Protecting Your Travel InvestmentTake along some peace of mind with travel insurance
Peace of MindExperienced travelers know that even the best-planned vacations can be impacted by the unexpected-placing their financial investment in their vacation at risk. Travel delays, lost baggage, and unexpected illness or injury can not only ruin vacation plans, they can also cost a lot of extra dollars. That's why for many travelers, the next investment after arranging their trip is the purchase of travel protection, or travel insurance, as it is commonly called. It protects their vacation and provides the peace of mind travelers deserve.
What is travel insurance?The purpose of travel insurance is to provide protection for travelers against the unique risks associated with travel, from before they leave until the time that they return. Many of these risks, such as trip interruption, are not always covered by any other types of insurance available.
Often travel insurance plans are described as "travel protection" rather than "travel insurance," because they consist of both insurance and assistance services components bundled together into a single, comprehensive package. Two noteworthy assistance services that consumers should look for include emergency hotline and medical transportation services.
Generally, travelers are covered by a variety of insurances in their day-to-day lives. Coverage provided by auto, medical, homeowners' and credit card policies, mistakenly give travelers the impression that they have complete coverage should something happen to them on their trip.
Unfortunately, many find out at the worst time that they are forced to spend money in deductibles and co-payments before receiving any compensation. Below is a brief overview of what may be covered by various non-travel insurance policies on a trip:
- Credit Cards: Provides limited car rental, accidental life and medical coverage. Insureds typically have to pay for the trip with a specific credit card in order to receive benefits. Comprehensive travel protection plans typically provide complete coverage regardless of how the trip is purchased.
- Homeowners': Used to cover baggage and other personal items. Insureds typically have to pay the first $500 to $1,000 in deductibles before any disbursements are made. Comprehensive travel protection plans typically do not have deductibles to cover for baggage and other personal items that are lost or stolen.
- Medical: When insured travelers leaves their medical plan's network area, they may be subjected to increased deductibles, co-payments and in some cases, have little to no coverage at all. Comprehensive travel protection plans typically contain secondary medical coverage that supplements a traveler's primary medical coverage.
- Auto: Many policies do not provide coverage outside of the United States, and insureds still have to pay a deductible. Comprehensive travel protection plans typically contain primary Rental Car Damage Coverage available worldwide and with no deductibles.
Travel protection plans combine the best of all of these policies into a single comprehensive product. More importantly, travel protection plans save travelers time and money by eliminating deductibles and co-payments while preventing them from having to file claims with their various other non-medical insurance suppliers, which could increase their premiums.
As always, travelers should check with their existing insurance policies to determine what coverage, if any, they may have while traveling.
To learn more about travel insurance, visit the CSA Travel Protection Web Site.