Author: Holly Johnson / Source: Wise Bread
Travel insurance may make your vacation more expensive in the end, but it could also save you thousands of dollars. Not only can travel insurance reimburse you if your trip is interrupted or canceled for reasons outside your control, but it can cover pricey medical bills, pay for medical evacuation in the event of an emergency, replace lost luggage, and more.
But there are so many different types of travel insurance policies — and so many travel insurance providers — that finding the right policy isn’t always easy. You have to choose a company you trust first and foremost, but you also need to find a policy that makes sense for your trip and your budget.
Sa El, CEO of Simply Insurance says it’s important to make sure your travel insurance provider has a strong reputation, an easy claims process, and proof that they pay claims reliably.
“This might seem like the last thing you should look for,” he said. “But there is nothing worse than attempting to file a claim and the insurance company is giving you the runaround.”
What to look for in a policy
However, travel insurance policies aren’t necessarily created equal. In addition to buying insurance from a reputable company, you need to pick a policy that includes the types of coverage you need for your specific trip. Here’s what you need to know:
Make sure your policy includes trip cancellation/interruption insurance
Carol Mueller, Vice President of Strategic Marketing at Berkshire Hathaway Travel Protection, says that the most common travel insurance claim in the U.S. is trip cancellation or “reimbursement for your trip investment if you must cancel for a covered reason.” This type of coverage comes into play when you have a trip booked and paid for but can’t go due to health problems, civil unrest in your destination, or any other reasons your policy agrees to cover.
“It’s important for travelers to purchase a policy with trip cancellation and interruption coverage if they want their trip deposits covered,” she said. Without this type of coverage, you could lose any deposits you’ve made on your trip or any other amounts you paid upfront.
While many hotels let you cancel up to 24 hours before your stay without a penalty, remember this isn’t the case with airlines at all….
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