From trip cancellations to medical emergencies and everything in between, we have you covered.
What is Travel Insurance?
Travel insurance helps protect you from certain financial risks and losses that can occur while traveling. These losses can be minor, like a delayed suitcase, or significant, like a last-minute trip cancellation or a medical emergency overseas.
A few things you should know about travel insurance:
- Benefits vary by plan and insurer. It’s important to choose a plan that fits your needs, your budget and your travel plans. At Point 1 Insurance we work with multiple agencies to help ensure you receive the travel plan that best suits your current travel needs.
- Travel insurance can’t cover every possible situation. However, we will work closely with you to determine your potential travel “hiccups” and pair you with the appropriate travel insurance.
- Travel insurance is designed to cover unforeseeable events— not things you could easily see coming, or things within your control. If, for example, you wait to buy insurance for your beach trip until after a named hurricane is hustling toward your destination, your losses would not be covered.
How Does Travel Insurance Work?
In most scenarios, travel insurance reimburses you for your covered financial losses after you file a claim and the claim is approved. Filing a claim means submitting proof of your financial loss, so that we can verify what happened and reimburse you for your covered losses.
How does this work in real life? Let’s say you purchase a plan, which includes trip cancellation benefits, to protect your upcoming cruise to Cozumel. Two days before departure, you experience a high fever and chest pain. Your doctor diagnoses bacterial pneumonia and advises you to cancel the trip. When you notify the cruise line, they tell you it’s too late to receive a refund.
Without travel insurance, you’d lose the money you spent on your vacation. Fortunately, a serious, disabling illness can be considered a covered reason for trip cancellation, which means you can be reimbursed for your prepaid, nonrefundable trip costs. Once you’re feeling better, you gather the required documents — such as your airfare and cruise line receipts as well as information about any refunds you did or did not receive — and you file a claim. You can even choose to receive your reimbursement via direct deposit, to your debit card or checking account depending on the insurer.
Travel insurance may pay your expenses up front if you require emergency medical treatment or emergency transportation while traveling overseas. Although each plan is different in its potential coverages, and your travel needs and expectations should be discussed with your Point 1 Insurance representative.
Don’t wait too long to buy travel insurance! The best time to buy travel insurance is immediately after you’ve completed your travel arrangements. The earlier you buy insurance, the bigger your coverage window. Also, you must buy your plan within 14 days of making your initial trip deposit in order to be eligible for a pre-existing medical condition benefit (not available on all plans).
If you have questions about how travel insurance works, or how to file a claim, or which benefits you need, please contact us!