Archive for the ‘Travel Insurance’ Category

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Common Travel Insurance Mistakes - Restrictions and Denials

Thursday, February 4th, 2010

Travel insurance can be your best friend when traveling, but if you don’t know the ins and outs of travel insurance then you could be setting yourself up to lose a lot of money in the form of travel insurance restrictions and denials.

Here is a list of the most common travel insurance mistakes to avoid:

  • Not understanding travel insurance restrictions - Every travel insurance policy will have its own set of restrictions. It is therefore up to you to read and understand these restrictions to make sure the policy you choose is right for you and the trip on which you are embarking. Many times, individuals will take out a travel insurance policy, only to find out the policy didn’t cover something major until their claim is denied.

  • Paying more attention to the bottom line than the coverage -  Because there are a number of different levels of travel insurance that you may purchase, your first instinct may be to choose the least expensive. However, purchasing the least expensive policy can end up costing you much, much more if you must submit a claim for damages or monetary losses. In the end, it pays to look at coverage before you look at price.

  • Taking part in activities not covered - Activities deemed by the insurance company to be dangerous are typically not covered under a standard travel insurance policy; therefore, if you become injured when participating in one of these activities, it will likely not be covered. If you know that you might engage in any dangerous activity - from skydiving to parasailing to water skiing - you will probably want to take out additional travel insurance to cover this.

  • Engaging in illegal activities - Participation in any sort of illegal activity will certainly make your travel insurance policy null and void. In other words, damage to a vehicle and injury to yourself because you chose to drink and drive, for instance, will result in the loss of any coverage under your travel insurance policy.

  • Not going through the proper channels - Travel insurance policies typically have a set of rules that you must follow to submit a claim. If you fail to go through the proper channels you may be unable to collect money for your losses.

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Exploring the Different Types of Travel Insurance

Tuesday, January 12th, 2010

Travel insurance isn’t a luxury - it’s a must. Most of us enjoy vacations only after saving our money for quite some time; so it only makes sense that you take the proper precautions to protect your investment.

Choosing travel insurance is generally easy, provided you have the information needed to make an educated, well-informed decision. However, there are different types of travel insurance for different types of travel, so it pays to consider your options regarding travel insurance.

Types of Travel Insurance

  • Trip Cancellation/Trip Interruption Insurance - This type of insurance protects you against any unforeseen events and circumstances that prevent you from going on your trip or finishing your trip. Most travel insurance policies that offer trip cancellation/trip interruption insurance allow you to cancel your trip due to: your illness or injury or the death, injury or illness of an immediate family member; a change in your financial status; and war or civil unrest.  Some travel insurance companies allow you to cancel for any reason.

  • Medical Insurance - Medical insurance is an incredibly important type of travel insurance, particularly when traveling outside of the country. Medical insurance may include the evacuation to a medical facility or back to the United States in the event of a serious illness or injury. Anyone on a cruise or anyone traveling to a remote destination will certainly benefit from medical insurance.

  • Flight Delay or Cancellation Insurance - If your trip is delayed or canceled due to circumstances beyond your control, flight delay or cancellation insurance is used to cover hotel stays, meals and alternative travel arrangements after your travel has been delayed for a certain period of time.

  • Baggage Loss and Delay Coverage - This type of coverage protects you in the event that your luggage is lost or stolen.

  • Travel Document Protection - Travel document protection in your travel insurance protects you in the event that your passport or other important documents are lost or stolen while on holiday.

  • Adventure and Extreme Sports Travel Coverage - If you are embarking on an adventure holiday then you are best suited for adventure and extreme sports travel coverage, as standard policies generally do not protect you when participating in extreme sports, such as rock climbing and scuba diving.

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When to Consider Extra Medical Insurance with your Travel Insurance Policy

Wednesday, December 30th, 2009

The next time you set sail on a luxury cruise, consider what you would do in case of a medical emergency. In particular, consider if your medical insurance will cover your expenses.

Will your medical insurance cover the cost of medical evacuation, emergency treatment and a hospital stay? Well, in the case of cruises and other overseas trips, don’t bet on it.

In fact, as soon as you exit a U.S. port, you are more than likely considered to in overseas waters, which means that your U.S. medical insurance won’t get you very far.

Planning Ahead

Take a recent example of an older couple (in their mid 70s) who were traveling abroad when the husband became seriously sick with a perforated colon.  After the initial emergency room visit, the couple decided to arrange for a medical evacuation from their cruise ship to a United States hospital. The total cost of their out-of-pocket expenses was just $300. However, if they didn’t think ahead and purchase comprehensive travel insurance they could have wound up paying a medical bill of over $20,000.

