Volcanic ash emitted by a volcano in Iceland affected hundreds of thousands of fliers recently. The volcanic ash was said to float into British airspace leading officials to cancel the day's flights. This lock-down may be extended if the volcano didn't stop emiting ash and if the wind didn't change direction.
Imagine if you were in a situation like this and had your trip cancelled. Would you be compensated for the cancellation? Yes, you might have been compensated, but if you had travel insurance. Traveling is an expensive affair and trip cancellation may cause a lot of money to be wasted. With travel insurance you can recover the money you lose as a result of your trip being canceled for the covered reason.
If you are a frequent traveler, trip cancellation insurance is a must for you.
How to buy trip cancellation insurance
Here are few of the steps you may follow before you buy trip cancellation insurance:
- Research: The first step to buying insurance is doing some research. You may search online, ask family and friends or talk to an agent. You must look for insurance to suit your needs. If you are talking to an agent, let him know your requirements and he will come up with a suitable policy for you.
- Types of coverage for trip cancellation: Find out what type of trip cancellation coverage is provided by the policy. Examine what type of cruise, flight or train cancellation coverage the policy provides. Remember to read the full coverage provided before you buy.
- Broad terms: When buying trip cancellation travel insurance, check to see who else will be covered. Find out what their terms mentioned in policy documents like 'close family members' or 'traveling companion', 'unforeseen' or any other such terms mean.
- Expiration of policy: Make sure you have knowledge of the expiry date of the policy after which you will not be covered.
- Exclusion clause: Every insurance policy has some kind of an exclusion. Read your clause very carefully and see what you will not be covered for.
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