MrInsurability August 31, 2016 No Comments

MrInsurability.comThis is a question that travelers ask themselves every year and for 1 out of 3, the answer is yes!

You too may think that you have the answer to this question, but do you really?  Just how much do you know about travel insurance? Do you know what exactly travel insurance actually is, what the benefits are or under what circumstances it would make sense for you and your family to purchase it?

Anytime you decide to purchase any form of insurance, the only way to make an informed decision is to be informed! So, let’s get started.

Different insurance companies, as well as other credible sources of travel insurance, may define it differently. But remember, travel insurance is insurance and insurance is there to help us financially and otherwise, when problems or unexpected situations arise.

In the case of travel insurance, it is designed to cover those who will be traveling and would like additional financial safeguards, in case of anything ranging from a lost wallet to an airplane crash.

Coverage can be purchased to include both costs incurred before your trip, like nonrefundable event tickets or hotel stays, as well as those unexpected expenses during your trip, such as travel delays or medical expenses, just to name a few.

Like any other type of insurance, there are specific provisions in a policy that outline when and how reimbursements are given, as well as how much an insured travelers is eligible to receive.

Another thing that travel insurance offers, that many are unaware of, is assistance. For example, your insurance company may offer assistance ranging from providing helpful information to arranging for emergency evacuations, should such a need arise.

The most important thing to remember about travel insurance is that its features can span a range of many categories, depending upon the company offering the coverage, the policy itself, as well as a number of other factors.

Let’s look at some other things that you as a traveler may be unaware of. Most people never take the time to find out just what assistance, if any, is offered to them by others involved, when a trip doesn’t go as planned.

Do prove a point, were you aware that airlines aren’t obligated to do anything when your flight is delayed? When the airline is definitely the one at fault, they may offer some assistance, but they’re not bound by law or obligation of any kind, to do so.

There are actually a number of misnomers, about travel, that travel insurance can help you guard against. As with all insurance, a policy comes with specific coverage benefits. This will vary from policy to policy, based upon the insurance company and the policy that you select to fill those gaps that might exist in your travel plans as they currently are.

One of the most common gaps that insurance can help fill is lost luggage. Were you aware that even with the rising costs in baggage handling causing fewer pieces of luggage to be taken on flights, lost and damaged bags are still the No. 2 complaint issued to the Department of Transportation every year.

If you travel out of the country, you may be interested to know that while domestic airlines safely transport more than 99% of the entire amount of luggage that they handle, international carriers still trail far behind!

Lost, damaged or stolen luggage replacement is a great benefit, especially when you are the victim, but in the overall picture, it is just one small benefit of what most travel insurance policies offer. Let’s take a look at a few of the others.

One of the biggest benefits is Trip Cancellation Protection. This can include reimbursement for non-refundable trip payments and even deposits that have been paid.

Another great benefit is Trip Interruption Protection. Imagine you were on a trip somewhere and everything seemed to be going smoothly.  Unexpectedly, you are forced to end your trip prematurely, due to forces of nature or some other circumstance that is out of your control. This benefit would reimburse you for unused costs and added transportation costs to return home early.