Will claims on travel insurance affect my homeowner and auto policies later on?
I recently bought a travel insurance policy from Arch for a specific trip and will be filing a claim for $1500 due to expenses from a hotel and transport caused by the closure of London airport, resulting in missing three days of my European tour.
I’m worried that submitting this claim with Arch might have repercussions on my specialty homeowners policy with Lloyds and my standard auto insurance with Geico. Are there any underwriters who can clarify how claims from travel insurance might influence homeowners and auto policies?
It’s understandable to be concerned about how a claim on a travel insurance policy might affect your other insurance policies. Generally, claims made on travel insurance are considered separate from homeowner or auto insurance claims. Travel insurance is designed to cover specific incidents related to travel, and filing a claim for one shouldn’t directly impact your homeowners or auto insurance rates.
However, there are a few important points to consider:
Separate Policies: Each insurance policy operates independently, and a claim on your travel insurance shouldn’t factor into the underwriting of your homeowner’s or auto policies.
Claims History: While a travel insurance claim won’t directly affect homeowners or auto policies, some insurers may take an overall claims history into consideration when underwriting or during renewal periods. However, this is generally more relevant for similar lines of insurance.
Insurance Provider Practices: Different insurance companies have different practices. It’s worth checking with your insurance providers (Lloyds and Geico) to inquire if they track claims across different types of policies and how that could affect your premiums in the future.
Long-Term Impact: Frequent claims across any type of insurance might lead to higher premiums or difficulty in securing coverage. That said, a single claim on travel insurance is unlikely to have significant long-term repercussions on unrelated policies.
If you’re still concerned, it might be beneficial to speak with an insurance advisor or representative from your companies for clarification based on their specific policies.