Travel insurance can be a lifesaver regarding unexpected situations during your travels. Whether booking a hotel room or purchasing a flight ticket, having travel insurance can provide you with peace of mind knowing that you’re covered in emergencies. However, there are several benefits and trappings of travel insurance where you need to proceed with caution. Below is the pros and the cons of both.
Benefits of Travel Insurance for Hotels
- Trip Cancellation/Interruption Coverage: Plans change because of a medical emergency, natural disaster, or death in the family; travel insurance can cover the costs of your prepaid hotel reservation.
- Lost or Stolen Belongings: If your personal belongings get lost or stolen during your stay in the hotel, travel insurance can reimburse you for your lost items.
- Medical Expenses: Should you get sick or experience an injury during your stay in the hotel, travel insurance can cover your medical expenses, including hospital stays, doctor visits, and medications.
Trappings of Travel Insurance for Hotels
- High Costs: Travel insurance can be expensive, especially if traveling internationally or booking a luxury hotel. You should compare prices and benefits from different insurers to find the best value for your money.
- Limited Coverage: Some travel insurance policies may have exclusions or limitations on coverage. For example, some policies may not cover pre-existing medical conditions or adventure activities.
- Should your flight get cancelled, the limited hotel reservation coverage prevents you from avoiding the first night’s charge unless you speak with management.
Benefits of Travel Insurance for Flights
- Trip Cancellation/Interruption Coverage: Should you have a medical emergency, natural disaster, or death in the family, travel insurance can cover the costs of your prepaid flight ticket. The claim will be processed after your return day.
- Flight Delay/Cancellation Coverage: If your flight is delayed or canceled, travel insurance can cover the cost of your accommodations, meals, and transportation while you wait for your next flight. Sometimes that means getting you there after your designated return.
- Lost or Stolen Belongings: Travel insurance can reimburse you for your lost items if your personal belongings get lost or stolen during your flight. However, your claim will not be processed until after you return from your trip.
Trappings of Travel Insurance for Flights
- Limited Coverage: Some travel insurance policies may have exclusions or limitations on coverage. For example, some policies may not cover pre-existing medical conditions or adventure activities.
- High Costs: Travel insurance can be expensive, especially if traveling internationally or booking a luxury flight. You should compare prices and benefits from different insurers to find the best value for your money.
- The airline cancels and there are no other flights available for your date of travel. Again, you cannot request a refund until your complete travel reservation has expired.
In conclusion, travel insurance can provide peace of mind and financial protection during your travels. Reading the fine print, comparing prices, and benefits from different insurers aid in finding the best coverage. Remember you pay upfront when booking your trip for the benefits and trappings of travel insurance. Be prepared to go to battle to make sure that they honor what they promise.