A good, comprehensive travel insurance policy should include medical services and hospitalization, particularly when traveling abroad. These additional medical services are designed to reimburse any expenses that your standard medical insurance does not. Comprehensive travel insurance is also designed to cover the cost of your trip or part of your trip if you are not able to enjoy it due to an illness or injury.

If you plan to travel abroad and you don’t need full travel insurance, you may also secure a stand-alone policy that covers medical care and medical evacuation. It is important to realize that standard travel insurance policies do not cover the cost of medical evacuation, so consider adding this practical policy onto your travel insurance policy.

Before departing on your next overseas holiday, remember the following:

  • Contact your health insurer and ask about their coverage while traveling abroad.  Once you have this information you can then determine how much coverage and which type of coverage you will need.
  • Check travel insurance websites and compare policy prices and coverage. There are also several websites that allow you to compare a variety of travel insurance policies, side by side, according to prices and benefits.
  • Once you have purchased travel insurance, keep all information related to your policy, as well as important phone number of the company, close at hand while traveling.

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Winter Travel Disasters: When your Travel Insurance will Cover Them

Tuesday, December 29th, 2009

We all love to visit our families, friends and loved ones during the winter holidays, which means that more often than not we encounter unpleasant weather conditions along the way.

From broken down trains to canceled flights and horrible road conditions, even the best laid plans for visiting our friends and family can go asunder when it comes to winter travel.

If your travel plans are interrupted because of inclement winter weather, are your expenses covered? If you have comprehensive travel insurance, then the answer may certainly be “yes.”

However, at what point can you receive a reimbursement or compensation from your travel insurance company?

  • A bankrupted airline - Most travel insurance policies will not, unfortunately, cover the cost of your travel if your airline goes under.

  • A delayed flight - If your flight has been delayed due to inclement weather, your standard travel insurance will most likely reimburse you. Most policies include some fine print about the number of hours you must be delayed in order to receive compensation, so check your policy beforehand. Typically, a travel insurance policy will cover the cost of food and accommodations during your delay.

  • A canceled flight - If your flight has been canceled, your travel insurance will likely not provide you with compensation; however, it is important to point out that the airline will likely offer a refund or alternative travel arrangements in this case.

  • Illness - If you become too sick to travel due to flu or virus, your travel insurance policy will likely cover the cost of your travel. Likewise, if your travel companion is too sick to travel, you may also be covered under your travel insurance policy.

  • Trip abandonment - If you decide to cancel your trip due to hazardous weather conditions or a severe airport delay, you may or may not be covered under your insurance policy. Most insurers will demand that a variety of circumstances take place before they will cover an abandoned trip, so check with your insurer before you make any decisions.

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The Top Four Scenarios that prove why Travel Insurance is a Necessity

Monday, December 14th, 2009

If you are one of those individuals who think travel insurance is a waste of time then you may want to read the rest of this article.

Travel insurance, in short, protects your investment. After all, losing all of your deposits and your airline tickets because you didn’t plan ahead and purchase travel insurance doesn’t feel too great.

If you think travel insurance is only for destinations where natural disasters may strike, think again. Here are some worst-case scenarios in which travel insurance may save you a bundle:

  1. You’re packed and ready to go on a wonderful family vacation to Disney World, and the night before you’re due to leave your son walks into your bedroom with a red-hot forehead and a serious case of chickenpox. Traveling and vacationing are clearly out of the question, and you have four, non-refundable plane tickets to Orlando. If you have adequate, comprehensive travel insurance, fear not. Simply report the claim and re-book the trip for a time when chickenpox isn’t running rampant in your household.

  2. You’ve booked a relaxing cruise and the flight to your port is delayed for hours because of a terrible storm. As a result, you miss your cruise departure. Without travel insurance, you can kiss your cruise good-bye, along with all of the money you shelled out to book it. However, comprehensive travel insurance will refund your money so that you can re-book your cruise.

  3. Your tropical vacation is put on hold because of a hurricane blowing through the Atlantic. There’s no way you’re getting anywhere near the island anytime soon, so what do you do with airline tickets and hotel deposits? Well, if you have adequate travel insurance you can be reimbursed for all of your lost expenses so that you can plan for another tropical vacation - minus the hurricane.

  4. You’ve finally embarked upon your European holiday only to have your pocketbook - with your passport and wallet in it - stolen while you are out of the country. Comprehensive travel insurance often comes with emergency service, which includes expediting a passport replacement and providing you with much-need cash so you can resume your vacation.

