To buy, or not to buy travel insurance? Many people fore go it. Some end up regretting it.
It is acommon option for people when buying airline tickets. Because flying is getting pricey it is notusually purchased. Timeshare travel insurance is typically offered to owners, exchangers, and renters. The ideaof any type of insurance may not occur to most vacationers; however there are a number ofscenarios where it may be beneficial.
Some examples of when you may need timeshare travel insurance:
1. If your week is in a location that is prone to hurricanes or any other weather that may put yourtravel plans at risk
2. You, or someone in your traveling party, is prone to illness
3. Travel to the location is prone to delays or cancellation
Your next task, after establishing the need for insurance, is to understand what policies are available. Timeshare travel insurance is available from many sources. Exchange companies often offer a policy, or they promote a policy from a partner. Polices are also available from independent companies that are easily found on the internet.
The first step too understanding the policy, regardless of where you find it, is to understand who the policy underwriter is. Companies often sell policies that are underwritten (the insurer) by another company. Find out who the underwriter is and make sure they are in good standing with the BBB
The second step is to read the entire contract, and make sure you understand the contract. What does the insurance cover, and more importantly, what does it not cover? Most timeshare travel insurance covers maintenance and/or exchange fees. Some policies may cover accidental property damage, travel costs, medical assistance, and lost or damaged baggage. If vacation cancellation or interruption is covered; What are the reasons allowed? Sudden illness? Weather? Flight cancellation?
Step three is understanding the claim process. Who do you contact? How do you contact them? When must you contact them to make a claim? The key to effective insurance is knowing whento use it!
Some credit cards also include travel insurance in their member benefits. It could really save yousome money to check into it. The best part of this is that you have already paid for it without knowing or realizing it. Be sure to check into this money saver!
Still have questions? Ask a question in the questions and answer section. No registration required and it takes less than a minute.