Travel coverage is a type of insurance you purchase that helps protect you from certain financial risks and losses that often occur before or during travel. Such losses can range from the minor, like a delayed suitcase, to significant, like a medical emergency overseas. Having travel insurance is a smart way to protect yourself against the unexpected when you’ve put a lot of time and money into a trip.
What does travel insurance cover?
It’s important to note that benefits vary by policy so make sure you choose a policy that fits your needs, budget and travel plans. Below is a list of common travel insurance coverages:
- Trip cancellation provides reimbursement for unused, non-refundable and prepaid trip costs if you have to cancel your plans for a covered reason, such as job loss or adverse weather.
- Trip interruption or missed connection can help you recoup costs if you can’t continue your travel as the result of a covered event, such as sickness or if you miss the second leg of your cruise.
- Baggage might be a lesser known coverage but it can help you navigate the waters when your bags are lost, delayed or damaged.
- Travel delay offers compensation for additional transportation costs if you trip is delayed for a covered reason.
- Medical and emergency assistance can ease your worry by providing interpretation services, and helping replace lost passports and coordinating emergency medical and dental treatment.
When should I purchase travel insurance?
The best time to buy travel coverage is right after you’ve finalized your travel arrangements. The sooner you buy insurance, the bigger your coverage window is and you’ll be able to take advantage of coverages that apply prior to departure.
Should I buy travel coverage?
Major factors to consider before deciding if travel insurance is right for you and your trip involve cost, destination and travelers. If you can’t afford to lose the amount you’ve put into your travel, considering travel coverage is a smart move. If you’re traveling to a remote area where hospitals are miles away, travel insurance could help you in an emergency. If your travel companion is someone more vulnerable, like children or the elderly, travel coverage can ease your concerns.