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Are you Underinsured for Travel Insurance?

Monday, December 7th, 2009

You are the responsible traveler: you pack days in advance; you make a clear list of things to do before embarking on your trip; you check and double-check your itinerary and flight arrangements; you always remember to bring an extra memory card for your camera; and of course you always buy comprehensive travel insurance.

Would you be surprised to find out that you may be underinsured? It’s important for everyone to consider that they may just be paying too much for their travel insurance and not getting the coverage that they need in return.

It’s true! Many individuals purchase travel insurance without really reading the fine print, only to find themselves in a precarious - and expensive - situation while traveling.

The fact of the matter is that not having adequate travel insurance can cost you time, money and even your health.

An underinsured traveler may find him or herself:

  • Paying out of pocket for emergency medical treatment - from emergency room treatment, to tests, blood work and hospital stays
  • Paying out of pocket to return home unexpectedly - if your travel plans change and you must return home early, you may have to pay out of pocket for your flight and other travel arrangements
  • Paying out of pocket for legal counsel overseas - if you find yourself in a situation where legal counsel is needed, such as a personal liability suit, you may need to secure legal counsel and pay for it out of your pocket
  • Paying for an emergency medical evacuation
  • Losing money from lost wages

It is because of this that you must read and re-read your travelers insurance policy carefully, particularly if you are traveling abroad. Being stuck in a foreign country without the money or insurance coverage to pay for medical expenses, legal expenses and travel expenses can be devastating, and can even inhibit an individual’s ability to return home.

Before you leave for your travel destination, take the time to read the fine print of your travel insurance policy and contact the insurance company if there is anything in the policy that you don’t understand. Remember that it is up to you to understand your policy and make sure that you are adequately insured. If you fail to make sure that you have secured the proper travel insurance you could end up in a difficult situation and without any money.

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How to Find the Best Travel Insurance Policy for your Next Trip

Tuesday, November 24th, 2009

Vacationing is an activity enjoyed by millions of people across the country. Traveling is exciting, adventurous - and expensive! It is because of this that many people choose to purchase travel insurance before planning and paying for an expensive trip.

Although all you may be thinking about your next trip is the fun you are going to have, you must remain realistic and protect yourself in case any misfortunes arise.  To do this, you need to purchase comprehensive travel insurance so that your investment will be protected and your next vacation will be worry-free:

  • Choose a company that is trusted and has established a positive reputation. Check with the Better Business Bureau and ask friends and family members for referrals.

  • Choose a policy based on the length of your trip and the items that will be covered. If your trip is extensive, check out long-term travel insurance policies to protect you throughout the entire duration of your trip. Individuals that travel frequently throughout the year may choose to purchase a long-term policy and renew it on an annual basis.

  • Ask for quotes from a number of travel insurance companies before deciding which one best fits your budget and your needs. Many factors may influence the cost of travel insurance, so be sure to provide the travel insurance company with plenty of information so that you can get the most accurate quotes possible. Some of the factors that influence the price of travel insurance include: the length of the trip; the cost of the trip; your age; your health, including pre-existing medical conditions; and the time you may spend overseas.

  • Consider the deductibles for your travel insurance policy and choose one that best meets your financial needs. You can choose a policy that has a deductible anywhere from $0 to $2,500, depending on the risk you want to take.

  • Consider the policy’s maximum coverage. Depending on your comfort level, you may choose a policy with a maximum coverage of anywhere between $20,000 to more than $100,000.

  • You may need to take out additional travel insurance if you plan on partaking in special activities, such as adventure sports.

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Travel Insurance Insights: Extending Coverage for Repatriation of Remains

Thursday, November 5th, 2009

While vacations are typically intended to provide travelers with a break from the day to day stress of standard living, it is often ideal for travelers to hope for the best while preparing for the worst!  Although not the most pleasant of thoughts, some travelers with specific health conditions, risks, or other personal concerns may benefit from purchasing travel insurance protection that includes coverage for repatriation of remains.  If for any reason your death, or the death of a loved one included in your policy, occurs while you are away on your travels, your repatriation of remains protection can ease financial burdens to family members of the deceased.

Benefits of Repatriation of Remains Insurance

Essentially, with repatriation coverage, an insurance provider will pay for the costs associated with returning remains of the deceased back to one’s country of residence.  As the returning of remains from a travel destination back to one’s place of residence can be incredibly costly, investing in coverage for such an incident may be ideal for many individuals and families.

