Traveling with high-value items means extra protection in case of theft, delay, or accidental damage. Choosing a policy that is more catered to your valuables allows you to travel knowing you are financially protected.
Our licensed insurance specialists evaluated the best travel insurance plans for valuables and expensive luggage based on the overall trip coverage, cost, and the protection offered against theft, loss, and damage.
Best Travel Insurance Plans for Valuables and Expensive Luggage
What are the Key Benefits of Travel Insurance for Expensive Items?
The best travel insurance for expensive items and luggage should offer high protection in case something happens to your valuables. Expensive items that could be covered include jewelry, cameras, electronics, and any other high-value items that you bring. Without insurance, you would have to bear the full cost of replacing those items.
The benefits of travel insurance to look out for when it comes to protecting your valuables include the following:
- Trip Cancellation: Trip cancellation coverage can help you if you need to cancel your trip for a covered reason, such as an illness or family emergency. Travel insurance can reimburse up to 100% of your prepaid, nonrefundable trip costs if you decide before your trip that you need to cancel due to an unforeseen event.
- Trip Interruption: Trip interruption acts in a similar way to trip cancellation, but it's for if you are already on your trip and need to cut it short for a covered reason like an illness or accident. This kind of coverage can help recover your unused, prepaid expenses that you cannot get a refund for. It can also help cover the cost if you need additional transportation home, which can be expensive without insurance.
- Baggage Delay and Loss: Many travel insurance policies include coverage to replace essential items if your baggage is delayed or lost. This benefit gives you the ability to purchase necessary clothing, medications, and personal items, typically up to a defined coverage limit.
- Sports Equipment Delay and Loss: If you plan to bring sports equipment with you like ski gear, bicycles, or surfboards, you can get protection if your gear is delayed, stolen, damaged, or missing. Travel insurance may provide reimbursement if you need to repair or rent new equipment. It is important to read your policy details to see what it classifies as "sports equipment" and if your plan covers sports equipment overall.
- Rental Car Coverage: Most travel insurance plans may include or have an optional add-on for rental car protection, making sure you get reimbursement if your rental car is damaged or stolen. It can also provide coverage if you have valuable possessions stolen from your rental car, given that they weren't left in plain sight.
- Theft Coverage for Passports and Documents: Traveling in high-traffic areas means the potential for pickpocketers. Travel insurance can provide assistance if your passport, credit cards, and other important documents are stolen while traveling, helping you make it back home on time with no disruptions. Some travel insurance policies may even offer coverage for emergency cash transfers, which can be useful in case you lose access to your primary funds.
- 24/7 Assistance Services: Many travel insurance plans have a 24/7 assistance services hotline that is typically located on your physical or digital ID card. This can be very useful, especially if you are traveling abroad or need help navigating unfamiliar situations. The 24/7 travel assistance service can provide translation services, assist with getting replacement travel documents, and give guidance on the necessary documents you may need in case you need to file a claim.
| Benefits | iTravelInsured Travel LX | Trip Protection Choice | Safe Travels Voyager |
|---|---|---|---|
| Trip Cancellation | Up to 100% | Up to 100% | Up to 100% |
| Trip Interruption | Up to 150% | Up to 150% | Up to 150% |
| Trip Delay | Up to $250 per day, $2,500 maximum | Up to $2,000, $250 per day, after 6 hours | Up to $3,000, $250 per day, after 6 hours |
| Baggage and Valuable Loss | Up to $2,500, $250 per item | Up to $2,500, $250 per item | Up to $2,500 |
| Baggage Delay | Up to $500 | Up to $500 | Up to $600 |
| Rental Car Protection | Up to $40,000 | Optional Add-on Coverage | Up to $35,000 |
| Sports Equipment Delay | Up to $500 | Not covered | Not covered |
| Sports Equipment Loss | Up to $2,000 | Not covered | Not covered |
| 24/7 Assistance Services | Covered | Covered | Covered |
What are the Common Scenarios Travelers with Expensive Luggage May Face?
Travelers with expensive items and luggage should consider an added layer of protection in case of a mishap while traveling. Even the most carefully planned trips can take a turn, so it is important to recognize what common scenarios travelers may face while traveling with expensive luggage and how travel insurance can help.
Scenario #1: Misrouted Luggage
You just landed in Tokyo, and you realize that your baggage never made it to your destination. Your luggage had your expensive camera, multiple camera lenses, and your clothing and other essential items that you brought. The airline confirms that your baggage was misrouted and won't arrive in Tokyo until 48 hours later. During this headache, travel insurance can help reimburse you for the essential items that you need, like toiletries and clothing.
Scenario #2: Theft at High Tourism Areas
While traveling on a busy subway, you notice that your crossbody bag's zipper is slightly open. When you look inside your bag, you notice that your digital compact camera and phone are now missing, and you don't know who stole your valuables from your bag. With a police report, travel insurance could cover this pickpocketing incident and provide reimbursement for your stolen items.
