What Is Travel Insurance?

Whether you’re planning a major family vacation or heading across the country to catch your best friend’s wedding, you may want to consider travel insurance. Although, some people may be wondering, “What is travel insurance?” After all, it’s not like everyone is constantly making long trips across the country every other week. So, it’s no surprise if you’re in the dark about this type of insurance.

Put simply, travel insurance is coverage to protect against risks and financial losses that may happen when you’re traveling. These risks can be minor inconveniences like missing a connecting flight to more severe issues like injury or illness. Today, we’ll dive into the details of travel insurance and what it covers to help you make an informed decision when you’re shopping for and comparing travel insurance policies.

Travel insurance can cover injury and illness abroad.

Travel insurance can cover a wide variety of travel-related risks, depending on the type of coverage you get. One of the top risks travel insurance will cover is injury and illness. This insurance policy can protect you from medical expenses abroad that your regular health insurance won’t cover. Most health insurance plans will not provide full coverage in foreign countries, and some medical insurance policies will not provide any coverage at all. Travel insurance supplements your standard health insurance and medical costs should you get sick or hurt before or during your travels.

Travel coverage can protect your lost or stolen luggage.

Our luggage usually holds all of our traveling essentials, whether we’re going out of the country on business or taking a vacation abroad. Losing luggage or having it stolen can really throw a wrench in anyone’s plans. However, travel insurance can provide coverage to protect your luggage if you do lose it. With travel insurance, you can claim a loss up to the allowance provided by your policy. Keep in mind that all losses need to be reported to the appropriate authorities, usually within 24 hours.

Travel insurance policies can offer rental car protection.

Renting a car while you’re on an extended holiday is often essential. However, if the vehicle is damaged, whether through an accident or theft, you may be liable to cover the cost of the rental car repairs or replacement. Many car rental companies offer their own rental car insurance for these kinds of situations, your travel insurance provider may also provide this feature as part of their insurance policy, and it’s typically cheaper than most car rental agencies.

Travel insurance coverage can cover trip cancellations.

No matter how much we plan and prepare for our trips, anything can go wrong, causing us to cancel the trip. Often, this can lead to losing money on reservations, flights, and more. However, cancellation coverage through your travel insurance can help you get some or all of these expenses back when all or part of your trip has to be canceled. Of course, the amount you can recover depends on your insurer and the type of coverage. However, in most cases, cancellation coverage can cover the cost of your flight, accommodations, and pre-paid activities.

Compare travel insurance companies and schedule your next trip.

Now that you’re familiar with what travel insurance is and what all it covers, you can decide what coverage is best for your next trip. Compare various travel insurance companies to find the best fit for you by using a trusted insurance quote provider like iSelect. When you’re comparing insurance providers, keep your budget, your desired coverage options, and your needs in mind. Companies like iSelect are there to help you find the best coverage for the best deal.