Planning to be traveling soon? Should you buy travel insurance? It’s a tough call whether spending the extra money is worth it. Are you over 50? Travel insurance goes up significantly as you get older. If you’re spending a lot of money on a trip, travel insurance is a must.
Travel Insurance Coverage
Travel insurance covers these basics:
- Trip Cancellation Or Interruption
- Emergency Evacuation
- Flight Delays and Cancellations
Travel Insurance – What Does It Mean For You?
Trip Cancellation refers to canceling prior to your trip whereas trip interruption refers to a problem during your trip. What if you or one of your travel companions gets hurt or sick and you need to cancel your plans. This is where travel insurance comes to the rescue.
What if you have a medical emergency? Think you’re covered by your medical insurance? You might be. But most medical insurance policies don’t cover you outside of the United States. Medicare never covers you when traveling abroad. Find out if you’re covered when traveling to your next destination.
What happens if you do sick and need to be airlifted? Or you need medical care on your flight home. This can be very expensive.
Have you arrived at your destination just to find that you have no luggage? What if you’re ready to board a cruise? Now what? Travel insurance will pay for essential items until your luggage is found and delivered to you. What if it never shows up? Make sure to have a list of items that you packed for your trip. Better yet, keep as many receipts of these items as you can. If your luggage was stolen, make sure to file a police report. This will help in making an insurance claim.
Did you get to the airport just to find out your flight has been delayed? What if the delay causes you to miss your connecting flight? Travel Insurance will reimburse you for hotel stays and meals while waiting to get out on the next flight. But what if your flight leaves on time and you get held up in traffic and miss your flight? You probably won’t be covered.
Travel Insurance – Do I really need it?
Check your homeowner’s policy. It may already cover such things as lost luggage. Be sure to check the maximum amount of coverage as it may be limited to the payout. Check your medical insurance and find out what is covered when you’re traveling away from home. Verify if you’re covered when traveling abroad. Finally, check your credit card coverage. Some credit cards will provide a limited amount of insurance if the trip was booked with their credit card. If you have an airline’s credit card, check with their coverage. They may have better coverage if you’re traveling with them. But credit cards may not cover you being airlifted back home. Both health insurance and credit cards don’t usually cover travel emergencies.
Once you decide you need travel insurance, read the fine print. Check to see if there are any time limits concerning the purchase of insurance prior to your trip. Find out if the entire length of your trip is covered. Make sure your destination is covered. If the government is warning you not to visit a particular country, you may not be covered if you go there.
What if you get sick? Make sure you list all medications you’re currently taking. Failure to do so could invalidate your policy. What if a family member back home gets sick and you want to cut your trip short. Most travel insurance policies don’t cover this unless it’s a death in the family. There is an option called “cancel for any reason”. If you have older relatives back home, you may want to consider this option for peace of mind. This would allow you to cut your trip short and return home for any reason. Even if you just changed your mind and decided not to go.