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Travel insurance generally covers the traveler for mishaps sustained in travel. Insurance companies provide different travel plans that cover a broad range of events the traveler might encounter when traveling. Depending upon the policy, the insured can file a travel insurance claim for reimbursement on a covered loss, including: trip cancellation, medical expenses, or lost, delayed, or damaged luggage and bags.
All types of travelers can purchase travel insurance. Single travelers, families, couples on a honeymoon, business travelers, special interest, volunteer or senior travelers buy it. Every traveler has different needs. The reasons for the trip and the destination are likely to different on each trip. Smart travelers understand that travel insurance can mitigate unforeseen circumstances in a new city or country. Understanding the benefits and exclusions of the travel insurance policy is essential to making the best choice.
Here are some of the benefits most travelers enjoy with the purchase of travel insurance:
1. Trip Cancellation, reimbursement of prepaid, nonrefundable expenses are covered if the traveler cancels the trip for a covered reason (varies by policy), which can include: Illness/injury of the insured or illness/injury of travel partner or family member. Natural disaster en route or at the destination. Financial Default of the travel or carrier company. Mandatory evacuation or acts of terrorism at the destination. Hospitalization/death of destination host.
2. Trip Medical & Dental: reimbursement of emergency medical and dental costs, including medical costs resulting from activities or situations such as skiing, hiking, or unusual situations. Emergency medical costs can be expensive without the right coverage.
3. Baggage Loss: reimbursement (at actual cash value) of items lost, stolen, or damaged during travel.
4. Baggage Delay: covers the cost of necessary toiletries, medication and clothing if your baggage is delayed for a certain number of hours after your arrival at your destination.
5. Missed Connection: covers additional transportation costs and/or accommodation if you miss your connection due to a covered delay.
6. Trip Delay: covers expenses for food, lodging, and, in some cases, transportation if travel is delayed beyond a certain number of hours.
7. Car Rental coverage: an option to insure a rental car for damage during travel.
8. Concierge services, including 24/7 assistance making reservations at restaurants and transportation.
9. Adventure Sports: provides more specific coverage of high risk activities.
What is a Travel Insurance Claim?
Any request for reimbursement on a covered loss is a claim. A claim is the formal process by which you notify your travel insurance company of a loss and request compensation under the terms of your policy. Claims must be filed within a specified time frame after the covered event occurs.
Types of Claims
All types of travel insurance generally provide monetary compensation to covered travelers. Trip Cancellation: reimbursement of non-refundable prepaid trip expenses are covered if the traveler is forced to cancel for a covered reason. Trip Medical & Dental: reimbursement of emergency medical costs. Baggage Loss: reimbursement of items lost, stolen, or damaged during travel. Baggage Delay: covers necessary toiletries, medication and clothing for delayed baggage. Missed Connection: covers transportation costs and accommodation for missed connections. Trip Delay: covers food, lodging, and transportation for extended delays.
Travel Insurance Glossary
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