Is Travel Insurance worth the Investment?

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Whenever I travel abroad, I always wrestle with the decision on whether or not to purchase travel insurance. I can either play it safe and invest the extra money for peace of mind, or simply roll the dice. Travel insurance comes in a few different flavors: trip cancellation or interruption; loss or damage to personal items; and emergency travel medical insurance. The cost of the abovementioned insurances can depend on the length of the trip, the destination, and the number of travelers.

Before you begin to weigh the pros and cons, there are a few things you should research. First, begin with your own health insurance plan. When I went to Brazil, my husband and I were covered if we needed medical treatment. My health insurance would even cover a medical evacuation. Thankfully, we never needed to use our health insurance while in Brazil. Not all health insurance plans cover medical costs while traveling. Be sure to check with your provider. If the provider doesn’t cover medical expenses, you can look into companies that will allow you to purchase travel health insurance.

 

You should also review your homeowners and auto policies to see what is covered when you travel. For example, damage or a loss of your personal property may be covered under your homeowner’s policy. For my trip to Brazil, our policy did in fact cover any damage or loss of personal property while traveling. You can find out what is covered by simply calling your insurance agent.

What you will need to purchase is trip cancellation insurance. I would recommend you purchase travel insurance, especially if you are booking vacation abroad and especially if you are booking the trip several months in advance. Let’s say you booked a trip to Europe to stay at one of our International Vacation Home Exchange properties. Then, a few weeks before you are scheduled to leave, something happens and you need to cancel your trip. Travel insurance can provide reimbursement for ticket costs due to trip cancellation arising from illnesses, injuries, or natural disasters. The reasons for a canceled trip usually have to meet specific definitions before you can obtain a reimbursement. Missing your flight because you overslept is not going to cut it. You may also need a doctor’s note if you claim an illness or injury forced you to cancel your trip. Travel insurance may also cover your expenses in the event of a terrorist attack, political evacuation, and the cost to replace a lost or stolen passport.

Of course everyone has different situations, so considering travel insurance is always a good process.  If you are interested in purchasing travel insurance for you next vacation, you can do so a few different ways. You can purchase travel insurance through travel agents or travel suppliers. You can also purchase insurance from companies directly and online. If you do opt to purchase insurance online, be sure you are working with a reputable company. If you live in the United States, you can check out the US Travel Insurance Association website for additional information. Also, be sure to talk to one of our IVHE travel coordinators about our trip cancellation policies regarding vacation home exchanges.

Thank you to travel guest blogger Carla Pruitt. You can follow Carla on Twitter at @crobscarla.

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Do You Have the Right Type of Insurance for Home Exchange?

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Keen home swappers and credit traders with IVHE know that one of the best aspects of these types of holiday are the cost savings. Whether you are in the mood to lounge by the pool in a dreamlike villa in Sorrento, or you feel like taking in the sights and sounds of a buzzing city like London, all you need to do is either make a direct home swap, or earn credits for future holidays by letting someone else stay at your home, or by introducing new members to the vast IVHE network. It’s a win-win situation for everyone, though, as is the case with every holiday, you need to ensure you don’t pay more than you bargained for by incurring costs that could have been avoided with a sound insurance policy that will cover any losses incurred. When shopping for a policy that covers your next swap, try to make sure the following is covered.  
Try to find a dedicated home exchange protection plan: Seek out a company that can provide a plan which specifically covers home exchange. The plan should include the following:
* Reimbursement if you have to cancel travel plans: Issues like sickness or injury can force you to cancel a trip; this can mean a big loss for you and your family, especially if you have already paid for items like your airfares. Top insurance companies will offer you a reimbursement that can run into a maximum of thousands of dollars, which is good news as far as security is concerned.

* Reimbursement if the trip has to be cancelled owing to unforeseen circumstances; these can include poor weather, which may cause a flight to be delayed or cancelled. Also, your policy should take into account any natural disasters (such as floods or fires) in your area, or any problems that may occur in your home. This can include damage caused to your property, or even a robbery or the destruction of your property by third parties.

* Home exchange damage waiver: Your insurance policy should cover any damage you may cause to the home of your exchange partner. You will most likely be expected to pay the immediate cost of repair, though this will be reimbursed, provided the amount is less than the maximum limit. Although it is right to assume that members will take good care of your home and vice-versa, accidents do happen so it is a good idea to up the maximum limit to the extent you can.

*Medical costs: Your plan should cover things like emergency dentistry, medical and surgical needs, supplies, etc. If you have a pre-existing medical condition, try to ensure any treatment or services you require for your condition while you are on holiday, will be covered. Your transport costs to the nearest hospital or emergency center should also be included, so long as the doctor who is treating you deems such assistance necessary because you are unable to drive or otherwise make your way to the hospital/emergency center, by yourself.

* Additional expenses: Sometimes, the least likely things can cause economic loss. This can include the loss of luggage or passports, or the unauthorized use of your credit card. These should be included in a clause on reimbursement for personal effects. When baggage is lost and isn’t found immediately, this will involve purchasing new clothing and personal items. What you spend, provided it falls within the limit, should be reimbursed.

* Assistance: In the event of loss of personal items, you may need help with a host of administrative tasks, everything from obtaining a cash transfer to obtaining a new passport. When you are in a country you are not acquainted with, even obtaining a referral to a good doctor or obtaining transport, can be a challenge, especially when you do not speak the local language. Some insurance companies offer travel assistance, given by dedicated professionals who can arrange paperwork and recommend quality professional services in the local area. Whether you are driving on an unknown highway and you suddenly find you have a flat tire, or you need to make a quick change in travel plans and need help making a booking, travel assistance will do plenty to put your mind at ease. 

This is a freelance article sent in by site reader Sally Smart - THANK YOU   

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