Boating what about travel insurance?
If you plan to travel around the world on your boat. I am sure you have boat insurance all tied up, but what about travel insurance? Travel insurance should be a no-brainer. Why not spend a few pounds to protect an investment of thousands?
We purchase travel insurance ourselves, and we think you should too. Many people think that nothing will happen and they are sure to go on their trip. And most people do go on their trips. But you never know when something will happen to you or loved ones that will prevent you from making your trip. In many cases, there is no refund available. That’s because vacations are “perishable” not durable goods — unused hotel rooms, unused airline seats are useless unless they can be sold.
This article is intended to provide you with more information on the types of travel insurance available and why you may want to avail yourselves of insurance the next time you travel. Cancellation and emergency medical evacuation are considered the most important to buy, followed by delay, medical and lost baggage coverage. No other insurance that you have is likely to cover trip cancellation or delay. You may or may not already have insurance to cover emergency medical evacuation, medical expenses, and theft.
Trip cancellation and interruption insurance usually cover claims for canceled trips due to some of the following reasons: illness or injury of the client or traveling companion that requires treatment by a doctor who recommends the trip be canceled; bankruptcy of a supplier resulting in “complete cessation” of services; strike or “disaster” that results in the halting of air or tour operator services; layoff or firing of the traveler; jury duty and court-ordered appearances; burglary or destruction of the client’s home by fire or flood; terrorist incident in a foreign city prior to the arrival of the client, or a car wreck on the way to the airport.
What the insurance company pays depends on the policy, but it can include the amount of deposits or payments already made on the trip, the additional cost of accommodations if the rate rises above the original amount, additional travel costs to reach the destination and the cost of accommodations while a traveling companion is stuck in the hospital.
Some instances in which the insurance company won’t pay for canceling the trip include: simple change of plans; business obligations; the inability to get a passport or visa in time; being detained by a customs authority; airline or carrier delay that is the fault of the airline, including bad weather; default of the supplier that sold the policy; giving birth, and mental disorders.
There is now a trend toward allowing you to claim illness as a reason for canceling even if you were already sick before buying the insurance. Travel insurance literature calls that a pre-existing medical condition when occurring up to 90 days before departure and only a few companies cover this situation, and the ones that do require you to purchase the insurance within a very few days of paying for the trip.
Note, when cancelling a trip for illness, expect to be required to have the illness documented by a doctor.
Emergency medical evacuation is easy to forget, but is very important when you need it. Some policies cover up to £50,000 for this service. Most insurance companies will only pay if a “legally qualified” physician attests that the evacuation was necessary. Find out if the travel insurer covers the costs up front or if you have to pay first and then wait for a settlement from the insurance company.
Delay insurance pays if you miss part of a trip due to a covered situation. Traffic accidents on the way to departure, airline delays due to bad weather, loss of travel documents or money are usually covered. Getting lost or losing travel documents is not covered. In general, exclusions for trip delay insurance are similar to trip cancellation insurance.
Most medical coverage insurance requires you to use your own personal health insurance first. Then the travel policy pays the difference. If you expect to get payment, you must see a doctor and have it documented. You need to pay attention to the exclusions: many sports activities that are considered dangerous are not covered, nor is childbirth, mental illness.
This may not be terribly important, since the insurance will probably not cover costly items anyway. Many policies have a maximum combined limit of £500 to £1000 for jewellery, watches, computers and cameras lost with the luggage. Check the list of what is not covered if you are concerned about particular items.
You should check your home owners insurance to see if personal items are covered for theft while travelling, and if not, if it is reasonable for you to add this kind of coverage to your policy.