By Tory Vance
Insuring your high-value items while on a holiday is always a wise move. Imagine if you lose or damage valuable items such as laptops, cameras or phones while on a trip. Would that not ruin your holiday experience?
This is where travel insurance for high-value items comes to your rescue. This coverage ensures that you are appropriately compensated in such unforeseen situations.
Travel Insurance For High-Value Items: Coverage
Travel insurance for valuable items ensures that in case of total loss or damage to high-value items such as laptops, digital cameras, mobile phones, or any other valuable items, your policy will reimburse you a specified amount.
In India, high-value baggage insurance is typically not included in the regular policy coverage, unless specified. This type of insurance, also sometimes referred to as baggage insurance for specific items, is a component of overseas travel insurance. If your baggage is damaged, lost, or delayed while travelling, baggage coverage can be very valuable.
Travel insurance with valuables cover is designed for travellers who carry expensive and valuable possessions. This coverage is important because damage or theft of high-value items, such as electronics, laptops, digital cameras, etc., can result in substantial financial loss. With high-value item travel insurance, travellers can protect themselves from the potential financial burden associated with the loss or damage of these valuable belongings.
Like a regular baggage cover, this insurance ensures that you are compensated for the cost of replacing or repairing the items (up to a specified limit), providing you with peace of mind while you are on a trip.
Your travel insurance provider will pay for the total loss or damage of your high-value specified items according to the travel insurance policy exclusions, terms and conditions mentioned in the policy wording.
High-Value Baggage Insurance: What Would Not Be Covered?
Common exclusions under this travel insurance policy include:
- Your travel insurance provider might reject your claim for items you do not properly look after or attend.
- Your claim might not be paid out in case you were under the influence of alcohol or drugs when your belongings went missing.
- Without an original receipt as proof of purchase, your insurance claim might be rejected. Also, your insurer may not accept scanned, faxed, or photocopied documents.
- Items such as jewellery, computer equipment, or mobile phones might not be covered under your travel insurance policy if they are left unattended (except if they are locked away in a safe compartment) in a motor vehicle.
- Losses arising due to the confiscation and delays by the customs authorities are not covered under this travel policy.
- Loss or damage due to improper packaging and items which were already damaged before the trip may not be covered.
- Damage resulting from normal wear and tear is usually excluded from the policy coverage.
To Wrap It Up
Damaging or having high-value items stolen while on a trip can be a common yet dire experience, especially if these items are not covered to their full value. Even the safest travellers have the risk of losing their belongings, but loss or theft should not take away the fun out of your vacation. Therefore, invest in a good travel insurance policy with high-value baggage insurance for your valuable items so you can enjoy your overseas holiday without any worries.
