11/16/2011 09:12 am ET Updated Dec 06, 2017

Intergalactic Traveler Insurance Offered (VIDEO)

If you're one of the lucky travelers who has secured a reservation with Virgin Galactic, it might be time to look into travel insurance. Travel insurance provider Allianz Global Assistance is working with the International Space Transport Association (ISTA) to possibly offer travel insurance for space tourists, reports the Daily Mail.

"Space is decidedly our new frontier and we are now ready to take this giant leap forward to ensure peace of mind and well-being of all our future space-traveling customers," Erick Morazin, director of global accounts for Allianz told the paper.

Coverage, which will cost around 700 Euros, would cover aspects of the trip like space training, the duration of the trip and cancellation.

That would have been useful last month when a Virgin Galactic passenger asked for a refund on his flight.

Allianz hopes to be offering insurance policies beginning in January 2012 -- good timing considering Virgin Galactic christened the main terminal of Spaceport America in October.

But, they might have time. Virgin's SpaceShip Two "dropped like a rock" during a test flight last month.