• Travel Insurance Blog

  • Tuesday, August 22, 2017

  • Different Flavors of Travel Insurance Look-Alikes: Travel Waiver

    Filed Under: Blogging

When you research travel insurance, you are likely to come across many plans that may seem too good to be true. They probably are. Although travel insurance refers to a particular kind of insurance plan, several times, the term is used to describe a range of travel protection products that are actually not travel insurance.

If you’re booking a cruise, for example, your cruise insurance may actually be a travel waiver plan. What this means is that if you miss your cruise, you will get credit for a future cruise with the same company. Although this sounds like trip cancellation insurance, it differs substantially from cancellation insurance.

Trip cancellation insurance offers financial reimbursement for a cancelled trip for a variety of reasons, but a travel waiver will only provide you with travel credit. One of the important clauses of a travel waiver is actually that the new cruise itinerary should have the same ports of call as the original cruise.

It is best to read the fine print about the covered reasons for receiving the travel waiver benefit, and also about any extra charges that you might incur. Remember that travel waiver plans are not as well regulated as trip cancellation insurance plans, and therefore, are prone to arbitrary decisions by the company offering the waiver.

Travel tip: Always check whether the plan being offered is an insurance plan, or a travel waiver plan. Ask specifically about what is covered by the plan and what is not.

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