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Travel Insurance: to buy or not to buy?

In a year rife with labor disputes and extreme weather – in addition to all the other things that can go wrong with travel, the question increasingly being asked by travelers is: “Should I purchase trip insurance?”.

Well, you’re in luck because here is a quick 5 point guide that should help you answer that question!

5. What-if’s. Evaluate your “what-if” scenarios.  What if I get sick in another country -will my health insurance cover me.  What if I have to cancel a trip because I’m taken ill or am in an accident? Check your personal insurance policy to see what’s covered when traveling and determine what non-refundable expenses you can afford to lose before traveling.

4.  Pre-existing medical conditions. Examine your policies to see if pre-existing conditions are covered.  Unknown fact: most insurance companies will not cover trip cancellations due to a family member’s illness because that is classified as a pre-existing condition.

3.  Unforseen events. Trip insurance usually only covers disruptions that are unforseen.  For example most providers will not offer coverage for disrupted trips to Europe after April 30 caused by Iceland’s volcano since it is no longer an unforseen event.  On the other hand, they will provide coverage if the policyholder’s hotel is uninhabitable.  As for airline strikes, it is best to determine whether the policy you are purchasing covers the airline you are flying as some insurance companies have a “black-list” of airlines they will NOT cover due to workers who are likely to strike or the carrier is in financial turmoil.

2.  Duplicate coverage. Avoid purchasing policies that cover things like lost or delayed baggage that are typically covered by homeowners insurance.

1.  Above ALL else – DO YOUR RESEARCH. Read the fine print.  Most trip insurance policies don’t cover things like fine jewelry or expensive equipment as part of your checked luggage. You will waste your money if you don’t read the fine print!

For additional information on trip insurance or all things travel related, don’t hesitate to contact your Christopherson Travel Advisor.

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