What is the need of Leisure Travel Insurance?
There is a very common accident-related insurance product called travel insurance. For those who make a business-trip or a cruise travel abroad, the purchase of such insurance is a must. However, this is not a strict necessity for individuals intending to go for a leisure travel. What do specialists say? One needs to listen to these opinions and accumulate some sort of specialized knowledge in order to decide whether it is worth purchasing leisure insurance.
What does Leisure Travel Insurance refer to?
This is a special and very extensive insurance product that provides coverage for a variety of events. Basically it covers both the insured person’s non-refundable vacation as well as the unforeseen emergency-situations that may occur during the travel. It is very important for the future insured to be aware of the cases or situations that are covered by a particular insurance, as this is the only possibility of choosing the right insurance-product.
What kind of coverage does a traveler buying leisure travel insurance get?
First of all, there is the Pre-Departure Coverage reimbursing the beneficiary the cost of the trip in case of a claim. This claim may refer to one or more perils mentioned in the insurance scheme, such as injury, sickness, death, strike, cessation of travel-services due to bad weather conditions, terrorism and many other reasons.
Second, Post-Departure Coverage involves covering the insured for emergency medical and/or evacuation expenses, but it also involves coverage for baggage, personal documents and other personal belongings, accommodation- and meal-reimbursement in case the insured is delayed, and many others. Finally, Non-Insured Assistance Services refer to the 24/7 customer service that provides travelers with assistance regarding their travel or any kind of emergency situation. There is an additional option of phone concierge service.
What are the benefits of this type of policy?
First of all, it is not so costly. Also, there are various options that make this product convenient and advantageous, such as the multi-destination itineraries, the option of travel cancellation, coverage for sports and other activities or for individually specified items. Believe it or not, but one may opt for coverage although having pre-existing medical conditions.
Besides the standard insurance package, however, one may add optional extras by paying some additional charges. Some common examples of this insurance’s extension are the travel cancellation, the rental vehicle-excess option, as well as the ones referring to the coverage of specified items and sport-activities.
The travel cancellation option, for instance, provides coverage for cancellation fees and lost deposits. For those having a Pre-Existing Medical Condition, there is an extra charge to be paid, and sometimes a medical certificate is needed as well. This must be submitted to the insurance company for approval together with the premium-deposit option. It is essential to note that this option works differently if one pays for the travel a deposit only, or if the airfares are paid in full.
In order to be eligible for the rental vehicle option, the vehicle must be rented by one of the insured individuals from a licensed rental-agency. Moreover, the dates of vehicle-hire need to be specified in the insurance-contract. Also, there is no refund if this particular coverage is not used. For those travelling with a valuable item or items, it may be useful to know that these may be insured for an additional cost of around 2% of the item’s market-value. The good news is that cameras, video as well as their accessories are covered automatically with the Specified Items Option, with no extra charge.
Most of the sporting activities may be covered with the Sporting Activities Option. However, there are certain exclusions, for instance sports carrying high risks. But the coverage may be possible even for these activities, one just needs to talk with a professional.
All in all, for those travelers who are longing to travel with confidence, with the peace of mind of being safe, purchasing Leisure Travel Insurance is an extraordinary opportunity. However, one needs to study the policy’s special terms and conditions carefully before actually purchasing such an insurance product.