By: Julio Vargas Pérez from Money.com
Recently a Facebook friend who is planning her wedding asked if she should forget about Europe for her honeymoon. She wanted to make sure she didn’t lose any money on the trip. I gave her a 3-word answer: Get Travel Insurance.
The past few years have not been kind to the travel industry. In the early days, the pandemic completely upended everyone’s plans when we all had to quarantine. Then as restrictions started relaxing, these new variants started popping up.
It seemed as though you could never be sure what travel restrictions were going to be in place. It has made planning ahead a bit of a headache.
Now, even though the pandemic is still a thing, as we cautiously try to regain our sense of normalcy, conflict breaks out in eastern Europe. I can understand why my friend was so apprehensive.
Here’s the thing: there is really no need to resign oneself to internal tourism or domestic travel only. With the right travel insurance coverage, losing money due to unforeseen circumstances becomes a thing of the past.
What Travel insurance covers
- Travel insurance covers most unexpected things that might happen to you when you plan a trip.
- There is always the possibility that your travel might be canceled for any number of reasons.
- Travel insurance can also cover many types of medical emergencies that your health insurance company might not include in their policy.
Below are some of the different things that could be covered if you purchase travel insurance.
The following are some of the common features of travel insurance that might make it worthwhile for you. Remember, every company is different, and they may offer different combinations of the below to varying degrees. You should always check with your provider to make sure that what you want is what you will be getting.
Cancel for any reason (CFAR) coverage
Most companies allow for cancelations due to a list of pre-approved reasons, such as a death in the family or serious illness. But what if the reason you need to cancel doesn’t fall into any neatly pre-approved checkbox?
This is where CFAR coverage shines. With it, you can be reimbursed a percentage of the cost of your trip due to cancellation for… you guessed it! Any reason.
Trip Delay Coverage
Few things are as bothersome as delays due to unforeseen circumstances. Especially after all the careful planning that goes into a trip.
Trip delay coverage can reimburse you for expenses related to unexpected delays in travel, such as lodging during the wait or missed connections between flights. Some companies even provide reimbursement for flight change fees.
Trip interruption coverage
Say you need to hop on the very next plane home for any reason and you are only a few days into your travel. This option reimburses you for unused portions of your trip as well as the cost of getting back home early, such as last-minute flights, which can cost a pretty penny.
Medical coverage
Medical care can always be a cause for stress, but with the medical coverage offered by your travel insurance carrier, paying for it doesn’t have to be.
If you get hurt, sick, or need to go to the emergency room, travel insurance can reimburse you for emergency care if necessary on your trip.
Medical Evacuation Insurance
What if the medical treatment you need isn’t available in the area where you happen to be? That’s where medevac coverage comes in.
This coverage will help you cover the costs of treatment that requires you to seek assistance outside of the area you are visiting.
Replace Stolen or lost luggage
Lost or stolen luggage can be a pain. It isn’t just about the contents of it. Suitcases aren’t cheap! Well, good ones aren’t. Sadly, there is no accounting for bad actors or careless baggage handlers. Lost or stolen luggage is just one of those things that happens sometimes.
The cost of replacing your suitcase and the items inside can get very expensive. Travel insurance can help with any kind of theft of any personal items when you are away.
Car travel
Car accidents are terrifying. Fender benders are inconvenient. Both of them can be a major headache if the car you are driving isn’t yours. Car rental companies provide insurance, but sometimes it might not be enough. Your travel insurance can help you if you get into an accident in your rental.
Final thoughts
As stated earlier, you are going to want to check with your provider. Not all of them offer the same features and costs can vary. No two trips are the same and for that same reason no travel insurance coverage is one size fits all.
Choosing which travel insurance to purchase, at what level or even whether to purchase at all can be a bit daunting. Fortunately there are plenty of guides to help make the choice less complicated.
What’s most important is not letting fear or uncertainty keep you from taking that trip you’ve always dreamed of. Especially if it’s your honeymoon.
