The lowdown on travel insurance
Nov 21
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There are four different types of basic travel insurance, although many companies offer additional options. You decide which kind of policy suits your needs.
- Trip cancellation insurance: Just as the name implies, this insurance covers your costs if the trip is canceled. This coverage helps you if you’re going on a cruise or a group tour and the company responsible goes out of business. You also may get some of your expenses refunded if an illness or injury interrupts your travel and forces you to return home. Each plan is different, so make sure you check the fine print closely to get the exact amount of coverage you want.
- Baggage and personal effects insurance: This insurance plan covers your belongings if they’re stolen, lost or damaged. This type of insurance is very inexpensive, but possibly unnecessary as airlines offer automatic coverage for some losses and damage and your homeowner’s insurance may pick up some of your other expenses.
- Emergency medical insurance: You’ll be covered if you suffer an injury or an illness that requires hospital care or even a stay in a foreign country. You’ll also be covered if you’re ill enough that an emergency trip home is necessary. Fortunately, these situations are extremely rare and this insurance usually isn’t necessary, but if you’re worried, check with your regular insurer first to see what its policy is.
- Accidental death insurance: A pretty self-explanatory insurance and usually not worth the expense. Most people have life insurance policies so this is just duplicate coverage that may do you no good. Also, if you’re using your credit card to pay for the trip, you may be covered.
So if you are a little leery about your next trip, consider getting some travel insurance but make sure you pick a policy that actually suits your needs.
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