Posts Tagged ‘travel insurance policy’

Protect Yourself and Enjoy Your Travels with a Little Extra Peace of Mind

Thursday, March 18th, 2010

You want to take that dream trip. Plans are underway and your anticipation is mounting. What could possible go wrong? It’s not something we really want to think about when planning a fun and exciting vacation, but here it the real world, things do go wrong. Fortunately, there is a great way to plan ahead for those unfortunate what ifs that might creep up before and during your vacation! Travel insurance.

What Is Travel Insurance?

Travel insurance is an insurance policy that gives you some added peace of mind as you head out on that longed-for trip. It covers both domestic and international travel and has many perks that will cover most any thing that could go wrong. That way, you can enjoy your trip, knowing that whatever happens, you got it covered.

Coverage

There are travel insurance policies to cover both domestic and international travel, as mentioned before. There are policies for individual travelers, families and large groups. The insurance will cover minor things like lost passports, trip cancellations/interruptions and lost luggage. It will also cover major things like medical emergencies and transportation issues, among other travel services, and will even provide you with 24 hour assistance each and everyday.

There is a wide array of travel insurance options. For the most active of travelers, there are even more options. You will even find policies that will offer coverage for special equipment you may take with you, such as your golf clubs or scuba gear.

For those with special medical needs or who might anticipate special medical situations, you can go beyond the regular medical coverage and choose a specific plan best suited to meet your medical needs.

Plans are very flexible and can be built to suit your trip and preferences. You will even find specialized plans that offer airfare coverage, rental car coverage, extreme adventure coverage, sportsman’s coverage and much more. If you have a child or two or more that you plan to bring along, some plans offer additional coverage for kids age 17 and under at no extra cost.

Whatever your plans and your specific needs, that added sense of protection from a travel insurance policy is a great way to make the most of your trip. It’s well worth the expense, whether you end up needing it or not, but should you need it, you’ll be glad you had the foresight to purchase travel insurance before your trip.

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What your Travel Insurance may not Cover

Wednesday, March 3rd, 2010

We all expect a comprehensive travel insurance policy when we purchase it but, in reality, there are a number of things that aren’t covered under a standard travel insurance policy. Although most of us will never find ourselves in the following situations, it is important to point out the situations in which a travel insurance policy may be null and void:

  • Swine Flu and other Pandemics - Did you know that your travel insurance policy will not likely cover a pandemic breakout? For example, the swine flu breakout in Mexico last year left many travelers out of luck when it came to canceling their trip due to the dangers of traveling there during the breakout. So, don’t expect a return of your trip expenses if you find yourself unable to travel to your destination (or if you must leave early) due to a pandemic outbreak.

  • Visa Denial - If you have already booked your vacation and paid for your plane ticket you will likely not be covered if you must cancel your trip because your visa was denied. Some airline companies will provide a refund in these situations, but generally most insurance companies will not provide you with a refund if your visa application was denied. In short, make sure your visa is in good order before booking a trip.

  • Terroristic Threats or Attacks- Most travel insurance companies will not provide a refund if you cancel your trip due to a terroristic threat or attack. Unfortunately, the issue of terroristic threats and events are something we all must face in today’s world.

  • Weather Inconveniences - If you have a fantastic ski trip planned, but the weather doesn’t cooperate and there is no snow to be had, don’t expect a return on your investment through your travel insurance policy. Unfortunately, inclement weather inconveniences are simply part of the risk you take when booking a vacation. Whether it’s stormy weather on your Caribbean cruise or a rainy ski holiday, your travel insurance will do you no good when it comes to poor weather conditions.

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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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Travel Insurance Mistakes: Additional Concerns to Consider

Wednesday, February 3rd, 2010

Yes, it’s true. There are even more travel insurance mistakes that you must know about before your embark on your next holiday!

  • Purchase your travel insurance ahead of time to make sure that you travel-related claim is covered. In other words, don’t wait until the last minute to purchase travel insurance! Plan ahead and pay for your policy before embarking upon your vacation. Remember: you can’t expect to purchase a travel insurance policy after the event already happened! Trip cancellation policies usually go into effect the day after your payment is received by the insurance company, while all other coverage starts the day of your departure.

  • Get a medical record before canceling your trip for medical-related purposes. In order to submit a travel insurance claim for medical reasons you must first visit a doctor and get a recommendation that you should not travel; otherwise, you may be unable to collect on your travel insurance policy. Always come prepared with medical records if you must cancel a trip due to illness or other medical reason.

  • Pay close attention to dates when submitting a claim. If any of your dates are wrong (departure and return dates, for example) you may be denied a claim. Check and recheck your paperwork before submitting your travel insurance claim.

