Travel Insurance

What is 'travel insurance'?

Travel insurance is protection for you while you're travelling. For instance, it can cover the cost of a hotel room in case you have to cancel your trip or the cost of airfare. It can also provide for medical insurance in case you become sick on your trip. So it's basically an additional layer of protection for you while you're travelling.

Do I need travel insurance?

It really depends on what type of trip you are taking and the cost of your trip and how likely you think it is that you might cancel your trip. A lot of times for your average trip maybe flying from Los Angeles to New York, you really don't need traveler's insurance for that. And one of the things you have to think about is if you are going to be able to recoup or benefit from the travel insurance. For instance, a lot of times, if you cancel a trip because of illness, a lot of times the travel insurance companies will not honor that if you have been sick say within the past six weeks because what they require is a doctor's note and if the doctor's note says that yes, this person was also sick six weeks ago, they are not going to cover your trip. They are going to deny your insurance coverage.

What kinds of travel insurance are there?

There's different types of travel insurance that you can get. Some will cover your trip, some will cover your airfare, some will cover hotels in case you have to cancel, and some will cover you in the event that there's weather, in case, say, you're travelling through Mexico and there's a hurricane so that will cover you on those events. There's also travel insurance that will cover your personal effects. Say if you're travelling and you lose something, or you're carrying expensive jewelry with you they'll cover you for that. And then there's also travel insurance that will cover you in case of a medical need.

What is 'personal property insurance'?

Personal property insurance is what it sounds like. That will cover your personal property, so if you're travelling and your bag is stolen or your purse is stolen, or maybe you lose some clothes, or there's some sort of damage, say due to weather or something during a trip, it will cover you for those personal items.

When do I need personal property insurance?

I think the time to consider personal property insurance is when you're traveling with expensive items. Such as maybe expensive jewelry, if you're carrying an expensive watch. And also if you're going to destination where maybe it's more likely that you can be robbed. And some of the other things to consider, if you're going to multiple destinations, maybe if you're going from country to country to country on an extended trip. Then you're more likely to have loss of personal effect. And the other thing to consider is if the items are not covered on your own home personal insurance policy. Sometimes these items will be covered on your home personal policy, so you want to look at that and see if you're covered first. Because if you are then you don't have to get the extra insurance.

What is 'trip cancellation insurance'?

Trip cancellation is insurance that you have in the event that you cancel a trip. So some of the things that it will cover is it will cover your airfares, if you have a non-refundable airfare. Or if you have hotel deposits already made, it will cover you for those. If you have a deposit on a cruise ship and you're not able to make the trip, it will cover you for that as well. But one of the things you want to be aware of is that sometimes it's very difficult to abide by the rules and regulations, and so what you want to make sure that you do is read what restrictions they impose upon you before purchasing that insurance.

When is it a good idea to get trip cancellation insurance?

I think a time to consider trip cancellation insurance is when you're planning a trip well in advance. For instance if your trip is a year in advance, or maybe even six months in advance, and it's a costly trip and a trip that requires you to put down a lot of deposits. So if you have to put down a lot of deposits for hotel rooms, for car rental, for air fare, or even for a cruise ship, then it's a good idea to think about trip cancellation insurance. And it's also even more important if you think that you might have to cancel do to a sickness or a illness. Then it really becomes a valuable tool.

What factors should I consider when getting trip cancellation insurance?

I think a time to consider trip cancellation insurance is when you're planning a trip well in advance. For instance if your trip is a year in advance, or maybe even six months in advance, and it's a costly trip and a trip that requires you to put down a lot of deposits. So if you have to put down a lot of deposits for hotel rooms, for car rental, for air fare, or even for a cruise ship, then it's a good idea to think about trip cancellation insurance. And it's also even more important if you think that you might have to cancel do to a sickness or a illness. Then it really becomes a valuable tool.

Do I need additional medical insurance when traveling?

You know very often, your own medical insurance is going to cover you while you're traveling, and also, many of your credit cards, if you have a premium credit card, such as a Platinum American Express, Gold American Express, or some of the Platinum Visa Master cards, very often they will have a type of medical coverage that will take care of you, and they'll actually even take you to a U.S. type of hospital if you're in an international location. So a lot of times what you want to do is check on the coverage that you already have and see if it's necessary to invest in additional coverage.