How Travel Insurance Works

Whether for business or pleasure, traveling the world can be enjoyable and rewarding. However, these journeys may also be wrought with risks and perils that could derail your plans, inflict injuries and incur significant financial consequences. With this in mind, your trip, like any other financial investment, should be secured with appropriate travel insurance.

What Is Travel Insurance?

As its name suggests, travel insurance is a type of coverage that may financially safeguard you and the investments you’ve made as part of your journey. Travel coverage may also be known as holiday insurance and trip insurance, and policies may include various components, such as travel health insurance and flight insurance.

What Does Travel Insurance Cover?

Travel policies may provide multifaceted financial protection for mishaps and accidents occurring during your trip. When assembling your insurance, consider including coverage for the following:

• Injuries and illnesses—Your regular health coverage may not apply while traveling abroad, making travel medical insurance potentially critical if you require health care services.
• Cancellations and delays—This coverage may help you recoup expenses and losses arising from cancellations or delays during your trip, such as nonrefundable deposits or hotel stays made necessary by flight issues.
• Luggage losses—This part may compensate you for lost, damaged or stolen luggage, as well as costs resulting from delays, such as purchasing replacement toiletries and other essentials.

How Much Travel Insurance Do I Need?

Your insurance needs may vary significantly depending on your unique circumstances. Consider where you plan to travel and research whether your standard policies, such as health and auto insurance, will remain valid during your trip. Depending on your travel habits, you may also be able to choose between ongoing coverage that financially protects multiple trips or policies for just a single journey. Consult with a qualified insurance professional, such as those at Price Insurance, to assess your coverage needs thoroughly and accurately.

How Much Does Travel Insurance Cost?

Many factors may impact the cost of adequate a travel policy. When analyzing your risks and exposures and quoting you a rate for appropriate coverage, insurance companies may consider the following criteria:

• Trip duration
• Destination
• Age of policyholder
• Total trip cost
• Policy details (e.g., types of coverage, limits and deductibles)

We’re Here to Help

At Price Insurance, we have over 80 years of service to families, individuals and businesses. Our agents will draw on this extensive knowledge and experience to identify your coverage needs, explore available options and assemble optimal policies. Visit our website or call 847-234-0411 for a personalized quote or learn more.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.