Travel Insurance Reviews

Reviews and comparisons of travel insurance companies and their insurance plans

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What to Do When Your Travel Agency Goes Bankrupt?

Travel agent bankruptIn a tough economic climate, no company is immune to financial woes, and travel agencies around the world have been some of the hardest hit firms. With consumers now viewing holidays as a luxury rather than a commonplace expenditure, reducing their spending and forcing their travel agencies to provide better value for money, many travel agencies are buckling under the financial pressure and being forced into administration or having to declare bankruptcy.

Travel Agents – Worse Case Scenario

XL Leisure Group bankruptWhen this happens, the results for travelers who have booked holidays with the travel agency can be very negative. For those who have booked expensive once-in-a-lifetime holidays or luxury getaways, losing the money that they have paid can be devastating; but no traveler wants to lose the sum they have paid for a vacation due to forces beyond their control. For some travelers, their travel agent might collapse while they are abroad on their holiday – this was the fate of 83,000 travelers in 40 destinations around the world who were stranded when their travel agent XL Leisure ran into financial difficulty. A further 200,000 customers who had booked flights, hotels or packages in the future were left wondering about the fate of these holiday reservation – and their money. No travel agent is safe from such difficulties.

Why Get Travel Insurance?

For this reason, savvy travelers seek out protection for their travel reservation and their money, taking out travel insurance for the duration of their holiday. Some package holidays will cover you in the event of your airline or travel provider, but others may not be. If you are in doubt about the extent of your protection, travel insurers will provide financial failure cover, protecting you from liability in the event that your travel agency falls into financial difficulty and has to file for bankruptcy.

When shopping for travel insurers, always look for packages that include Scheduled Airline Failure and other financial failure coverage. Many providers offer cover for the bankruptcy or financial failure of an airline, tour operator, accommodation provider, activity provider or excursion organizer. If your travel agent runs into trouble, you should immediately contact your insurer and detail the losses you face, so that they can pursue your claim as quickly as possible.

Travel insurance company financial failure

Extra Protection For Your Travel

If you pay for your holiday using a credit card, you have the option of requesting a credit card chargeback via your credit card provider if your travel plans fall through. This makes paying by credit card by far the safest option for travel plans; but there is still no guarantee that you will get your money back if there is a problem. By taking out a package with an insurer, you will have a company ready to act on your behalf if your travel agent files for bankruptcy. Credit card chargeback can be fraught with difficulties when the company who has taken your payment is unable to provide either the service paid for or a refund, but insurance can provide a safety net for your expenses.

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CSA Travel Protection

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CSA Travel Insurance Protection has been providing travel plans to travelers worldwide since 1991. The company has an excellent reputation and is known as a leader in the travel protection industry. The company is based in San Diego, California and is owned by Europ Assistance a well-known traveler emergency assistance company. Europ Assistance has been providing emergency assistance to travelers worldwide since 1963. The company offers a comprehensive list of coverage to people planning a trip anywhere in the world. In addition to trip insurance, CSA Travel Insurance also offers additional add-on coverage, including car rental insurance and car damage liability coverage. Currently, the company offers two travel insurance plans to travelers: The Custom and The Custom Luxe Travel Insurance Plan.

Travelers can request a free quote for either of these plans online anytime. Each plan is designed to offer travelers coverage for all types of emergencies and non-emergency situations that can arise, including but not limited to medical emergencies, trip cancellation, trip interruption, loss of baggage and missed conditions. CSA Travel Insurance also covers pre-existing medical conditions and offers other add-ons. If at anytime before or during a trip, travelers have any questions, need assistance or need to file a claim, they can use the 24- hour emergency number for help. Travelers who have questions, concerns or need to file a claim can call the 24-hour hotline for assistance with emergency cash transfers, legal and medical referrals, translation services, pre-travel advice and other services. (more…)

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