More than 36 million. This is the number of suitcases that were lost, damaged or delivered late last year (source: SITA Baggage it insights 2024). According to a recent analysis by Facile.it, in June 2024 the demand for insurance protection increased by 10% compared to the same period last year.
This is the comment of Andrea Ghizzoni, managing director of insurance at Facile.it.
Travel insurance protects policyholders from a wide range of unforeseen events that can ruin a vacation, including the loss, theft, or delayed delivery of luggage. In cases like these, insurance intervenes not only by reimbursing the value of the goods contained, but also by covering the expenses incurred for essential purchases.
Lost Baggage Insurance: What They Cover and What They Don’t
Lost baggage insurance is a coverage that is normally offered as an extension of the traditional travel policy and protects the insured both in the event of loss, damage or delayed delivery of suitcases by the air carrier, and in the event of theft of baggage during the holiday.
In the event of permanent loss or theft, the policy will reimburse, within the limits of the maximum amounts, the value of the lost goods. Beware of exclusions: some insurances, for example, do not cover items such as smartphones, tablets, PCs and cameras, while others apply reduced maximum limits.
Goods like Cash, checks and art objects are not normally refunded. If your suitcase also contained documents such as a passport, identity card or driving license, it is good to know that in most cases travel insurance provides a financial contribution to repackage them.
It is important to remember that if the accident was caused by the carrier and the latter compensates us, the insured will be compensated by his own insurance company only after deducting the amount paid by the airline.
In the case of baggage delivered late, however, the insurance reimburses the insured for the expenses incurred for the purchase of essential goods. Please note that the definition of “delay” may vary from company to company, but normally at least 12 hours must pass from the scheduled arrival time.
Lost baggage policies never cover damages caused by fraud or gross negligence of the insuredor in the event that the objects are left unattended at any time, in the event of forgetfulness, carelessness or loss by the insured. The guarantee is valid not only for suitcases and bags, but also, for example, for prams and strollers.
Insurance policy: but how much does it cost me?
As for prices, according to the analysis by Facile.it (source: Facile.it simulation based on the offers available online on 24 July 2024 for a one-week trip to Europe, travel value 2,000 euros), a travel insurance policy with lost baggage guarantee costs, on average, 45 euros for a week of travel in Europe.
Ghizzoni concludes thus.
When we buy a plane ticket, it happens that the carrier itself offers us its own travel insurance policy; these are, in all respects, coverages offered by insurance companies and therefore, in terms of reliability, they are on par with the solutions that can be purchased directly on the market, but be careful because they often provide less extensive coverage, both in terms of guarantees, both in terms of customization and maximum limits. The advice, before choosing, is to understand what your needs are and on the basis of these compare the offers of different insurance companies to identify the most suitable solution.