Is travel on your mind? It’s definitely on ours and we’re excited to be able to travel post Covid-19. With the current economic downturn due to the Corona Virus pandemic we keep hearing about many of our favorite restaurants, stores, and businesses shutting down. This includes travel agencies and airlines and so the idea of travel somehow seems much more complicated. The most recent collapse of Thomas Cook on September 23rd in the UK left an estimated 150,000 UK passengers and more than 300,000 International holidaymakers stranded around the globe. It’s a sensitive time for all and no one wants to take unnecessary risks like booking a holiday and then getting stranded or finding their plans cancelled.
After reading such news, the question looms, if the travel agent or airline goes out of business, will I be covered?
Here’s the long answer.
When it comes to matters of companies going insolvent it is very tricky to recover your money because the companies have gone bankrupt and so essentially there isn’t really anyone to claim your money from.
Depending on which airline you booked with and where you are flying to, some regulations are in place to provide recompensation to travelers. It is better to ask and check in detail about this however because it is not a standard rule.
Furthermore sometimes it is better to book your trip with a credit card as some cards protect against such situations and so it is worth looking into this option when planning your trip.
But essentially what is ideal in the current situation is to have travel insurance because that can provide you with more security and peace of mind. You can make sure to choose coverage that protects against medical emergencies and illnesses, cancellations, missed flights, and lastly protection against airline failure so that if your chosen company goes bust, you are still in the clear!
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