Help travel insurance feel less complex with an understanding of these common travel protection terms
You’ve taken the plunge, you’ve booked the trip, you’ve started your packing list. But do you have travel protection in the bag? Understanding your travel protection plan’s terms and benefits can help you and your family ensure you will be in for smooth sailing, even if something does go wrong.
Travel can sometimes be complicated, and travel protection plans are designed to provide reimbursement for a wide variety of risks to you, your things and your money. It is important to understand the various situations where your travel protection plan might come in handy.
So here’s a primer of some top terms to know whether you’re still shopping for your dream vacation or have already booked your trip and an appropriate travel protection plan:
1. Coverage – Hint, it’s not the kind you get from your sunscreen.Since travel protection plans are typically a package of insurance, benefits and services, it is important review your specific plan in order to understand the extent of the coverage. Many plans provide coverage for not only trip cancellation before you depart, but also offer protection while traveling. These may include coverage for costs associated with delays, loss, theft or damage to items as well as medical concerns. Lesser known benefits like concierge services are often included, so be sure to take advantage of all that your plan offers.
2. Benefits – A travel protection plan’s coverage is broken down into specific benefits, all of which will be listed in the plan documents. Common travel insurance benefits are trip cancellation, trip interruption (being forced to return home early), trip delay, baggage and medical benefits.
3. Limits – Each benefit will have a limit listed, and this is maximum amount you may be reimbursed after your covered claim has been filed and processed. Your policy will outline the maximum benefits, or largest total amount, you can expect to receive based upon the benefit limits included in your plan. But don’t forget, if you do have a claim, you might be eligible for reimbursement under multiple benefit limits. For example, if an unfortunate incident required medical care on the first day of your trip, and it was serious enough that you were forced to both see a doctor and then return home, you might be reimbursed for both medical expenses, and the non-refundable expenses for the remainder of your vacation!