When making your travel plans, it can be overwhelming to think about the money being spent on the experience. Often times people opt out of travel insurance for this reason. Travel insurance is insurance that is intended to cover medical expenses, trip cancellation, lost luggage, flight accident and other losses incurred while traveling, Basically, it covers you for certain mishaps that could occur while traveling. Different plans offer different coverage and should be researched to make sure you are getting what makes sense to you and your family. Below we explore the different types of coverage that can be included in a travel insurance policy so you can hopefully determine what you need to purchase.
Most people don’t like to think about it happening, but it is possible that a medical situation could occur while you are traveling. You could need to see a doctor or unfortunately have to go to the hospital. Either way, it is most likely that your health insurance will not help you (especially in another country). To ensure you are covered, you can make sure to get medical coverage on your travel insurance. One thing you need to look out for is exemptions for pre existing medical conditions. In the fine print some may say that this is not covered. If you suffer from this, it is important to look for travel insurance plans for people with pre-existing medical conditions. There are also plans that provide coverage for medical evacuation, this may be a good idea depending on the condition of your health as well.
Cancellation coverage reimburses up to 100% of your pre-paid, non refundable travel costs when an unforeseen and covered event causes you to cancel your trip. Examples of some things that would be covered under this type of coverage is injury/illness, weather or natural disaster, schedule conflicts (i.e. jury duty, court summons, school year extension), traffic accidents, property damage, terrorism/mandatory evacuations, bankruptcy or financial debt, assaults, work conflicts, illness or death of host, labor strikes, theft or loss of passport/visa.
According to the SITA Baggage Report 2017, 5.73 bags per thousand passengers went astray in 2016. That is a lot of bags. Baggage coverage through travel insurance coverage reimburses you (up to the maximum in the policy) for the value of lost, stolen, or damaged baggage and the personal effects inside the bag. This type of coverage is a good idea for those who not only have expensive baggage in tow or even important baggage with you. Families traveling with small children may find this helpful as well so there aren’t any wrinkles in your family vacation.
In everyday life we learn that our lives are extremely unpredictable. With the help of travel insurance you may be able to cope better with the things that are thrown your way while on vacation. It may allow you to make lemons out of lemonade!