Traveling the world is one of the best activities you can enjoy in life. But what can you do if your trip is interrupted for reasons beyond your control? That is when travel insurance comes into play to protect you from unexpected problems that may appear on your trip. Should I consider purchasing travel insurance? Purchasing travel insurance can considerably lower your financial risks of traveling. The amount of money you stand to lose can vary depending on so many factors such as a refundable ticket or value of luggage. Take all factors into consideration when trying to weigh your option on opting out of coverage. Remember nothing is more important than peace of mind while traveling away from home.
Travel Insurance Levels of Coverage
- Trip Cancellation or Interruption
Trip cancellation means you do not go on your trip at all and trip interruption means your trip was cut short. Coverage includes nonrefundable penalties incurred from any of the following reasons:
- you, your travel companion or family member cannot travel because of sickness, death or other acceptable reasons
- your tour company or airline goes out of business
- if a family member back home gets sick, make sure you review coverage for pre-existing conditions
- you miss a flight or need to book an emergency flight for reasons outside of your control
- Medical Insurance
Check with your insurer for coverage already available in your existing health plan as some insurers in the states can cover you overseas. Buying a special medical travel policy will serve as a supplement to cover expenses your health plan does not such as deductibles. If you have a pre-existing condition, coverage may depend on when policy was purchased and date of your most recent treatment.
- Theft Protection
Coverage protects stolen personal property such as laptops, tablets, cameras and smartphones. Ask the insurer how value will be determined for stolen items and what the maximum reimbursement for jewelry and electronics is. You can also add a rider to your existing homeowners or renters policy to cover items while you travel. Create a list of these items with their serial numbers, makes and models also attach a picture to keep for you records. And if stolen, this information will be helpful when filing a claim.
- Evacuation Coverage
If an emergency occurs, your costs are covered to have you transported elsewhere for medical treatment. Always ask your insurer what coverage you have before and after you get to a hospital. Purchase supplementary adventure coverage if you will be participating in activities your insurer may consider being too dangerous and refuse coverage later.
- Baggage and Flight Insurance
If your luggage is ever lost, delayed or damaged your items are covered under the baggage insurance coverage. There is a cap in reimbursement for such items as jewelry, eyewear, electronics and camera equipment. Flight coverage provides a lump sum benefit if loss of life or limb occurred while you are boarding, traveling or disembarking from an airplane and you were a ticketed passenger.
Contact any of our offices for assistance and as always Premium Insurance wishes you safe travels!