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Insurance Article

What Does Travel Insurance Cover?

May 29 2015

 

Flanked by Pacific Ocean and the Gulf Coast, Mexico is an ideal travel destination
Flanked by Pacific Ocean and the Gulf Coast, Mexico is an ideal travel destination

Over the last decade, the total number of travelers in the world has skyrocketed, resulting in increased sales of travel insurance. Most people know that travel insurance financially protects them from mishaps abroad, but do they know which unpredictable and unforeseen events they are covered for? All travelers should understand the details of their policy coverage, and what financial security they have so that they can make the most of the travel insurance policy they purchase.

Cancelations and Delays

Out of nowhere, an unfortunate incident can derail your plans and make you cancel your holiday. Or, sometimes you might have to rush back for a family emergency, which forces you to purchase an expensive return ticket and lose money on your further reservations. Travel insurance reimburses the losses due to ticket cancellations and also pays for an emergency flight ticket to take you home.

Just like cancelations, delays are a frustrating traveler experience. Flights get delayed all the time and misplaced baggage takes up-to a week to be returned. In such scenarios, there isn’t much you can do apart from feeling embittered, but your travel insurance will pay you a compensatory amount for these delays.

Medical Expenses

Did You Know?

Hospital bills in the USA can go up to $10,000 a day and emergency medical evacuation could cost you up to $100,000.

Many tourists don't realize that their general health insurance might not cover them abroad. Instead they should opt for travel insurance, which extensively covers all possible medical scenarios. The insurer pays for any medical bills resulting from an illness or injury that has happened abroad. There is also a 24/7 hotline number provided by your insurer, which can be used to arrange medical assistance in an emergency.

Many tourists don’t realize that their general health insurance might not cover them abroad. Instead they should opt for travel insurance, which extensively covers all possible medical scenarios. The insurer pays for any medical bills resulting from an illness or injury that has happened abroad. There is also a 24/7 hotline number provided by your insurer, which can be used to arrange medical assistance in an emergency.

Loss of Possessions

Lost baggage is every tourists' nightmareLost baggage is every tourists' nightmare

Losing your passport abroad can be a major ordeal, as securing a replacement is a waste of both time and money. Similarly, lost baggage causes you the trouble of shopping for clothes and essentials. All of these are unplanned expenses that can dwindle away your savings. Travel insurance covers you for loss of passport and baggage, by reimbursing you for your expenses.

Personal Accident Liability

If you are involved in an accident that causes damage to a third-party’s body or property and are held accountable for it, travel insurance can cover your liability and legal expenses. However, all insurance companies do not offer this cover so read your policy wordings carefully.

Not All Travel Insurance Policies are the Same

Exclusions
  • Liability of car accidents
  • Illness or injury due to alcohol and substance abuse
  • Sports-related injuries

Different travel insurance policies offer different benefits and coverage; therefore it is necessary for you to read the policy document carefully. Based on the country you plan to visit, factor in the potential challenges you may face, and choose the policy that gives you maximum financial coverage.

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