Travel Insurance

What is Travel Insurance?

Travel insurance is designed to provide protection for those traveling outside their home countries and policies can cover a variety of circumstances which may otherwise pose a risk of financial hardship should travelers be caught off-guard in an emergency.

Policies are generally arranged at the time the trip is booked and policy types vary depending on the type of coverage that is required, for example users can choose between annual policies and daily policies, depending on the type of travel they will be doing.

For those who travel frequently due to business or other life circumstances, the annual policy may be the best option, however for someone who is planning a rare one-week vacation a shorter policy that is customized to meet their trip specifications is probably the best option.

Types of Coverage

Many people think of travel insurance as being designed strictly to cover medical emergencies; however coverage can extend to a variety of circumstances such as:

  • Missed flight connections and/or weather-related travel delays
  • Lost or stolen baggage and personal items
  • Delayed or damaged baggage
  • Trip cancellation or interruption
  • Emergency evacuation
  • Accidental death, injury or disablement
  • Funeral expenses
  • Repatriation of remains

Other Coverage Options

There are a variety of other coverage options that companies may be able to provide, although invariably this will incur additional insurance fees.  Some options are:

  • Coverage for certain high-risk sports, such as winter sports or scuba diving
  • Travel to countries with high risk circumstances, such as war or terrorism
  • Increased Accidental Death coverage
  • Third party insolvency coverage to protect against airline or hotel bankruptcy- normally used in cases where non-refundable down payments have been made
  • Pregnancy-related expenses are generally covered if the insured travels within the first trimester, however depending on your provider, additional insurance for pregnant women may need to be purchased beyond the third month

Exclusions

As with any insurance policy, there are normally some exclusions such as those around war or terrorism unless obtained specially through extended coverage and injury or illness due to drug or alcohol.  Before traveling, be sure to check with your provider to ascertain exactly what your exclusions will be.

Travel insurance may also be purchased with other benefits such as emergency travel assistance and/or concierge service in certain hotels or restaurants.  Talk to your insurance provider today to determine the best options available to you.

Contact IFG today to discuss all your insurance needs at 705-740-9909.