Travel insurance may help recoup some of your costs if your vacation is delayed, canceled, interrupted or negatively affected due to certain circumstances (defined in the policy). When you book a flight, a cruise voyage or vacation package, you may have the option to add trip cancellation protection or travel insurance for an additional cost. Or, you can purchase a separate policy from a travel insurance company, which allows you to select the level of coverage (and types of coverage) you want for the duration of your trip.
What if a tropical storm or natural disaster makes it impossible to travel? What if your luggage is lost or you get in a fender bender with a rental car? Before analyzing everything that could possibly go wrong, consider these factors to help decide if you need travel insurance:
1. Prepaid costs. Are you making a significant investment in a vacation with international airfare, hotels booked in advance for a group and/ or a lengthy trip that spans multiple weeks? Be sure to look closely at the cancellation policies for all flights, hotels and entertainment/excursions. How much money would you be out if you had to cancel?
2. Timing. You probably don’t need travel insurance for a last-minute trip, but you may consider it for a vacation that you’re planning far in advance. You may also want to factor in the potential for weather events if you plan to travel during hurricane season.
3. Health risks. If something goes wrong on your backcountry ski trip or rock climbing expedition, you may need a medical evacuation — which can be a huge expense if you’re far from home. Not a big risk-taker? A serious injury or illness can happen anytime, so check your health insurance policy before traveling. Find out if your health plan provides coverage in the area where you are traveling. If it doesn’t, you may want to consider travel insurance with medical coverage or a medical evacuation policy.
4. Peace of mind. Sometimes it comes down to how you feel. If having travel insurance helps relieve stress so you can relax and enjoy your trip, that’s worth something. If you want some protection without the extra costs, review the travel benefits included at no cost through your credit card.
Call us before you travel so we know to authorize your card purchases.
Credit cards often include travel benefits at no cost to you. These benefits tend to be more limited than the coverage you’d get with a travel insurance policy. But it’s definitely worth reviewing the terms and conditions of travel benefits for cardholders, such as:
- Trip cancellation/delay (for covered reasons)
- Rental car insurance
- Lost or destroyed baggage coverage
- Accidental death or dismemberment
Looking for a credit card with valuable cardholder benefits and worldwide acceptance? Check out Navigator Credit Union’s VISA® credit cards. Visit www.navigatorcu.org to learn more or call 800-344-3281.