What is luggage Insurance?
Luggage insurance covers luggage losses in Finland and everywhere around the world. Your luggage is considered to include personal travel items, such as clothes, mobile phone, camera, spectacles, laptop, passport, travel tickets and cash. Your permanent home municipality and residence must be in Finland at the time of a travel loss in order for you to be entitled to compensation under luggage insurance.
What does luggage insurance cover?
Luggage insurance compensates if your luggage is damaged suddenly and unforeseeably. Coverable losses include luggage being broken, becoming wet, being stolen or disappearing. Luggage insurance also covers in case your luggage arrives late or not at all at your destination. Luggage insurance provides excellent protection to any valuables, such as mobile phones, tablets, laptops and sunglasses.
Luggage insurance for yourself or the entire family
You can get luggage insurance either only for yourself or your entire family. Personal luggage insurance covers your own luggage and that of any family member living in the same household, when you travel together as a group. If, on the other hand, you take out luggage insurance that covers the whole family, coverage extends to all family members living in the same household even if they travel separately from the rest of the family. From 1 April 2020 onwards, our luggage insurance will also cover the luggage of a child or grandchild under the age of 18 living at a different address, when the child or grandchild is travelling with the policyholder.
Make sure when selecting your luggage insurance that the sum insured is sufficient.
Travel liability insurance and legal expenses travel insurance are incorporated in luggage insurance
Travel liability insurance and legal expenses travel insurance are automatically included in our luggage insurance. The policies provide cover for yourself and family members living with you in the same household.
Travel liability insurance is valid everywhere in the world. Travel liability insurance provides compensation if, during your journey, you cause loss to others for which you are liable by law. This means that you can seek compensation from the liability insurance if you cause a loss to a rental scooter, moped or bicycle, for example. However, travel liability insurance does not cover any loss or damage caused wilfully or through gross negligence.
Legal expenses travel insurance, on the other hand, helps you with legal expenses related to disputed civil cases, criminal cases or non-contentious civil cases. Legal expenses travel insurance provides support in court cases in which you may be involved through no fault of your own.
Luggage insurance deductible and age reduction
When a loss is compensated under your luggage insurance, the amount of compensation depends on the deductible you have chosen and the age reduction applicable to the damaged, lost or stolen item. When you buy luggage insurance, you can have it without a deductible or with a deductible of your choice. When larger the deductible, the lower the premium.
When compensation is calculated, an age reduction is applied to certain items, such as digital cameras, smartphones and computers.
Luggage insurance rate
The rate for luggage insurance depends on the sum insured and deductible you choose for your luggage insurance. Increasing or decreasing the sum insured affects the maximum amount compensated under your luggage insurance in the event of loss or damage. In turn, the deductible means the amount you must pay yourself in the event of loss or damage.
The cheapest luggage insurance is one with a lowest possible sum insured and the highest possible deductible. In this case, the insurance may indeed be inexpensive until an accident happens. In other words, in the event of a loss or damage, low-price luggage insurance may be costly, as the high deductible and low sum insured may require you to pay unnecessarily high damages. When buying luggage insurance, be sure to carefully consider whether what looks like the cheapest option is truly the best choice for protecting your luggage.