Tips for Purchasing Travel Insurance for Your Valuables
While looking for travel insurance to protect your expensive items and valuables, there are a few things to consider to get the best plan:
- Get coverage based on your needs: Oftentimes, travel insurance has per-item limits and an overall baggage coverage maximum. To get strong coverage for your items, a higher per-limit could be beneficial, but take a look and review the policy details carefully to make sure that your expensive items are actually covered. You may also want to consider getting extra separate coverage dedicated to your expensive items, like electronics or jewelry.
- Compare multiple plans: Comparing multiple providers and policies side-by-side on a travel insurance marketplace is an effective way to determine the most suitable coverage for your travel needs. This allows you to easily compare benefits, limits, and costs. Looking through a marketplace makes sure that you can view insurance plans efficiently, so that you can get the proper amount of coverage for your valuables.
- Consider documenting your valuables beforehand: Before your trip, you may want to document the valuable items that you are bringing, and put that documentation in a safe space. List and take photos of your valuables, and add an estimated cost. Having this kind of documentation can make your claim very strong, if you do have to file one.
- Get travel insurance early: Getting a travel insurance plan as soon as you book your trip allows a better coverage window in case you need to cancel your trip for a covered reason. It also allows you to get time-sensitive add-ons like Cancel For Any Reason insurance, which typically needs to be added within 14-21 days after your initial trip deposit.
Consider a Strong Travel Insurance Plan for Your Valuables
Choosing a travel insurance plan that provides strong coverage for your valuables and expensive luggage allows you to travel with confidence, knowing you are protected from a potential mishap in your travel plans. If you need help choosing the right plan for you, our Customer Success Team can help you along the way.
Frequently Asked Questions (FAQs)
If my items are stolen while traveling, do I need a police report to support my claim?
Yes, a police report will greatly support your claim when it comes to stolen valuables, which ideally should be made within 24 hours of the incident. Without a police report, most insurance companies will deny theft claims, as they have no official verification that items were stolen rather than lost or left behind.
Does my credit card's travel insurance cover expensive items?
It depends. Travel insurance would be your best bet if you are looking to get more coverage if your baggage goes missing. Credit cards typically have limited benefit maximums and may not cover your high-value items. Meanwhile, travel insurance usually has higher per-item limits than credit cards and offers more flexibility for electronics, jewelry, and specialty items.
Are borrowed or rented items covered under travel insurance?
While policies do vary from plan to plan, travel insurance may cover items that you rented. For example, if you are renting ski gear, an insurance plan with sports equipment delay/loss coverage may help you if your rental gear is accidentally damaged or stolen.
What are some valuables that aren't often covered by trip insurance?
While the coverage for valuables varies from plan to plan, generally, trip insurance does not cover the loss or delay of the following items:
- Animals
- Essential items such as eyeglasses, sunglasses, contact lenses, artificial teeth, dentures, dental braces, dental bridges, retainers or hearing aids
- Antiques and collector's items
- Prescribed medications
- Household effects and furnishings
Exclusions for baggage loss and delay may be a longer list than the one we provided, so it is important to read your policy details to review what valuable items are often excluded.
What should I do if my travel insurance claim is denied?
If your claim is denied and you disagree with the decision, you have the right to file an appeal. This means requesting that the insurance company review your claim again. Be sure to include all supporting documents with your appeal. Documentation can be bank and credit card statements, receipts, online registration, photos, or serial numbers for electronics. Also, it is recommended to add a detailed appeal letter explaining why you believe the claim should be reconsidered.
What if I am in a different country that doesn't speak my language and I need to file a police report for my missing valuables?
The 24/7 travel assistance service located on your policy ID card can assist you if you need to file a police report in a different country. The travel assistance line can help with translation services, providing immediate translation between you and the local police. Having the assistance on hand will help you file a police report appropriately, which can benefit your insurance claim.
If my phone gets damaged while traveling abroad, will travel insurance cover me?
Depending on the situation and your trip insurance coverage, trip insurance can cover you if your phone gets damaged abroad. If your phone was damaged by someone else with provided documentation or from a natural disaster, it may be covered. However, if you accidentally drop your phone, it would not be covered by trip insurance. Instead, if you have a warranty for your phone, the phone manufacturer may provide coverage.
Do I need travel insurance for domestic trips if I have valuable items?
Domestic trips can benefit from travel insurance coverage, especially when traveling with expensive luggage. It is worth checking what your credit card covers regarding travel insurance and valuable items, however, high-value items may need more protection than what your existing protection offers. Also, travel insurance for domestic trips can still cover disruptions related to your trip that aren't just about your items, such as trip cancellations, interruptions, and delays.
