Wherever you go, there you are. Whether you’re flying to a distant destination, casting off on the water, riding the rails across country or hitting the highways for a road trip, your hard-earned vacation should be carefree not packed with the baggage of worry and stress. Read on about the four types of travel insurance that can protect you, your family and your peace of mind while traveling.
- Trip Cancellation Insurance
This type of coverage comes into play if your vacation provider, such as a group tour operator or cruise line goes out of business. You could also receive compensation if you must cancel your trip due to sickness, a family death or other calamities. Also, if you become seriously ill or injured during the trip some policies may reimburse you for the unused portion of your vacation. The cost of this type of insurance is generally 5-7% of the prices of the vacation. Remember, a “Cancellation Waiver” offered by the vacation provider, is not insurance, is not state regulated, and has many restrictions.
- Baggage Insurance or Personal Effects Coverage
This insurance provides coverage if your personal belongings are lost, stolen or damaged during the trip. Before purchasing this type of coverage, find out how much insurance the airline or trip operator provides for your belongings. Also, check your homeowners or renters policy, it will usually provide for off-premises theft. If you are traveling with expensive electronic equipment, jewelry or sporting gear, it may be more cost-effective to purchase a floater or endorsement to your existing homeowners or renters’ policy.
- Emergency Medical Assistance
This provides insurance and medical assistance for travelers. For example, it would cover you if you had to be airlifted off a mountain due to a skiing accident or if you had to stay for a prolonged period of time in a foreign hospital. Before purchasing this type of coverage, check with your health insurance carrier to find out what type of coverage you have when traveling abroad and whether your existing policy will pay to fly you home or to a country with first-rate medical care.
- Accidental Death
This provides a variety of coverages if you or a family member dies on the trip. If you have a good life insurance plan or have made other financial provisions for your loved ones, this may be duplicate insurance. Your credit card company may also provide travel-related services and coverage.
Call us at 401-846-9629, and we’ll help you to select the perfect coverage for your trip.
Content Source: Insurance Information Institute