It’s the time of year when people plan a getaway from the Maine winter. This means our phone starts ringing with inquiries about travel and trip insurance.
Vacations can sometimes cost thousands of dollars so it is important to have the proper insurance protection in case the cruise or tour operator goes bankrupt or you need to cancel the trip due to illness or other unforeseen events.
There are four major types of travel insurance, although you can also purchase packages that offer several options, including Trip Cancellation, Lost Baggage, Medical, Dental, Emergency Evacuation, 24 Hour Traveler Assistance, Baggage Delay, Travel Delay, and Accidental Death Coverages. Some policies also have options for Collision/Damage coverage for rented cars.
Travel insurance can cover:
• Trip cancellation or disruption as the result of illness or death, a crisis at work, financial default on the part of a at your operator or other unexpected events
• Medical treatment not covered by your existing insurance
• Getting home after a medical emergency, earthquake, tsunami or other environmental event or political upheaval
Generally, there are three types of insurance plans to cover these events. They are:
• Standalone evacuation plans
• Standalone medical insurance plans (including evacuation)
• A more comprehensive plan including trip cancellation and interruption coverage and medical and evacuation coverage
Among the many factors to consider:
• The coverage level your health insurance plan provides, for both emergency and non-emergency care outside the U.S.
• The likelihood you would have to cancel your trip because of an illness (you, your travel companion or close relative)
• The level of non-refundable costs involved with your trip