Travel insurance may be a good idea in certain situations, but not in others. Let's take a look at some of the ins-and-outs of travel insurance.
No need for travel insurance
If you are planning a short one-day trip, chances are that travel insurance is not needed. There is little chance of losing something valuable or of experiencing travel delays—so basically, there is nothing to insure. If travel insurance comes as a part of a car rental contract or as part of a vacation travel package, you may not need to purchase additional coverage. Check your homeowners or rental insurance policies, in some cases they may provide coverage for travel-related losses.
Possible need for travel insurance
If you are traveling a substantial distance away (more than 100 miles) and you are traveling with valuable property or have another travel investment you’d like to protect, travel insurance could be useful. It doesn’t matter whether you’re traveling internationally.
What travel insurance covers
Most travel insurance policies offer some form of the following types of coverage:
- flight insurance
- evacuation insurance
- medical insurance
- baggage insurance
- trip/interruption/cancellation insurance
You can pay an additional premium and add optional coverage items such as identity theft protection, additional medical coverage, concierge services and more.
What travel insurance does not cover
Even if you purchase travel insurance, the policy may impose some restrictions on losses of expensive personal items such as jewelry or electronics. Also, if you are taking part in activities considered dangerous, such as skydiving, you would not be covered unless you had purchased a policy endorsement/rider to add coverage for adventure sports activities.
Here’s to your safe travels! If you’d like to find out if your homeowners or renters policies cover items lost during traveling, we can review your coverage with you. If you find yourself in need of insurance or just want to review your coverage, feel free to stop by any time. We are here to help!