Adding to the coverage for the repatriation of remains, many travel insurance policies with this specific coverage feature extend their benefits to additionally offer coverage for various other related costs.  Some of the potential related coverage features may include:

  • Emergency medical attention / expenses
  • Emergency medical evacuation
  • Accident death / dismemberment

Do I Need Repatriation of Remains Coverage?

While any traveler can benefit from various features of travel insurance policies, those who may most significantly benefit from repatriation benefits commonly include individuals with specific health problems, disorders, or risks, as well as individuals who frequently travel for work or leisure.  Additionally, individuals planning to travel for a vacation that includes potentially hazardous and / or dangerous activities should also opt for coverage as well.  For example, if heading for a mountain climbing excursion, higher grade white water rafting trips, or other forms of potentially dangerous destinations, then coverage can certainly help protect your loved ones from any unfortunate accidents and unforeseen events.

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Worried About Job Security? How Travel Insurance Can Protect Your Investments

Tuesday, November 3rd, 2009

If you are planning to make travel arrangements for an upcoming vacation or professional visit, protect yourself from financial setbacks by investing in a travel insurance policy that compensates for cancellations due to the loss of employment.

Benefits of Travel Insurance Employment Loss Features

As the economic climate has been undoubtedly tumultuous for the past year, many individuals hoping to plan a trip feel reluctant to do so in light of potential job instability.  Since the sustainability of the tourism and travel industry depends upon travelers to maintain their stability and success, many travel insurance companies have created insurance policies that allow travelers to cancel their plans for a reimbursement if their employment is terminated.

Ideal Candidates for Job Loss Travel Insurance

If you’re currently already in an employment situation that seems rather unstable, then, needless to say, you are probably not making any major plans to travel to a far off destination for the annual family vacation; however, if you are in a stable employment position, yet are troubled by the state of the economy and its potential impact on your employment, then the leaders of the travel industry want to attempt to offer you a bit of freedom from some of the anxiety.  Instead of canceling your leisure plans, annual family trips, or travels to attend various functions, most travel insurance policies offering compensation for cancellations due to job loss can reimburse you for up to 75 percent of your initial travel costs and investments.  While individual reimbursements will vary, depending on the details of the trip and the specific terms of the insurance policy, individuals can save hundreds to thousands of dollars by opting for coverage.

While many travelers opt to purchase coverage for their personal vacations, many individuals are being forced to make travel arrangements in search of a new job or employment position.  As a result, an individual can have plans to travel to a multitude of cities-yet, once the individual is hired by one of the potential employers, he / she no longer needs to fulfill the original plans for the ongoing job-hunt.  Fortunately, if travel plans need to be canceled due to circumstances as such described, many policies allow clients to “Cancel for Any Reason” in order to receive compensation and reimbursement.  Commonly titled as an “Employment,” “Job Loss,” or a “Cancel for Any Reason” clause, these features can protect individuals from the less controllable issues of everyday professional life.

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Insurance and Auto Accidents: A Step by Step Guide for Success

Monday, October 26th, 2009

Whether or not you have experienced an accident in the past, it is important to review the step by step suggestions for optimal safety and insurance compensation.  By adhering to the suggested practices, your auto insurance company will be able to provide you with potentially faster and more ideal service.

After an Auto Accident: How to Respond

  1. After an accident, after you are confident that neither you nor any other individuals are injured, check to make sure it is safe to exit your vehicle.  Once you are able to do so, contact the local police department; many states require that drivers contact the police after any form of vehicle accident or collision.  Some states, however, do not require that you contact the police; however, it is optimal to contact your insurance company if you are not sure.

  2. If possible, use your digital camera or cell phone camera to take pictures of the accident and damages.  Having photo evidence can help you to avoid any potential disagreements between you and the other driver(s).

  3. Exchange your insurance information with the fellow driver(s).  Additionally, write down the other drivers’ name, phone number, addresses, and any other important contact details.  If a witness was present for the accident, you should also record his / her contact information as well.

  4. Once all information is exchanged, contact your insurance company to inform them of your recent accident.  Whether a driver is at fault or not is irrelevant in this step; each driver must inform their provider of the damages involved.  Upon contacting your provider, inform them of any pictures that you were able to take, while you also must be able to give them details of the accident and damages.

  5. Lastly, after contacting your provider, revisit the specific details of your current policy.  Make sure you are aware of what resources and compensation rates for which you may be eligible.  Having knowledge of these features will help you to more effectively negotiate and communicate with your insurance company in the coming days / weeks.

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