When people think of the insurance coverages that they need, they rarely think about the need for travel insurance. However, if you have been planning and saving for a big family vacation for a long time it is important that you take measures to protect the time and money that you have invested in your trip. After all, it can take only one accident or unfortunate event to bring your trip to a halt and you will want to be covered by an insurance plan specifically designed for the hazards and losses that can occur while on vacation.
What Does Travel Insurance Cover?
Travel insurance generally covers cancellation or interruption of your trip, lost or stolen baggage, medical emergencies and general trip assistance services. Generally speaking, travel insurance policies are designed cover those hazards and losses that are not covered by a general insurance policy, although certain exclusions such as an act of God, intentional loss, or actions of the government still apply to travel insurance policies. Restrictions and conditions differ on each policy so it is best to educate yourself on such terms for each policy that you consider.
How Much Coverage Will I Need?
The amount of coverage that you will need for each will vary depending on your destination, the total cost of the trip and the frequency with which you travel. If you have booked an expensive trip, for example, you will want to make sure you insure your trip against involuntary cancellation or interruption for most if not all of the total amount you paid for your trip. If you are transporting expensive items in your luggage, you will also need to take consider that when choosing coverage limits. Emergency medical expense coverage is generally provided as an excess amount over your primary health care coverage.
Doesn't My Home, Auto, Health or Life Insurance Cover Me While on Vacation?
Your home, auto, health or life insurance coverages may cover you for certain losses while you are on vacation, although many policies will limit that coverage to certain limits and coverages and have a specified territory in which you are covered. If you find yourself vacationing outside of the territory of your policy, you will no longer be covered under the terms of your insurance contract during the time that you are there. You should ask your insurance agent or a representative from your carrier about the specifics of your policies as they relate to coverage provided while traveling.
Purchasing travel insurance is a great way to give yourself the peace of mind that comes with knowing your investment of time and money is protected. Please remember that the conditions, coverage amounts and covered losses will differ from policy to policy and that this article is intended only to provide a general overview of travel insurance. Consult with your insurance agent or representative when considering and choosing insurance policies so that you are fully informed of all of the applicable terms and conditions.
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