03 Dec The benefits of travel insurance for holiday travelers

Anita Byer

The holiday travel season is officially underway. In the coming weeks, tens of millions of people will be gathering at airports, train stations, baggage claims, car rental counters, and toll booths across the land hoping that their best laid plans will endure the chaos of holiday travel. Despite springing eternal, hope tends to disappear along with lost luggage and missed flights. But the benefits of a travel insurance policy, like reimbursement for covered financial losses, will remain even after the hope of a smooth trip is gone.

Travel Insurance is designed to limit financial losses caused by various travel-related risks. These losses can range anywhere from a few hundred dollars to tens of thousands of dollars. Many types of travel insurance policies are available, but there are a handful of coverages that most travelers are likely to need.

Trip Cancellation. Reimburses pre-paid, non-refundable travel expenses if your trip is cancelled for a reason that is covered under the policy, which may include:

• Injury, illness or death involving you, a family member or a travel companion.
• Inclement weather, natural disaster or act of terrorism that affects your destination.
• Military duty, strike, or lost documents (passport, visa, etc.).
• Bankruptcy or financial default of your travel supplier.
• Unforeseen work-related obligation.

Medical Emergencies and Evacuations. Covers emergency medical and dental treatment that is needed while traveling abroad. Treatment for pre-existing conditions is typically not covered. Policies may also cover emergency evacuations, medically equipped transportation, and repatriation of remains.

Lost or Delayed Baggage. Covers personal belongings if your baggage is lost, stolen or damaged. Baggage delay coverage reimburses the cost of buying essential items that are needed while waiting for your baggage.

Trip Delay. Reimburses expenses, like food and lodging, caused by travel delays.

Here are a few tips to remember when purchasing travel insurance.

• Choose a policy that matches your travel plans and financial situation.
• Travel insurance has distinct coverages, conditions and exclusions. Read your policy carefully.
• Don’t assume your homeowners’ or renters’ insurance policy will provide sufficient (or any) travel-related coverage.
• If you’re traveling with expensive items, like jewelry or sporting equipment, you may need a personal property floater to cover them.
• Expanded coverage options may also be available for an additional charge. Cancel for Any Reason (CFAR) coverage, for example, is an optional upgrade that allows policyholders to cancel a trip for virtually any reason and receive a partial refund of their non-refundable expenses.

Please contact us to learn more about your travel insurance options.