People with travel insurance are protected in the event that they encounter various types of emergencies while on the road. An individual insurance policy usually only covers one person, whereas a family travel insurance plan covers the entire family. Insurers offer a variety of policies, each with a different price and coverage for different types of events.
A basic family travel insurance policy reimburses the insured for any financial losses incurred as a result of the cancellation of a vacation, flight, or other type of ticketed journey. Some policies cover events beyond the insuree’s control, such as when a travel company goes out of business or when a natural disaster makes travel to a specific area impossible. Other policies reimburse travel expenses if the family decides to cancel their trip due to unforeseen circumstances.
Travelers can purchase a comprehensive family travel insurance policy that also covers medical expenses. Standard medical insurance policies do not usually cover people who travel internationally, so tourists who require medical treatment must often pay for it out of pocket. A family travel insurance policy typically reimburses medical expenses for each family member up to a specified per person maximum coverage level. Some plans include a total coverage limit for the entire family rather than individual coverage limits.
Some policies include additional medical coverage that pays for medical evacuations for people who need to return to their home country to receive the treatment that their illness or injury requires. Major insurance companies provide 24-hour contact phone numbers for insurees seeking medical treatment while traveling. When an injured family member is evacuated, a policy may also cover the cost of flying other family members back to their home country.
Many travelers become victims of crime while traveling abroad, and their personal property may be damaged or stolen, resulting in financial hardship. Most travel insurance policies cover loss or theft of personal belongings up to a certain amount per family or per person. Lost or stolen cash or cash equivalents, such as traveler’s checks, are typically not covered by travel insurance policies.
Families who purchase family travel insurance policies typically pay a single premium at the time of purchase. The insurance is typically for a set period of time, which corresponds to the end of the insurees’ planned trip. Policies are typically priced so that the entire family pays less for insurance as a group than if each family member purchased their own policy.