Travel Insurance – What You Need to Know
A travel insurance policy is a great way to protect yourself from the unexpected. A sudden event like a hurricane can leave you unable to travel. Even though you may have purchased travel insurance to protect yourself against the unexpected, it won’t cover the expenses you incur during a named storm. In cases like these, it is wise to keep a list of things you might need while traveling.
Purchasing travel insurance is important if you’re planning to travel abroad. While most health insurance plans don’t cover you when you’re abroad, there are policies that will cover medical costs. Even Medicare doesn’t cover medical expenses when you’re traveling, so you’ll need a travel insurance policy to supplement your current health coverage.
Another essential benefit of travel insurance is baggage and personal effects coverage. This coverage helps protect your belongings while you’re on your trip, including any lost or stolen baggage. Some policies also cover the costs of delayed luggage. If you’re traveling abroad for an extended period of time, you’ll also need to make sure your home is insured.
Purchasing travel insurance is a smart move if you’ve never done it before. It’s a good idea to compare travel insurance quotes before you buy one. The types of coverage vary considerably, but the basic categories are trip cancellation, baggage, medical expenses, and trip interruption. Some policies even cover rented equipment.
Travel insurance can cover non-refundable trip deposits. These deposits can include airline tickets, hotel rooms, rental cars, and even cruises. Some policies cover cancellations due to unexpected illness, injury, or a death in the family. Another type of coverage is trip medical insurance, which provides short-term medical coverage for your trip, and sometimes covers prepaid expenses as well.
Purchasing a travel insurance policy can also cover a variety of lesser-known elements, including lost luggage, medical coverage, and emergency evacuation. Each travel insurance provider will have different options, so you’ll need to educate yourself on the different coverages available. Make sure to ask a provider a few questions about your particular needs and your budget before making your final decision.
Some travel insurance policies have an optional Cancel For Any Reason (CFAR) policy that allows you to cancel your trip up to 48 hours before departure. While CFAR policies will not cover 100% of your costs, they will reimburse up to 50% of your total trip costs. CFAR policies are generally expensive but provide financial relief in case of unexpected travel hiccups. These reasons can include weather conditions, airline maintenance, and civil unrest.