Learn about the various kinds of travel insurance, and which type may be right for your family.
Travel insurance can protect you from substantial losses that result from a variety of situations, including canceled family vacations, lost baggage, medical emergencies, travel supplier defaults, as well as other unforeseen circumstances. This article is intended to help familiarize you with them, so you can make informed decision about which insurance product may be right for your family.
Types of Travel Insurance Coverage
There are several general types of travel insurance available to you. The coverage and limitations of each will vary depending on which insurance company is issuing the policy. The following is a brief description of some of the types of travel insurance:
-
Trip Cancellation: This is the most important and common type of travel insurance. It generally covers non-refundable payments or deposits you made if a trip is canceled or interrupted due to unforeseen circumstances.
-
Trip Delay: Provides reimbursement for expenses incurred when your trip is delayed.
-
Accident/Sickness Medical Expenses: Covers costs incurred due to an injury or illness that occurs while on a trip.
-
Medical Evaluation/Emergency Transportation: Covers transportation expenses when a medical emergency occurring while traveling requires transportation to a hospital or another medical facility.
-
Travel Supplier Default: Covers your deposit or payments that were lost due to the financial default of a travel supplier, such as a tour organizer.
-
Baggage/Personal Effects Loss or Delay: Covers your losses due to items that are damaged, delayed or lost during a trip.
Supplier Provided Coverage versus Third-Party Insurance Companies
Many travel vendors (like resorts, cruise lines and tour companies) offer their own protection plans, and these plans may provide very different coverage than is offered through third-party insurance companies, such as those GreatFamilyRentals.com provides access to. In most cases, travel vendor's coverage won't cover you in the event they go bankrupt. When you consider a protection plan offered by your travel vendor, you should carefully compare the coverage with third-party travel insurance products.
Who Should Buy Travel Insurance?
Family vacationers who want to protect their travel investment should consider purchasing travel insurance. If an illness, accident or sudden change in plans forces you to cancel or interrupt your travel plans, you may face two major financial losses - money you have invested in nonrefundable prepayments, and medical expenses that aren't covered by your health insurance.
How Does Trip Cancellation Coverage Work?
Trip cancellation coverage is designed to reimburse you for forfeited, nonrefundable, unused payments or deposits if you have to cancel your trip due to a variety of situations, including but not limited to inclement weather, illness or another unforeseen event. Depending on the particular policy you purchase, it may also cover:
-
Emergency medical expenses
-
When ordered by a doctor, transportation to the nearest adequate medical facility
-
Reasonable accommodations and travel expenses for travel delays
-
Essential items you purchase if your baggage is delayed
-
Lost or stolen luggage
How Much Does Travel Insurance Cost?
The cost of travel insurance varies from company to company, and even policy to policy. The more you have invested in your family vacation, the more you need to protect it. Travel insurance covers you for losses caused by trip cancellation and interruption, medical expenses, baggage, and both trip and baggage delay. When you consider all the protection you get, we believe travel insurance is actually a great value. So you can select the most cost-effective plan for you, GreatFamilyRentals.com allows you to instantly compare over 60 policies from 14 different insurance companies.
How Can I Find Out Which Policy Is Right For Me?
GreatFamilyRentals.com has formed a unique partnership with InsureMyTrip.com. Together, we offer the only site on the web that allows consumers to compare and buy travel insurance policies from all of the major providers in the industry. This will allow you to select a policy that will provide you with the highest level of coverage, at the lowest possible rate. We invite you to explore your travel insurance options today. 
