UStiA Dispels Six Common Travel Insurance Myths

NEW YORK, NY--(Marketwired - Jun 3, 2014) - Summer travel is here, so don't gamble with your vacation investment, advises the US Travel Insurance Association.

To help dispel misconceptions, UStiA lists some common travel insurance myths.

• Myth 1: I don't need travel insurance because I'm already covered. Neither health or homeowners insurance, nor most credit card policies reimburse nonrefundable travel payments if you need to cancel a trip because of illness.
  
  Health insurance policies may not cover medical evacuation, especially abroad. Nor will other types of insurances help reimburse emergency expenses for accommodations and incidentals if travel is interrupted or delayed because of a natural or other catastrophe. No other single source provides the full spectrum of coverage and services that comprehensive travel insurance does.
  
  

• Myth 2: Nothing will happen to me. One in six Americans (17%) say their travel plans have been impacted by medical conditions, natural disasters including severe weather; or mechanical or carrier-caused problems.
  
  When unforeseen events -- from medical emergencies to lost passports derail a trip, travel insurance can provide financial coverage, medical services and a support network to assist travelers. Consider that a medical evacuation alone could cost up to $100,000 or more.
  
  

• Myth 3: My pre-existing condition won't be covered. Many travel insurance policies cover pre-existing conditions if the policy is purchased within a set amount of time -- usually two weeks -- following initial trip payment. Since requirements vary, travelers should check with their travel insurance company.
  
  

• Myth 4: Travel insurance won't cover me if something happens to my family or traveling companion. Most travel insurance policies cover trip cancellation or interruption due to an unforeseen family illness or injury back home, as well as illness or injury of a traveling companion.
  
  

• Myth 5: I can always get a refund from my travel supplier. Refund policies vary. Many low-cost air fares, for instance, are nonrefundable. Without trip insurance, travelers risk losing their payments if they have to cancel for a covered reason.
  
  

• Myth 6: Travel insurance is only cancellation insurance. Travel insurance typically covers the entire trip from beginning to end, including financial reimbursement, medical coverage, and assistance services, to help replace lost or stolen documents, finding emergency hotel accommodations, and more.