EDISON BLOG

Travel Insurance 101


 
Most people often have to think before they add insurance to their travel plans, but the few extra dollars it costs to insure your trip, could actually save you in the long run. A vacation or trip can sometimes cost thousands of dollars, so it is extremely important you cast your safety net.
 
What is Travel Insurance?
 
There are several types of travel insurance, including Trip Cancellation, Lost Baggage, Medical, Dental, Emergency Evacuation, 24 Hour Traveler Assistance, Baggage Delay, Travel Delay, and Accidental Death Coverages. Some policies may also offer options for rented cars such as Collision/Damage coverage. There are policies which offer all of these options in a bundle, or separately depending on the type of trip you are taking. In the case you may need to cancel your trip due to illness or unforeseen events, your travel insurance will come in handy.
 
Trip Cancellation Insurance:
 
This should not be confused with a Cancellation Waiver, which many cruise and tour operators offer which provides coverage should you have to cancel the trip. Waivers usually cost around $40-$60, but they have limitations, such as the time period in which you may cancel. Most waivers don’t cover you if you cancel right before the trip (which is when most people cancel) or after the trip has begun.
 
Trip Cancellation Insurance would reimburse you if the cruise line or tour operator has gone out of business, or if you have to cancel the trip due to illness, death, or other scenarios listed in your policy. Even if you or a family member are injured during the trip, most policies would reimburse you for the unused portion of the trip.
 
The cost of this type of insurance can range between 5-7% of the cost of the vacation. While you may think or hope everything will be fine, it could be in your best interest to consider insuring your trip.
 
Lost Baggage:
 
This is every traveler’s nightmare. From the time you check your bags in, there is usually a moment of anxiety until it appears again on the belt at your given destination. This type of coverage comes into effect if your personal belongings are lost, stolen or damaged during travel. It may be a good idea to check with your airline or trip operator to see how much coverage they offer for your belongings.
 
Medical:
 
If you or your family member had to be airlifted or transported to a hospital due to an accident, or if you needed to stay in a foreign hospital for an extended period of time, your policy would provide coverage. It should also provide coverage if you needed to fly home because you weren’t feeling well during the trip. You should also check with your current health insurance provider and find out what type of coverage you already have for travel.
 
Accidental Death:
 
In the event the worse thing happens, and you or a family member pass away on your trip, travel insurance would provide a variety of coverages. If you already have a life insurance plan, this may be unnecessary, however, taking a moment to learn more about accidental death coverage may be something to consider before embarking on your next adventure.
 

Certain credit card companies offer travel-related services and coverage and you could also purchase it from either a travel agent or directly from an insurer who specializes in travel-related coverage. Before booking your trip, have a discussion with your family to decide if travel insurance could be beneficial.
 
We hope these suggestions will help you when making the decision to purchase travel insurance. Safe travels.


Keeping your family and home safe and protected is Edison Home Insurance Company’s number one priority. We have taken a bright and innovative approach to FL homeowners insurance with coverage options allowing you to customize a policy to best fit your needs. To learn more about Edison Insurance Company, or to get a personalized quote, call us at (866) 568-8922.
 
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