Does travel insurance cover lost items?

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

Amidst all the excitement that travel brings, it also has a dark side. Unexpected events can always happen while you are traveling. One of the things that can put a damper on your trip is losing valuables. Whether you are going on a business trip or a family holiday, you will need to carry valuables such as tablets, laptops, jewellery, leather bags and cameras. If these items are lost or stolen, can travel insurance cover these valuables?

Here are some important guidelines on travel insurance for valuables:

  1. Although not part of standard travel insurance, 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 insurer. As you fill out the insurance coverage form, you must specify the make, model, age of the product, and serial number of each valuable.

  2. Policyholders have the option to increase coverage for valuable items such as audio, video, computer, photo and electrical equipment. They may also choose to cover portable valuables such as watches and jewelry. You can get cover for the following:

  • iPads

  • Video cameras

  • Laptops

  • Cameras

  • Mobile phones

  • Watches

  • Earrings

  • Rings

  • Chains

  • Bracelets

  1. Most travel insurance policies specify the total amount of coverage with a single item limit. The policyholder has the option of increasing the cover to an additional amount determined by the insurance company.

  2. In the event that you are making a claim on a lost valuable, remember that insurers usually pay the current value of the item. This means that they do not pay for the value of the item when you bought it, but for the second-hand value. However, depreciation is usually not applied to certain high-value items. You only need to present the receipt with the purchase price when you want to claim.

  3. Travel insurance companies will not pay your claim if it is proven that you acted negligently or irresponsibly with your valuables. You are not insured in these situations:

  • If your belongings were left unattended.

  • If items are not reported lost within 24 hours.

  • If the item has no proof of purchase.

  • If the belongings have been left unattended in a vehicle – be it a boat, motorcycle or car.

  • When alcohol and drugs contribute to the loss of possessions.

Purchasing additional valuables insurance is beneficial to travelers as it gives them peace of mind knowing their valuables are covered. If any accidents or losses ever happen during the trip, it will be relatively stress free for them. So if you are planning to pack an expensive item during your trip, remember to have paper proof of the item and check the total price of your packed luggage. Be safe, be organized and above all, have fun.