your private health insurance may only cover you in your own
State or Country so it is necessary to make sure you have the
medical insurance coverage for your travels.
A travel insurance policy may cover you for all your needs
but this will vary from company to company and from policy to
policy. Remember if it sounds too good to be true, it probably is,
so read the fine print very carefully.
Make your list of what you want covered and also make sure you know
the value of your possessions and for your valuables, take photos so
they can be identified in case of loss or theft. With digital photos
and cell phones with inbuilt cameras this is very easily done today.
If you do have to make a claim for a loss with your travel
insurance company, if you have records for them, it will speed
up the process for you.
Just to recap, this is a list of the most common risks that are
covered by travel insurance · Cancellation · Curtailment ·
Delayed departure · Loss, theft or damage to personal possessions
and money (including travel documents) · Delayed baggage (and
emergency replacement of essential items) · Medical expenses ·
Emergency evacuation/repatriation · Overseas funeral expenses ·
Accidental death, injury or disablement benefit · Legal assistance ·
Personal liability and rental car damage excess · Loss of income
Ask each travel insurance company what they provide first,
then compare it with your list of what you require. The more you are
covered for the more you may have to pay, so depending on how much
you are outlaying for your trip, you will need to weigh this up.
Travel insurance like all insurance needs to be looked into
for what your needs are, you will enjoy your travel so much more if
you know you have taken the right steps for a "peace of mind" trip.
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