What Are Travel Insurance Benefits?
Travel insurance benefits are coverages and services available to you when you purchase a travel insurance plan.
Our Benefit or Coverage Limits
TravelSafe’s insurance benefits have a maximum limit, meaning it will only reimburse or pay out up to the maximum dollar amount listed on the policy. For example, if the travel insurance plan you buy covers up to $100,000 in emergency medical costs, then your Benefit Limit is $100,000.
For any benefits that give percentages, like 100% of Trip Cost, you will only be reimbursed for 100% of the non-refundable, prepaid trip costs you insured at the time of purchase. If you paid $8,000 for your trip but only insured $4,000, then your Benefit Limit is $4,000.
A covered reason is a predetermined reason that will result in a claim being paid by the insurance company. Your policy is a legally binding agreement that outlines what is covered. We’ll use Trip Cancellation as an example. If you cancel your trip because of a possible hurricane, there is specific policy language that qualifies this as a covered reason.
Covered Reason: A cancellation of Your Trip within 36 hours of Your Scheduled Departure Date and time if Your Trip destination is under a hurricane warning issued by NOAA, the National Hurricane Center, provided the cancellation of Your Trip occurs more than 14 days following Your Effective Date of coverage for Your Trip Cancellation and the storm was not named at time of purchase.
Not A Covered Reason (unless you purchased Cancel for Any Reason): a tropical storm is going to land on your destination for the duration of your stay. You don’t want bad weather for your trip, so you’d like to cancel! Unless you have Cancel for Any Reason, bad weather is not a covered reason for Trip Cancellation.
Exclusions are events or things that are not covered by your plan. Each policy has term limitations and exclusions, so be sure to check those out when you purchase your plan.
A good example of a policy exclusion is skydiving. Skydiving is excluded from coverage in TravelSafe Basic and Classic plans. If you have an injury as a result of skydiving, you will not be eligible for coverage.
How Travel Insurance Benefits Pay
Travel insurance is designed to reimburse you for costs you incur on your trip. However, there are times where a hospital will require payment up front for care. In those cases, your travel insurance plan can offer what is known as “promise to pay.” Promise to pay occurs if you need to be admitted to a hospital or medically evacuated due to a covered reason. The program medical advisor will guarantee payment or coordinate an advanced payment.