Spring is in the air, and summer is right around the corner. Like many Americans, you might be planning a little relaxation time this year. Half the fun is planning the trip which could take weeks laying out details, and shopping for the best rates. It is possible that sickness or serious health issues can come up around the time you plan your vacation. A travel insurance policy can help protect your travel investments if any potential “what-ifs” become an unfortunate reality.
Let’s say you booked passage on a cruise and a week before the trip you receive a call that the cruise has to be cancelled due to mechanical failure. The cruise liner will probably offer a full refund and maybe even a discount on your next trip, but what about the plane ticket that cost you several hundred dollars? Without the protection offered by travel insurance, you could be stuck with the transportation expenses.
Avoiding Financial Hardships While on Vacation
Delayed or missing luggage, cancelled cruises, weather delays for flights and even medical care costs while you are out of network can all spell disaster. While the U.S. embassy or consulate can help find medical services and assist in the transfer of funds from home, they won’t pay for medical care or the cost of repatriation back to the U.S.
For many trips, it may be necessary to rent a vehicle while on vacation. Rules and regulations differ from state to state as well as from country to country. Be sure to have a conversation with your insurance agent before you make any incorrect assumptions, and ask about “loss of use”. This is when the rental car is damaged while in your care, and has to go to the shop for repairs. The rental company may charge you the rental-fee for each day the car is being serviced, and “loss of use” is rarely covered under a standard auto insurance policy.
If in doubt, check with your insurance company to make sure your vacation destination is within their territory. With most insurance policies, the difference between carriers is contained in the fine print and isn’t always easy to understand. Contact your insurance agent for clarification on what is covered by your policy so you aren’t surprised by any financial hardships that could occur during your vacation.
Advisory services offered through Larson Financial Group, LLC, a Registered Investment Advisor. Securities offered through Larson Financial Securities, LLC, member FINRA/SIPC.
Larson Financial Group, LLC, Larson Financial Securities, LLC and their representatives do not provide tax advice or services. Please consult the appropriate professional regarding your tax planning needs.