A new year means new opportunities to travel. Despite still being in the middle of a pandemic, people haven’t lost their wanderlust!
Now whether you are planning a nice getaway on a cruise or flying to get some needed R&R on a secluded island, getting travel insurance has undoubtedly crossed your mind at some point. It’s a smart move primarily to ensure you can have some financial support if, for any reason, your plans change or you run into any issues.
While many shy away from the idea of dealing with insurance, travel insurance has had a pretty good track record.
For example, in the event of some natural or unnatural emergency, your trip may have to be postponed. If something unforeseen happens while you’re away, you’ll be covered. Even if your regular health insurance can’t protect you overseas, travel insurance can still help.
If you were to consider acquiring travel insurance, the following are some of the things that may be included in your policy.
Coverage for canceled trips
In a trip cancellation or flight delay, you will be reimbursed for most expenses associated with this scenario. Reasons for this could include bad weather, scheduling conflicts, and the most often, falling ill. If you are the type who has a constantly changing itinerary, then it would be best to have CFAR (Cancel for any reason) coverage included just to be safe.
Medical emergencies while traveling
If you have a medical emergency, travel medical coverage will cover the cost of treatment if you are harmed, become extremely sick, or need to go to the ER while on vacation.
NOTE: Travel medical coverage may not cover you if:
- You are pregnant and go into labor while on vacation (but it may cover any unexpected complications related to pregnancy)
- You willingly participate in any potentially harmful activities like rock climbing (depending on your insurance provider)
- You suffer effects from knowingly taking drugs or alcohol, legal or otherwise
Insurance for medical evacuations
If you’re planning on traveling to a place that is far from major healthcare facilities, and especially if you plan on participating in strenuous or dangerous activities, Medevac coverage might be a good idea. Medical evacuation policies can help you get to the care providers you need if you get stuck in a remote location.
Rental car coverage
If you are the type of person who enjoys the journey rather than just the destination when driving through a different country or state, then you’ll want to be sure you have the proper protection in your policy. Most local car rental businesses don’t provide enough coverage if you get into an accident. Even minor incidents can end up costing a lot of money, and rental vehicle coverage can help fill the gap.
NOTE: The car insurance you have for your own car may cover rental car damage, so check with your current policy before paying for the extra coverage on your rental. However, car rental coverage is usually offered directly through your car rental company and is not an expensive add-on.
Coverage for lost luggage
If you’ve ever arrived at your destination only to find your bags are missing, you’re not alone. With so many people to account for, It’s not unusual for your luggage to go missing at the airport or on a cruise. The cost of replacing your missing items will quickly mount up as a result, unfortunately. This is where coverage for lost, missing, or stolen luggage can save your budget.
When you get travel insurance, it’s more of a precautionary measure than anything else. You may never need it, but if you do, you’ll be glad you got it in the first place!