Company & Specialty Insurance Forum

Pack your bags, pull up your socks and put on your favorite cap and start away for the trip you have planned for so long. If you have travel insurance you don't have to fret about a trip cancellation, or flight delay or missing luggage. Your travel insurance will cover all of these.

Some of you who have other policies may be protected in certain cases that are common to travel insurance coverage. If you are overseas, some medical policies may cover you for medical emergencies while some may not. Loss of baggage may be covered by home insurance and there are again many credit card companies that offer members

• International medical assistance
• Accidental death benefits
• Dismemberment insurance and
• Baggage loss coverage

The credit card companies may provide such coverage if you purchase tickets on their cards. They also offer such coverage in lieu of a small amount of money as fee.

When you have purchased non-refundable airline tickets that are expensive or booked a cruise tour, the deposit for which can't be refunded when canceling the trip, travel insurance is the solution. However, you may have to cancel your trip for various reasons and in such a case if you can get reimbursement from your travel insurance, nothing like it.

Insurance coverage for travel means that you will be protected financially if you have to cancel your trip for a certain reason, or if any of your baggage gets stolen or lost and other similar reasons. However there may be exceptions to travel insurance and there are a lot of things to consider before you can settle for one.

Travel insurance covers you for:

• Insurance for trip cancellation: As the name suggests, this policy covers you for canceling a trip for any reason as complying with the policy. Most policies also reimburse the unused portion of the trip if you or an immediate family member falls ill or suffers an injury in the course of the trip. The cost for such policies is usually 5%-7% of the total cost of the vacation.
  
  Tour operator defaults are also sometimes covered in this policy by many travel insurance companies. A policy purchased directly from your tour operator may not have provisions for tour operator default coverage. Hence, it is advisable that you purchase travel insurance policy from an independent insurance provider. However, if you are lucky you may even find insurance providers offering "cancel for any reason" policies.
  
  A category of trip cancellation insurance is the Cancellation Waiver. Though it is different from trip cancellation insurance in certain respects, it nonetheless provides coverage if you have to cancel your trip. It is not an insurance policy and is not regulated by the state department of insurance.


• Loss of baggage insurance: This policy provides coverage for lost baggage and also if they are stolen or damaged during your trip. This loss of baggage may also be covered under home insurance or renters policy for theft off-premises. It is also advisable that you find out how much (if any) insurance the airline or trip operator offers. Travelers carrying expensive jewelry, electronic equipment or sporting gear may find it reasonable to get a floater policy for their home insurance or renters policy.


• Medical Emergency Insurance: Supposing you were hiking or skiing and have an accident, this policy would cover you in such cases. Say you had to stay in a foreign hospital for a long period. This insurance would provide coverage if you fall ill suddenly on a trip and need to be flown back home. If you already have health insurance, check what coverage you have and whether the above mentioned conditions will be taken care of. Find out if the policy you have will fly you back home or to any place where you can receive first-grade medical treatment. Remember in such a case low cost travel insurance may not be able to provide sufficient coverage.


• Accidental Death: This policy provides coverage for the insured or any immediate family member in the event of death of either of them. However, your life insurance may have already covered you for such a condition, or your credit card company may also provide similar services. Check with the respective people and get an insurance done if you are not completely covered.
  
  An insurance company may not be willing to provide coverage if there were already existing medical conditions in an individual. It is advisable that you should apply for insurance when you are fit. This will help you get coverage for any illness that may occur in your future. We all age and with age our chances of falling sick increases. Hence, it is a sensible idea to get insurance when we still have time.

You may purchase cheap travel insurance or an expensive one. But the fact remains that travel insurance should protect you when you need it. Getting the cheapest travel insurance may suit your pocket, but carefully analyze your needs before getting travel insurance quote. Do not be underinsured.

Yes of course you can. Looking for travel insurance cover online may be a good option for those who are keen on shopping before they settle for insurance. You can go through various sites offering travel insurance. Compare the price that each company offers and get the best travel insurance suitable for you.

Although the phrase 'pre-existing conditions' may vary in definition from one insurance company to the other, there may be a general description nevertheless. It may be defined as any illness or sickness of an individual that existed before applying for insurance. It may also be any injury or physical, mental, nervous or medical condition/disorder that existed at the time when making an insurance application or during the time specified by the company and has any complications that might recur or lead to any medical consequences therefrom.

If you ask does travel insurance cover more than what it mentions, then you must know that usually the insurance companies do not cover pre-existing conditions. But if you are lucky you may come across few companies that may offer such coverage.