You’ve probably booked a flight or hotel and been offered an insurance policy to protect you in the event of a trip cancellation. However, you may have just clicked “no thanks” and gone about your booking. Travel insurance is actually a reasonable investment to have just in case of any emergency or incident. Here are a few things to consider as you look at the options that an insurance company may have to offer.
What does a travel insurance policy cover?
You want to be able to enjoy a trip without worry. Travel insurance allows people to do just that. Travel insurance typically covers a variety of unforeseen circumstances before, during, and sometimes after your journey. These insurance policies can include medical expenses from personal injury or illness suffered during a vacation, but this is not extended to preexisting conditions. A travel insurance plan can also protect you in the event of loss or theft of luggage and other personal items. It can even counter for canceled, missed, or delayed flights, as well as any accommodation issues stemming from a trip delay or other snag.
Travel insurance generally doesn’t cover loss or injury from acts of terrorism, war, and some natural disasters or claims where an official travel warning has been issued. Other exclusions may apply depending on your insurance company and limits on the policy. A travel insurance plan may include an excess payment. It’s the fee you’re required to pay when making an insurance claim in order to receive the benefits that your policy entitles you to. If your travel insurance reimburses you a monetary amount, the excess may be deducted from that figure.
Consider any timing issues.
You can buy a travel insurance policy just days before your departure. However, there is a risk in waiting to purchase coverage, as there may be an additional cost closer to travel. Some travel insurance options may require you to purchase the coverage within a set time period after you’ve booked your trip. Trip cancellation insurance, which may be offered by a travel insurance company, may not protect you if you buy the insurance after you’ve become ill or if a weather event has wiped out your vacation destination.
Costs vary based on the insurance company, the limits on the policies, and the destination you are traveling to as well as the length of your getaway. While your travel agent will have options for you, they may not be the best or the least expensive among the travel insurance quotes that are on the market. Some of the more well-known travel insurance companies include Access America, Travel Guard, and Travel Insured. If you’re a first-time buyer, it’s important to know that travel insurance is a small investment compared to total trip costs and peace of mind.
Check for COVID coverage.
The need for trip interruption coverage and any travel insurance policies has been greater emphasized by the COVID-19 pandemic. Many vacations and other journeys were scrapped because of lockdowns and other COVID regulations across the globe, leaving policyholders and insurance companies alike scrambling based on an unprecedented situation. Be sure that your travel insurance plan includes trip cancellation coverage based on your testing positive for COVID or coming into close contact with someone who has tested positive.
Even vaccinated travelers may want to have travel insurance protection. There are insurance plans that offer limits for trip cancellation, medical expenses, and medical evacuation as related to the coronavirus. If you test positive during your trip, they can even cover extra costs when you have to quarantine away from home, such as a lengthier hotel stay. At the end of the day, travel insurance is a good idea and a good deal if you consider other potential expenses you may have to face.