subject: Why Would I Need Travel Insurance? [print this page] Why Would I Need Travel Insurance? Why Would I Need Travel Insurance?
Sudden Illness,Lost Luggage,Default on your airline, cruise line or tour operator ,Lost your wallet
From a cancelled flight, to a serious illness, Travel Insurance gives travelers coverage for unforeseen problems. A traveler may face the loss of a pre-payment, a nonrefundable deposit or medical expenses that may not be covered by their health insurance. While making your travel arrangements, it is a good idea to be sure you have enough insurance coverage. In many cases travel insurance simply duplicates coverage you may already have.
Here are a few tips to help you determine if you need to purchase travel insurance.
Within the United States, your health insurance should be covered. Most health insurance companies will not provide coverage outside the United States. In some cases you will not be covered even on a cruise ship cruising in U.S. waters. If you are in a foreign country, you may be admitted into a hospital without coverage; however, they will not allow you to leave until you pay.
Many homeowners' and renters' policies provide coverage for theft & other losses while away from home. Your medical & auto policy may also cover you & your family while you travel, as long as you travel in the United States. Check with your insurance carrier first.
Airlines must reimburse you if they lose your luggage. However, they have limits of approximately $2,500.00 per incident, (not $ 2,500.00 per bag), based on depreciated value, for domestic travel and $9.00 per pound for international travel. They also exclude items such as jewelry, furs, etc. If you must travel with expensive jewelry, electronic equipment etc, you can add a floater onto your existing homeowners' or renters' policy. A little secret the airlines aren't telling you about though is an insurance provision called "excess valuation". This provides up to $5,000 additional coverage, at a rate of approximately $100.00 in value, see the counter agent for this coverage. Non-refundable insurance can be purchased if you buy a nonrefundable airline ticket and are not able to use it. It can be an expensive premium, but worth it if you have to cancel your trip. Airlines, tour operators, travel agents and cruise lines sell travel insurance, but it is better to purchase your travel insurance from a third party insurer. This way if your travel company goes bankrupt, you won't lose your coverage also. You probably already have Life Insurance, so you don't need flight insurance through a vending machine which is offered at many airports. The most inexpensive way to insure your life is with a term life insurance policy. Natural disasters are sometimes covered and you may get a refund if your trip is completely cancelled. Check with your airlines, cruise line or tour operator for any restrictions. Remember to check with your insurance carrier, airlines, cruise lines or tour operators for details on what is covered.
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