Will Travel Insurance Cover Lost Items?

Will travel insurance cover lost items?

Read More : Traveling Is Fun

Traveling abroad can be an enriching and life-changing experience. It usually brings positive experiences because it broadens our horizons as we learn from other places and cultures.

Amidst all the excitement that travel brings, there is a dark side. There is always the possibility of unexpected events happening while you are on a trip. One of the things that may hinder your trip is the loss of valuables. Whether you are going on a business trip or a family vacation, you need to bring valuables like tablets, laptops, jewelry items, leather bags, and cameras. If these items are lost or stolen, will travel insurance be able to cover these valuables?

Here are some important tips about travel insurance for valuables:

  1. Although it is not part of a standard travel insurance policy, you can get additional coverage for your valuables and other electronic items to protect them from loss, theft or damage. You can easily arrange this with your travel insurance provider. While filling out the insurance coverage form, you need to specify the make, model, age, and serial number of each.
  2. Policyholders have the option to increase cover for valuable items such as audio, video, computer, photographic, and electrical equipment. They may also choose to cover valuable wearable items such as watches and jewellery. You can get coverage for the following items:
  • IPAD
  • video cameras
  • laptops
  • cameras
  • Cellphones
  • Hours
  • earrings
  • rings
  • necklaces
  • Bracelets
  1. Most travel insurance policies limit the total amount of coverage to a single item limit. The policyholder has the option to increase the coverage to an additional amount determined by the insurance company.
  2. In the event that you do file a claim for a loss of value, remember that insurance companies usually pay the present value of the item. This means that they will not pay for the item when you buy it, but its used value. However, there is usually no depreciation applied to some high value items. You just need to show the receipt with the purchase price when you need to claim.
  3. Travel insurance companies will not pay your claim if you are found to be negligent or behaving irresponsibly with your valuables. You will not be covered in these cases:
  • If your belongings are unattended.
  • If the missing items are not reported within 24 hours.
  • If the item does not contain proof of purchase.
  • If belongings are left unattended in the vehicle – whether it is a boat, motorcycle or car.
  • When alcohol and drugs are a contributing factor to the loss of belongings.

Having extra valuables insurance is beneficial for travelers because it gives them peace of mind knowing their valuables are covered. If accidents or losses occur during the trip, it will be relatively stress-free for them. So when you plan to pack an expensive item on your trip, remember to have a printout of your Proof of Item and double-check the total price of your packed baggage. Be safe, be organized, and above all, make sure you are having fun.