You know the score..you have planned your family trip for months but sometimes, there are unforeseen events like an event cancellation that would force you to cancel your trip. If this happens, you might be wondering if the travel insurance you have will cover trip cancellation.
While standard travel insurance does not cover trip cancellations, you can add an extension called event cancellation insurance to cover this. The policy covers the cancellation of events, such as concerts, ceremonies, festivals, and more. With this level, you don’t have to worry if the event you’re supposed to attend gets cancelled prior to your departure or after your arrival at the destination.
Coverage and reimbursement vary from one insurance company to another. Generally, however, an event cancellation insurance covers any “irrecoverable unused” amount that is indicated in your schedule. That includes accommodation, ticket costs, and any additional travel expenses incurred if the trip or event was cancelled.
Furthermore, if the event has been cancelled or postponed while you are flying to your destination, you will be covered 50% of your travels costs up to 7 days of your accommodation costs. All you need to do is present a written confirmation from the promoters or organisers of the event stating that they have cancelled it.
How to find the best travel insurance
With all the many insurance companies offering travel insurance, how do you know if you are getting the best one? If you’re wondering if travel insurance cover trip cancellation. The answer might not lie on what insurance company but rather what type of cover should you have when you travel.
Aside from event cancellation insurance which covers the cost of your trip and accommodation if cancelled, some of the extensions you can add to your travel insurance policy are baggage and personal belongings, emergency assistance, and rental car insurance coverage. Most insurance companies sold all of these together as a comprehensive plan.
Here’s how each type of travel insurance works and what do they usually cover
- Travel medical plan covers the medical expenses you incurred if you get sick while travelling.
- Emergency evacuation and repatriation ensures that you’ll be taken to the nearest hospital if injured and needs to be evacuated. It also covers the expenses if you need to be transported back home.
- Event or trip cancellation reimburses you for any expenses you have incurred if your trip or an event you have to attend to gets cancelled.
- Baggage and personal belongings guarantees that if you lost your baggage or any personal belongings, you’ll get financial remuneration for that loss.
- Car rental insurance assures that you have cover in the event of a collision between your rented car and another vehicle.
Getting travel insurance, especially event cancellation insurance, provides a lot of benefit for you while travelling. While you are not wishing any trouble to happen to you during the trip, it still pays to be ready. After all, prevention is better than cure. So don’t neglect nor overlook the importance of travel insurance and be sure to get one on your next trip.