Travel Insurance: Do You Really Need It?
Are you packing your bags and getting ready for that overdue vacation? Traveling season is here and if you plan on going somewhere, it’s important to sit back and think of what you’ll take and how you plan to travel there. If this plan includes cutting costs, here are a few options you may want to consider:
Do I Need Rental Car Insurance?
First and foremost, if you’re involved in an auto accident, you may be responsible. The option of insurance being purchased at the counter or online is always available with auto rental companies. Yes, it may raise the price of the rental but it’ll be worth it should something happen.
States can also vary on how much liability coverage is needed. Texas has a $30,000 minimum on coverage for bodily injury liability per person, but most full policies will cover you in a rental vehicle. Just ask our insurance brokers for details.
Who Else Provides Coverage?
Some customers believe paying with certain credit cards will automatically provide them with insurance. Depending on which credit card you use, you should also find out the type of coverage it provides. Many people incorrectly assume all credit cards provide the same coverage, but that isn’t true. Sometimes, insurance is only secondary, meaning you’ll possibly be forced to use your personal insurance plan. What that does not cover goes to the credit card.
Of course, knowing what the rental agreement contains is very important. Some credit cards can be charged for damages done to the vehicle, including any minor scratches or dings. Certain rental car companies also provide an optional loss damage waiver that will secure coverage for you under most conditions, granted you protect the rental as per the signed agreement.
Lost Baggage Insurance
If you plan on flying out for vacation, an option at the ticket counter or purchase of sale for your plane ticket is baggage insurance. Airlines are required by U.S. regulations to compensate travelers for up to $3,300 in the event a bag is lost or damaged, but only for domestic travel, leaving the option open for travel insurance.
Travel insurance coverage will reimburse you only up to the maximum amount allowed in the policy for lost, stolen or damaged valuables during a flight or in custody of the airline. Some expensive items, such as jewelry, furs or watches, can actually be covered under your homeowners policy. Just be sure to list those items on your homeowner’s insurance. Some deductibles may apply, and for lost or damaged items over $100, the airline may ask for a receipt.
Discover The Best Policy With Us
Shepard Walton King wants your time off to be worry-free. Get in touch with us to look for the insurance policy that has your best interests at heart. Talk to an agent at our McAllen offices today to see which policy is best for you.
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