For years, buying travel insurance has been looked upon with question and caution. It was a great unmentionable in making travel transactions, as travel agents were afraid that the subject would compromise their deals in totality. It was considered as negative and something unnecessary. However, today travel insurance provides protection for you and family during times that are supposed to be relaxing, not stressful. Whether it's your trip, your luggage, health, or possessions, the right kind of travel insurance has come to play a prominent role for smart travelers.
According to a recent study conducted by the US travel Insurance Association, about 30% of Americans purchase travel insurance, which represents a 10% increase before 9/11. Some reasons for this increase may be peace of mind, protection against the unexpected, and concern over losing financial investment in a trip. For cruise travelers, this number increases to 70%. Many people are still relatively unaware of travel health insurance, baggage coverage, and even medical evacuation insurance. There is yet another kind of insurance that's available to air travelers that airlines have been more hush-hush about excess valuation insurance. Trip cancellation and interruption insurance is a policy you should consider, but the key here is price point. If you're flying on a budget $60 flight then it wouldn't make much sense to buy, but if you look on the other hand, a once-in-a-lifetime trip to the other side of the world, this kind of travel insurance will surely come in handy and give you peace of mind. If by chance you get sick, miss your trip, or your travel provider goes out of business, you're not left high and dry. You're covered. However, another caution you should know about is, do not buy this type of insurance from the individual travel provider, meaning if you're going on a cruise, try not to buy this insurance from the cruise ship company, because should their company goes out of business, chances are, their insurance will too, leaving you uncovered.
Baggage travel insurance is also a very useful policy, since it provides coverage for lost, damages, delayed, or stolen bags. This is especially important for those flying overseas and checking in bags. However, if you're just flying between US cities and think about things like items that are not covered like jewelry, furs, financial documents, etc. Then consider depreciation. Airlines have a 3,000 dollar liability limit, but that limit is per incident, not per bag and all based on depreciated value, and hardly anyone has ever received the full $3000.
Lastly, the "excess valuation" insurance we mentioned earlier is very important, as it provides up to $5000 in additional coverages. If your airline loses your bags, the contents of your bag will be insured, even items on the "no cover list". Understand that you should always compare the costs of your trip versus the cost of the travel insurance policy. If your flight is worth $150, is that worth covering? Always look for a policy with a travel insurer that is independent from your tour operator and is licensed by your appropriate state.
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