  • If you fail to understand the pre-existing clause in your travel insurance claim you may not be able to submit a claim for travel reimbursement. A pre-existing condition is any condition you had before you purchased your travel insurance.  Carefully read the pre-existing condition clause in your travel insurance policy and remember to look at the look-back days. Most travel insurance policies have a look-back period of about 60 to 90 days, so read this section of the policy carefully before entering into a contract for a travel insurance policy.

  • Pay close attention to the language used in the travel insurance policy. For example, some policies may use the phrase “cancel for any reason” while others use the term “cancel at any time.” Although these phrases seem similar, they are, in fact, quite different in terms of your rights. “Cancel for any reason” allows you to cancel for any reason, such as an illness or loss of a job, while “Cancel at any time,” although it allows you to cancel at any time, will likely have a clear set of restrictions regarding the reason for canceling your trip.

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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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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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Do Need Travel Insurance for Your Cruise Vacation?

Monday, August 3rd, 2009

If you’re getting ready to set sail for a destination cruise vacation, check out details of your cruise line carrier and destination to find out if you may benefit from optional travel insurance policies.

The Concerns of Cruise Insurance

While traveler’s insurance can be an effective protection against “just in case” situations, traveler’s should be aware that insurance for most vacations (including cruises) do not cover all unfortunate circumstances. Specifically, travel insurance for cruise vacations will not cover the following incidences / events:

  • Bad weather that does not cause you to miss / delay your trip. There are no refunds for unfavorable weather conditions (ie: rain) for a cruise
  • An unessential change in itinerary
  • Pregnancy or childbirth that is not considered to be a “medical emergency”
  • An unfortunate change in one’s financial circumstances
  • Psychological disorders / symptoms

While many travelers are turned away from traveler’s insurance due to the many non-coverage clauses, there are in fact new types of plans that are designed specifically for cruise vacations. To avoid worries and potential risks, most travel experts recommend the purchase of travel insurance prior to cruise departure. As the cost of most basic travel insurance plans are often reasonable, many travelers can obtain insurance coverage for around 5 percent of the total cruise vacation cost-the same price for a basic meal or two while dining out.

The Perks of Planning for a Cruise with Coverage

Because there are so many planned arrangements with a cruise, including flight to the departure destination and boarding of the cruise ship, a number of providers are boosting each traveler’s coverage possibilities. Specifically, new policies now allow some travelers to “Cancel for Any Reason.” This option will incur various financial penalties, and will not allow travelers to receive a full refund; however, this form of insurance does in fact qualify eligible travelers for a nearly full refund in the case of a necessary cancellation. Adding to this, amidst a tough economy, some providers even offer insurance against unanticipated financial setbacks, such as a job loss or financial emergency. As some providers have included job loss protection into their coverage features, traveler’s can gain additional assurance by seeking out these new, innovative coverage options!

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Why You Should Utilize Annual Travel Insurance

Tuesday, May 12th, 2009

Sometimes it’s for business and sometimes it’s for pleasure.  Maybe you like to experience downhill skiing on all the world’s most popular mountains.  Or, perhaps your business requires you to be in New York this week, Hong Kong next week, and Paris after that.  Regardless of the reason that you may find yourself on a plane, train, or automobile crossing the country or crossing the ocean,  if you are a frequent traveler you would do well to purchase an annual travel insurance package.

Why annual travel insurance?  Typically, travel insurance is sold on a trip by trip basis.  But with so much travel during a single year it is not economical to buy travel insurance each and every time.  An annual travel insurance policy will help protect you on every trip and include some benefits you might not find on single-trip policies.

Here’s what you can expect to find on an annual travel policy:

  • Trip Cancellation - Say that you are in Rome on your monthly visit with relatives and performing work on your import business.  Then suddenly your airline goes bankrupt and all flights are canceled.  Your annual travel policy is there to help you with alternate travel arrangements as well as other services including lodging, food, and travel coordination.

  • Lost Luggage - Always a possibility on any flight, lost luggage causes frustration and heartache.  Your annual policy will help with financial loss due to lost luggage.

  • Medical Coverage - While away from your home and regular physician, you may require the services of a doctor for an emergency.  Annual travel insurance helps pay for medical costs while away from home.  This may be a coverage that is not included in a basic annual policy, but the cost for this upgrade is worth it if you travel frequently.

  • Emergency Evacuation - For sports enthusiasts disaster is only a broken leg or avalanche away.  Your annual travel policy will help pay for costs associated with helicopter and team rescue in foreign countries.

With frequent overseas travel or even week-to-week flights across the country, you never know when your luck will run out regarding luggage or medical issues away from home.  Look into an annual travel insurance policy to give you the peace of mind you need while on the road.

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